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2. a) (2) For the following firm production function, indicate whether the production function exhibits decreasing, constant, or increasing returns to scale. yi is the firm i's output, ki is the firm's capital input, and li is the firm's labor input. yi = (ki + li) 0.5. b) (2) Draw the firm's isoquant for yi = 1 and yi = 2. c) (2) Where both the wage rate and the cost of capital have values equal to 1, give the firm's cost function. 3. (4) Consider the following firm production function yi = Y0.05 (ki + li), where Y is the output of the industry in the city where the firm is located. a) (2) Draw "qualitatively" the firm's average and marginal cost curves, and indicate the effect on them of an increase in Y. b) (2) Draw "qualitatively" the average and marginal cost curves of the industry in the city where the firm is located.
the mission statement for the organization of petroleum exporting countries states the mission of the organization of
question suppose we can divide all the goods produced by an economy into two types consumption goods and capital
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What are the contributions of these transactions to GDP in the years 2013 and 2014?
In 2007 the U.S. was faced with two events. At the beginning of 2007, oil prices more than doubled. A financial crisis hit the economy starting in August 2007 causing a reduction in consumer and business spending. These events led to a rise in th..
A lithium cartel’s curve is given by P = 2400 – 40Q. Each member’s cost of supplying lithium is AC = MC = $400.
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