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The production function is: Q=ALaKb where a > 0 and b > 0. a. The marginal product of labor is: MPl = b. The marginal product of labor is: MPk= c. The marginal rate of technical substitution is MRTS d. Show that the isoquants for this production function are convex. (Show that MRTS diminishes as L increases. Why?) e. Derive the equation for the long-run expansion path.
1. what assumptions about preferences imply that indifference curves have the bowed-in shape they are assumed to
It is assumed that the toothpast market is perfecty competitive and the current price of a case of toothpaste is $42.00. With an estimated marginal cost function to bas follows: MC=.006Q How would you begin to work a problem of this sort?
Are brand extensions an important brand-growth strategy or can they endanger brands? Perhaps start with a definition of brand extensions?
choose an organization not previously selected that has a high fixed cost and low variable cost balance to run its
Mikey cuts hair to pay for his tuition for college. Unfortunately, the cost of a haircut in his town hasn't risen in years, and neither has his hourly wage. To make matters worse, the cover charge at his favourite club, Stages
1. ajax inc. is a monopolist. the estimated demand function for its product isqd 120 u2013 0.8p 12y 4awhere qd
Draw in the line showing the equilibrium-relative commodity price in isolation in each nation.
if a competitive firm is currently producing a level of output at which profit is not maximized then it must be true
how many years will it take the dollar's purchasing power to be one half what it is now. if the general inflation rate is expected to continue at rate of 6% for an indefinite period
Would Natasha be willing to buy insurance to protect against the variable income associated with the new job? If so/how much would she be willing to pay for that insurance? (Hint: What is the risk premium?)
What are the advantages and disadvantages of the oligopolistic structure? How would an increase in a monopolist's fixed costs affect its profit-maximizing choice of price and quantity?
a. A university requires buyers of season tickets for its basketball games to buy season tickets for its football games as well. b. Dairies that bid on contracts to supply milk to school districts collude to increase what they charge.
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