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a. Consider the production relationship between total product (Q) and units of labor (L) employed that is presented in the table below. What is the average and marginal product of the 6th worker?
L 1, 2, 3, 4, 5, 6, 7, 8, 9
Q 3, 7, 13, 17, 20, 22, 23, 23, 22
b. Find the marginal product of capital at K=5 when you use 10 workers (units of labor) from the following production function: Q=5 * K^0.6 * L^0.6
TT Drinks Company was established a hundred years ago and currently employs over 300 people. The company produces and sells a range of black, green and flavoured teas and fruit infusions. TT's last Director of Marketing was away from work with illnes..
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An economist published a research paper arguing that the multiplier from a proposed fiscal stimulus of 25,000,000 will be 1.5. in other words the ratio of the total economic impact of the stimulus spending to the original amount spend by the governme..
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q.the bolt-making industry currently consists of 20 producers all of whom operate with the identical short-run total
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If the labor supply curve is very elastic, a tax on labor:
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