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Suppose the production function is Cobb-Douglas and f(x1; x2) = x1^2x2^3. Find:
(a) An expression for the marginal product of x1.
(b) An expression for the marginal product of x1.
(c) What returns to scale does this production function exhibit?
(d) The technical rate of substitution between x2 and x1 is ----------. Does this technology have diminishing technical rate of substitution?
Businesses often decide between using automation and labor in production. An automotive environment may have high fixed costs and low variable costs.
What did you learn? Why is it important? How do the Economics concepts we just covered impact the economy, you and your family, your friends and your employer?
Assume that the experts sre correct and Canada is losing its competitiveness relative to other countries. We can take strong action to reverse this trend, or we can continue on as we have been doing. Explain which course of action you favour.
The forecasting technique which attempts to forecast short-run changes and makes use of economic indicators known as leading, coincident or lagging indicators.
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many environmentalists or general members of the public are horrified by the notion of marketable pollution permits.
Has the researcher clearly explained and justified the chosen methodology? What research methods has the researcher adopted to conduct the research project?
What you do think will be the market impact(s) of the proposed increase in the federal minimum wage to $10 per hour?
Select an organization that has a high fixed cost and low variable cost balance to run its operations. Explain and discuss the balance of fixed and variable costs for the organization.
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Decide the effect of trade on the real returns on dry land and wetland (call nominal returns RD and RW). Hint: how do changes in LC and LR affect the marginal product of land?
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