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Suppose the production function is Cobb-Douglas, y = x 1/2 1 x 3/2 2 .
(a) Write an expression for the marginal product of x1 at the point (x1, x2). Is it an increasing, decreasing or constant in x1?
(b) Write an expression for the marginal product of x2 at the point (x1, x2). Is it an increasing, decreasing or constant in x2?
(c) What is the technical rate of substitution?
(d) Does this technology demonstrates increasing, decreasing or constant returns to scale?
Barriers to entry help maintain market power and earn positive economic profits. These factors apply to all imperfectly competitive firms. Discuss these barriers are and provide a real-world application of it.
q. suppose in the short run a perfectly competitive firm has variable cost 3q2 and mc 6q where q is the quantity of
A recent study indicates to the long-run average cost curve for cellular telecom companies are basically flat. Illustrate what do you expect to happen to industry output.
Describe each of the following economic functions of money and provide an example of each: (1) medium of exchange; (2) standard of value; and (3) store of value.
Bob's preferences over consumption is defined by the following utility function: u(c1,c2) = c1^2/3c2^1/3. Note, c1 is Bob's consumption in period 1 and c2 is Bob's consumption in period 2. Calculate Bob's present value and future values of income for..
If the composite good costs $1, what is the price of good x in each of the three budget lines? Draw the income and substitution effects of a price decrease from the most expensive to the second most expensive on the figure above. Draw the income and ..
A large bank has increased its annual percentage rate (APR) on credit cards to 35%.?This move was necessary because of the "additional risks" faced by the bank in a weak economy. If monthly compounding is in effect, what is the effective annual inter..
Assume a perfectly competitive market structure. Complete the diagram to show the profit maximizing price and quantity. Label each (use Insert textbox). Is the firm earning economic profits or losses? If so, what will occur over the long-term?
If technological change shifts the long-run aggregate-supply curve to the right, it will also do which of the following?
At an initial point on the aggregate demand curve the price level is 125, and real gdp is 10 trillion. when the price level falls to a value of 120, total autonomous expenditures increased by 250 billion. the marginal propensity to consume is 0.75. t..
A couple sold their home. In addition to cash, they took a mortgage on the house. The mortgage will be paid off by monthly payments of $232.50 for 10 years. The couple decides to sell the mortgage to a lend bank. The bank will buy the mortgage, but r..
a copy company wants to expand production. it currently has 20 workers who share eight copiers. two months ago the firm
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