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Determine the Returns to ScaleUse the following production function and budget constraint to answer the questions below.
Q = L + K
1000 = 2L + 4Ka. Determine the returns to scale property of the production function.b. Determine the returns property to each factor.c. Determine the optimal quantities of labor and capitald. Determine the maximum quantity that can be produced.e. Determine the production relationship between labor and capital.
Using tools of indifference curve, highlight on consumption in business economics.
In a perfectly competitive market the price of the product is?
Discuss two factors that would increase demand for labortion..
Unemployment: Unemployment refers to a situation where people who are willing and able to work do not find jobs at the existing wage rate.For a person to be referred to as une
The Short Run versus long Run - Short-run: Period of time in which the quantities of one or more production factors cannot be changed. These inputs are called as fi
Marginal rate of technical substitution in the theory of production is similar to the concept of marginal rate of substituent to in the indifference curve analysis of consumer dema
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Draw a Production Possibilities Frontier with consumer goods on the vertical axis and capital goods on the horizontal axis. Show how the PPF will shift if the production of capita
CASE STUDY IN RELATION WITH TOTAL REVENUE,AVERAGE REVENUE AND MARGINAL REVENUE
Question: (a) The market demand schedule and market supply schedule for firm H is as follows: Q D = 500 - 10P Q S = -100 + 6P Where Q D and Q S denotes quantity de
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