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Suppose you are the production manager for Widgets, Inc. Your job is to produce a fixed amount of output at the lowest cost possible. When you take over the position, you find that the price paid for a unit of labor is $20 (W = $20), and the price paid for a unit of capital is $50 (R = $50). You also discover that with the current mix of capital (K) and labor (L), the marginal product of labor is 10 (MPL = 10) and the marginal product of capital is 20 (MPK = 20). Is your company minimizing cost? If not, how could you change inputs to do so? Use a diagram to help explain your answer.
Can growth arise without development? Growth is just one feature of development and therefore is an essential but not enough condition for economic development. For example, g
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explain how national income is determined under the following economies; 1.frugal economy 2.governed economy
Consider the following macroeconomic model: Y = C + I + G + NX C = 100 + 0.8 YD I = 300 - 1000 i NX = 195 - 0.1 Y - 100 (E.R.) E.R. = 0.75 + 5 i M = ( 0.8
How much money can banks create? Does this mean that banks can create an unlimited amount of money? The answer is no - that would require them to lend an unlimited amount of m
Suppose that an individual stock's return is normally distributed with a mean of 11% and a standard deviation of 5%. What is the probability that the stock's return will be less th
Consider an economy with the following characteristics: i. The price-level is fixed ii. The economy is closed (Exports - Imports = 0) iii. Government spending (G) and Inve
Using a flexible exchange rate system with imperfect capital mobility explain the impact that an open economy has on the effectiveness of monetary and fiscal policy. 2. Using a fl
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What is the use of long-run average total cost curve in the producing output? The long-run average total cost curve demonstrates the relationship in between output and average t
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