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Question: Assume the following Cobb-Douglas production function: . If K = 5,
(a) What is the marginal product of labor?
(b) With your answer in (a), can you prove there is diminishing marginal product of labor?
(c) Estimate real labor income.
Why do efficiency wages generate involuntary unemployment? Exercise 4 What factors prevent the market from clearing in efficiency wage models?
assume that you have been appointed as the speaker of the house. you must deliver a speech about the current state of
Describe and define in detail four types of groups. What is needed to accomplish each stage, and other pertinent information.
In January 2012 the spot exchange rate for the euro was 1.40$/ the euro-wide CPI was 107.0 and the U.S. CPI was 108.1. In July 2013 the spot exchange rate for the euro was 1.31$ the euro-wide CPI was 110.1, and the US CPI was 111.8.
About two-thirds of funding for substance abuse treatment comes from taxpayers. Are there external benefits of substance abuse treatment that warrant this level of public funding? Why would insurance coverage tend to increase rational ignorance?
What did they do differently in their business practices in their supply chain? What changed in their relationship with their end consumers?
Assume that the demand curve D(p) given below is the market demand for apples: Q = D(p) = 280 - 13p Q= D(p) = 280 - 13p, p > 0.
Movie tickets and DVDs are substitutes. If the price of DVDs increases, what happens in the market for movie tickets
suppose duopolists in the market for spring water share a market demand curve given by p 50 - 0.02q where p is the
List at least five products that you personally consider inelastic in your life and at least five products that you personally consider elastic in your life. Explain why you consider these products elastic or inelastic from your perspective.
Suppose the supply curve for a good is completely inelastic. If the government imposed a price ceiling below the market-clearing level, would a deadweight loss result? Explain.
The intertemporal budget constraint with three periods: Consider an economy that exists for three periods: period 1, period 2, and period 3.
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