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A production function is a technological relationship between inputs (such as capital (K) and labor (L)) and output (Q). Assuming that a production process uses the best available technology, it is said to be technically efficient and the production function will then indicate the maximum physical output. What use can you personally make from this relationship?
Discuss what has occurred to change the demand for, or the supply of, the good or service, and market prices of those products or services.
If Ron is lazy, he will surf the Internet all day, and he views this as a zero cost opportunity. However, Ron would view working hard as a "personal cost" valued at $1000. What fixed percentage of the profits should you offer Ron? Assume Ron ca..
maria and emmanuel need to cut logs for shelter or gather food to stay alive per day. maria produces 10 cut logs of shelter and 10 baskets of food. emmanuel produces 5 cut logs of shelter and 8 baskets of food.a) what is the opportunity cost for ma..
For a perfectly competitive syrup producer whose average total cost curve does not change, an economic profit could turn into an economic loss if;
Develop a response that includes examples and evidence to support your ideas, and which clearly communicates the required message to your audience. Organize your response in a clear and logical manner as appropriate for the genre of writing. Use w..
Assume that the business cycle in the US is best described through RBC theory. An advance in technology raise productivity.
"A substantial number of relatively unskilled persons reported that they can't find work. At the same time, there're many unfilled jobs for relatively skilled people. Apparently, the problem is that there're more unskilled peop..
Suppose the effects of government policy, social diversity, and business ethics on recommendation.
Determine what impact will an unanticipated rasie in the money supply have on the real interest price, real output, and employment in the short run?
Illustrate what is the size of the labor force. What is the official unemployment rate.
Elucidate how will this change affect international business. What other industries might be affected by similar technological advancements.
Illustrate what will the exchange rate have to be to discourage Portuguese imports of British goods? Similarly, what will the exchange rate have to be to discourage British imports of Portuguese goods.
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