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A firm has the production function x = f (L) , where x is output and L is labor input. The firm buys the input in a competitive market.
(a) Assuming the firm sells its output in a competitive market, show that setting output where price equals marginal cost is equivalent to setting labor input where input price equals marginal value product.
(b) Assuming the firm is a monopoly, show that setting output where marginal revenue equals marginal cost is equivalent to setting labor input where input price equals marginal-revenue product.
(c) What restriction do we have to impose on the production function to ensure the second-order conditions in problems (a) and (b) are satisfied?
Illustrate what marketplace structure is more beneficial for Wonks to operate in also will this be the same marketplace structure which will benefit consumers.
_____ is NOT a characteristic appropriate for a yield management strategy.
q.consider republic of netflexs balance of payments in 2009foreign investment into netflex 22imports of goods as well
The production function. Y=K^5 (AN)^.5 , where both the population and the pool of labor are growing by rate n=.07, the capital stock is deprecciating at a rate of d= .03, and A is normalized to 1. What are the capital's and labor's shares of income...
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a change in environmental regulation has dramatically raised the price of a substitute chemical that indirectly competes with T3MP. This change undermines the market for the substitute, which is about twice the size of the market for T3MP.
Can the researcher say with a 0.05 level of significance that the proportion of children not completing primary school is more than 1%.
Explain how the government distributes the burden of financing government-supplied goods and services. Identify the top three challenges in the process of distribution and suggest your methods to address these challenges.
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