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Quesyion: Intermediate Microeconomics
Suppose that a firm's technology is given by the following production function: f(k, l) = 6k^1/6 l^1/6 Prove that this production function exhibits diminishing marginal product in both k and l. This is not the same thing as decreasing returns to scale. Prove that this production function exhibits decreasing returns to scale. Suppose that the rental rate of capital is $10, the wage rate of labor is $10, and the price of output is $40. What is the profit-maximizing quantity of capital and labor? What is the profit-maximizing quantity of output? What is the maximum profit for this firm?
What is the law of diminishing marginal productivity and How does the law of diminishing marginal productivity affect the cost of productions? Provide an example from your workplace.
If the annual inflation rate remains stable at 3.5 %, what is the aggregate price index after 10 years? (Hint: the initial price level is the price index at the base year).
Write the labor market equilibrium condition for the Specific Factors model. Use it to explain what happens to both real product wages when the price of the labor intensive good rises.
Explain the impacts of an expansionary fiscal policy such as a tax cut on the levels GDP, Consumption, Investment, interest rate and unemployment and price.
The Chinese government has refused to print currency in denominations higher than the 100-renminbi note, which is the equivalent of about $16. The United States prints $100 bills and all other countries print currency in denominations that are at ..
has the united states become more or less economically free during the past decade? what impact will this have on the
Despite a recent improvement in EU growth (last year GDP growth was 2.9%) there are concerns over fundamental problems with the EU economy.
Observational Activity: Gender Roles and Aggression on TV: Guidelines This activity asks you to analyze a representative sampling of school-age children's TV programs, following the guidelines below.
Compare the consumer surplus, producer surplus, and deadweight loss that arise from average cost pricing with those that arise from profit-maximization pricing.
Describe a time when you consumed food from a contract-managed food provider and determine what steps could have been taken to make the experience.
A clinic has $1 million in revenues and $950,000 in costs.What is its operating margin and its return on investment and is it adequate?
Suppose that the level of frictional unemployment is 2 percent, the level of structural unemployment is 3 percent, and the level of cyclical unemployment is 3 percent. Using Okun's Law, we can determine that real GDP in this economy is
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