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The production function for Hogwarts Remover, an anti-magic potion, has the form Q = K 0.5L 0.5 , where Q is in bottles per period and K and L are in machine-days and labour-days per period, respectively. a. Graph the unit isoquant (Q = 1) and the isoquant for Q = 2. b. Calculate the formulas for MPL, MPK, and MRTS. c. When Q = 4 and L = 9, give the long-run efficient value for K and the MRTS at this point.
Which one of the following is true? Nike has a less elastic demand curve than shoes. Cigarettes have a more elastic demand than televisions. Salt has a less elastic demand than ice cream. The demand curve for gas is more elastic in the short-run than..
For the following production functions: calculate marginal product of labor (L), marginal product of capital (K), and the technical rate of substitution. Identify if the production function exhibits constant, increasing, or decreasing returns to scal..
Use the aggregate expenditure model to explain the following statements from the opening news article.
Explain the tools used to pursue expansionary and contractionary fiscal policy. During which phases of the business cycle would each be appropriate? b) Explain what is meant by a built-in stabilizer and give two examples.
Alejandro scoobert owns a store specialization in soccer jerseys. Illustrate what was the value added to Alejandro store in 2008.
You need both equations and clearly labeled graphs (separate graphs for each question) to answer the following questions. Assume that b=1/2 and that initially the real interest rate is equal to the marginal product of capital at 3%. As well, assume t..
Can the government make things worse by intervening in markets? Are there other options outside the markets and government that will fix macroeconomic failure?
Suppose that, at the last minute, the company decides to purchase the same machinery at the same rate (8 percent), with payments decreasing by $7,500 each year. How much is the first payment?
Suppose that consumers decide to consume less (and therefore to save more) for any given amount of disposable income. Specifically, assume that consumer confidence (c0) falls. What will happen to output.
Dan Demaar and Rob Runten are working on a class assignment on economic growth. Dan collects the GDP growth data for the country Fanez, which is located in the Middle East.
Jimmy has a room which overlooks, from some distance, a major league baseball stadium.
Indicate two ways in which the framers of the United States Constitution were directly influenced by the thought of John Locke. Indicate one way in which they diverted from, expanded upon, rejected, or otherwise revised Locke's thinking.
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