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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.
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please can you explainn what "down 0.1 percentage point on the quarter means"?
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The minimum wage was increased in 1996 amid cries by various economists that it would cause unemployment. Critics shown that the last time the minimum wage went up the si
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What are the income and cross elasticities of demand? Why might they be useful? Explain.
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