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Given the Cobb-Douglas production function (a) Graph the function (b) Show that the function displays diminishing marginal product. Explain what you are doing (c) Suppose the capital stock increases, what happens to the slope of the function?
Stackelberg (1934) proposed a dynamic model of Duopoly in which a dominant (or leader) firm moves first and a subordinate (or follower) firm moves second. Consider a model in which firms choose quantities sequentially and then compete according to th..
What is the profit-maximizing price and output level? Solve this algebraically for equilibrium P and Q and also plot the MC, D and MR curves and illustrate the equilibrium point.
Gross Domestic Product involves a calculation of the total value of the goods and services generated within an economy in a stated or identified time period. The main difference between real GDP and nominal GDP is that nominal GDP does not consider h..
From which parts of the world did immigrants come in the years between 1880-1920? What caused them to migrate? What were their patterns of work and residence in the United States?
Which of the following represents the consensus among most economists today with respect to the management of unemployment?
What did the Spanish encounter at the time of the conquest? Myths vs. realities of pre-Columbian Americas? Why such a relatively easy victory for colonizers? What is Mann's overriding thesis, what is he trying to teach us in these chapters?
Suppose there are two inputs in the production function, labor and capital, and these two inputs are perfect substitutes. The existing technology permits 1 machine to do the work of 3 workers. The firm wants to produce 100 units of output. Suppose th..
At its current level of production, a profit-maximizing firm in a competitive market receives $12.50 for each unit it produces and faces an average total cost of $10. At the market price of $12.50 per unit, the firm's marginal cost curve crosses the ..
What steps would you first take to perform an after tax analysis to determine a better investment for the following example: Toby is in a 35% bracket for income taxes (state and federal combined), and only 40% of a capital gain is likely to be taxabl..
Determine how sensitive the decision to invest in the new facility is to the estimates of initial cost and net annual revenue. Use a MARR of 4% per year and a 5-year study period.
q1. elucidate how a person who refuses an offer of employment in order to keep looking for a better job is counted by
A production function establishes the relationship between: Which of the following inputs can be changed in the short run? Which of the following statements is true of the long run?
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