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Q1. Assume that the production function for a commodity is given by Q = 10√LK, where Q is the quantity of o/p, the quantity of labor is L and the quantity of capital is K.
(a) Indicate whether this production function exhibits constant, increasing, or decreasing returns to scale.
(b) Does the production function exhibit withdrawing returns? If so then explain when does the law of diminishing returns begin to activate? Could we ever get negative returns?
Q2. If an input necessary for production is in limited provide so that an expansion of the industry raises costs for all existing firms in market afterward long-run market supply curve for a good could be.
Then do similar for every of the determinants of supply in Equation 2.2. In every instance, would equilibrium market price increase or decrease.
Repeat these calculations for the third, fourth, and fifth years, assuming that the Government taxes at a rate each year and has noninterest expenditures annually.
Remaining group did not have jobs, except all said they would like one. 5 of this group had not looked actively for work for 3 months.
Sketch the extensive form of the game, carefully labelling the players that move and the actions they have available
At a separating perfect Bayes-Nash equilibrium, what is the maximum amount of advertising that a restaurant conducts. What is the minimum amount.
In this forum we discuss the different arguments that are made in favor of international trade protectionism and the important role of the politics of protectionism.
Consider a product market for a normal good. Suppose consumers' income increases. Explain what will happen to labor demand for firms in that market.
Illustrate what is the short-run market supply curve. Find out the short-run equilibrium cost and quantity in this industry.
what is the expected economic life for this water pump and what is the minimum annual equivalent cost.
Give an example of a government created monopoly. Is creating this monopoly necessarily bad public policy?
Explain the difference between Discretionary Fiscal Policy and Automatic Fiscal policy. Provide an example of each.
One day you arrive to discover that the coffee shop has changed its name to Five bucks and is now charging $5 per cup.
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