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Consider the following production function: Q = 100K^.4L^.6 .
A. Derive the expression for the marginal product of capital and for the marginal product of labor.
B. Compute the marginal products of capital and labor when K=25 and L=50.
C. Does the production exhibit diminishing returns in each factor, holding the other factor constant? Use calculus to answer this question.
D. Does the production function exhibit increasing, decreasing, or constant returns to scale? Show how you know.
Consider a diagram containing isocost curves for the production of a given level of a final commodity in the household production model. Assume that purchased inputs are represented on the vertical axis while the time input is measured on the horizon..
question 1 nbspexplain each of the following using supply and demand diagrams.awhen a cyclone hits queensland the price
An industry's marginal abatement cost is MAC=2000-e. regulator controls emissions by selling 500 permits. Though, industries are also given option of paying a fee of $1000 per unit of emissions for which y do not hold a permit. Draw a diagram illu..
Nicki lives in two periods and has a utility function u(c1, c2 ) = c1xc2, where c1 is her consumption in period 1, and c2 is her consumption in period 2. Nicki's income in period 1 (I1) is $400, and her income in period 2 (I2) is $220. She can borrow..
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The U.S. Tax Code is 12,000 pages long. Do you think we need that many pages to collect revenue for Uncle Sam? Do you think that you should need an expert to figure how much you owe in taxes? The folks in Washington who write the tax laws have to hir..
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