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a) The production function of certain firm is given as
Q = 40 K1/2 L 3/4
A unit of capital and labour costs Kshs 44 and Kshs 36 respectively. The firm would like to maximize output subject to it spending Kshs 5000. Determine the number of units of capital and labour it should hire.
a) Supposing the firm in (a) is set to produce 400 units of the product, determine the number of K and L that the firm should hire so as to achieve this objective.
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Illustrate the Economic Growth Up until 1800 growth rates of human populations were glacial. Population growth between 5000 B.C. and 1800 averaged less than one-tenth of a perc
Use two market diagrams to explain how an increase in state subsidies to public colleges might affect tuition and enrollments in both public and private colleges.
Suppose the total demand for wheat and the total supply of wheat per month in a market are as follows: a. What will be the market or equilibrium price? What is the equilibrium q
Explanation
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what is the theory of supply
do you give solutions
Changes in Market Equilibrium Equilibrium prices are known by the associate level of supply and demand. Supply and demand are decided by particular values of supply & demand
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