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Consider an economy characterized by the following Cobb-Douglas production function:
Y=4K1/4L3/4
Where K and L represent physical capitaland labor, respectively. Assume that these inputs are given and fixed where, K= 6000 and L=1600
a) Derive an expression for the marginal product of physical capital (MPK)
b) Derive an expression for the marginal product of labor (MPL)
c) Find the total output in this economy
d) Find the amount of output contributed by labor
e) Find the amount of output contributed by capital
Do some research and find the inflation rate and the level of unemployment in the U.S. economy for the past 40 years. Is there a relationship between the two? If so, what type of r
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The system where workers concentrate on specialized tasks to make a product is referred to as: A. Coincedence of wants B. Roundabout production C.Freedom of enterprise
Table Summary of results from the ADF test Test Number Oil GDP Interest rate Inflation Unemployment Exc
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According to Keynes, the economy could become stuck at a low income level if: A. aggregate demand and aggregate supply are independent of one another. B. declines in aggregate dema
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