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Question:
(a) (i) Suppose that a ?rm's production function is Q = 75K 0'4 L 0'7.What is the value of the output elasticity of labor? What is the value of the output elasticity of capital? Does this ?rm's production function exhibit constant, increasing, or decreasing returns to scale?
ii) What is the ?rm's marginal rate of technical substitution?
(b) Demonstrate With relevant illustrations under what conditions is the government required to intervene in the economy due to market failure? In your View do you think it is necessary? Why or why not?
(c) Firms operate in the short run and plan in the long run. Do you agree? Explain.
A cosmetic firm operating in a monopolistically competitive market environment spends a lot of money in advertisement and ends up with super-normal profit even in long run. Is it possible? Explain your answer in few words.
Opponents of free trade often argue that trade with other countries destroys domestic jobs; it threatens industries that are vital to national security; it inhibits the chances of a new domestic industry from surviving; and that it is only desirable ..
What is the relationship between good X and Y. With the aid of a well-labeled diagram, show what happens to equilibrium price and quantity of good X, if the price of good Y increases.
a. What is the probability that a randomly chosen female consumer does not enjoy shopping for clothing?
Review this week's reading A Technique for Architecture and Design and select one of the points the author discusses
Analyze and list all of the sustainability stakeholders at Top Shelf. Does each group have equal weight throughout the program development process?
Plywood is used in the construction of houses. If the price of plywood rises, what happens to the supply of houses?
Consideration is being given to the investment of $420,000 at time zero for machinery and equipment to be depreciated using 7 year straight line depreciation starting in year 1 with the half-year convention. Annual sales are projected to be $450,000 ..
A new report from the Moldavian finance minister finds that peanut brittle consumption raises dental insurance costs throughout the country.
Explain which advanced pricing techniques would be most appropriate for each of the following firms. A complete explanation should be at least 50 words for each section. Microsoft which offers student versions, household versions, and business versio..
Prepare a income statement for the 2018 accounting period. Prepare a statement of changes in stockholders' equity for the 2018 accounting period.
You are an assistant in a storefront legal office, a summer employee planning to enter law school in the fall. You are assigned to do the initial interview of a new walk-in client. One way that your office stays in business is on its share of just su..
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