Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
The aggregate production function
Definition
Imagine the national economy during a short period of time (say one week). We refer:
It is still the case that Y and L are flows whereas K is a stock. During a short period of time, we can presume that amount of capital is constant.
Aggregate production function, or simply production function is a function which relates L, K and Y. Precisely, we presume that Y is a function of L and K:
Y = f (L, K)
In most cases, we won't specify exactly what the function f looks like. Though we always presume that f is increasing in L and K, which is, when we use more labour and/or more capital, we would produce more goods.
Q. Determine the Exchange rate? Exchange rate is determined by the ratio of domestic price level to the foreign price level. If, for instance domestic prices increase by 10% wh
state and explain two factors that cause the shifts in the balance of payments curve.
Many economists and market analysts are avid followers of the BALTIC DRY INDEX (BDI) as a forward looking mechanism that may shed a bit of light on the evolution of global economic
Factors Responsible for changes in Aggregate Supply We know that changes in input costs such as wages, oil and other input prices will cause changes in aggregate supply. Most
1. Practice identification of proper analysis type (1-Sample Z, 1-Sample t, 2-Sample t, Paired t, etc). 2. Practice hypothesis testing. 3. Practice interpretation of sta
A company can lease an asset for the next five years by making lease payments that are equivalent to annual payments of $3,000 at year 0, $6,000 at year 1, $7,000 at year 2, $7,000
Explain the notion of the hidden momentum of population growth. Why is this an important concept for projecting future population trends in different developing nations?
Consider the following utility function: U = X 1 X 2 Where X 1 and X 2 are quantities consumed of two goods. You are considering the actions of a consumer that maxi
casual factors of the traditional business cycle and its effect on sectors of the economy?
Assume that an economy's GDP Y=5000. Also assume that the government runs a deficit where tax revenue T=1000 and government expendituresG= 1500. The consumption function is represe
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd