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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.
Q. Explain about Gross Domestic Product? Gross Domestic Product:Value of all the services and goods produced for money in an economy, evaluated at their market prices. Excludes
use of diagram how the price mechanism operates to allocate scarce resources. use examples to illustrate the answer.
regression line drawn as Y=c+1075x, when x was 2 and y was 239, given that y intercept was 11. calculate the residual
Problem 1: (a) Explain the common set of problems that developing countries usually face. (b) In your opinion, which of the problems described in part (a), are more signifi
Marginal Product Theory a. What is the MC of output in the short-run? b. What is the MC of labor (employed)? c. What is the short-run profit-maximizing decision
why is normal rate of return on capital included in the total cost and what implication does it have
I am having a hard time figuring out how to find marginal product.
Individual demand curves for two perfectly competitive market TC1=10q1+1/2q1^2+100 = firm 1 TC2=10q2+q2^2+100
illustrate and discuss the implications of various market structures (competitive and non competitive) for price determination
Discuss about the language and methods of mathematics in modern economics. Language and Methods of Mathematics: This section reviews some fundamental mathematics results
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