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Consider an economy characterized by the following Cobb-Douglas production function:
Y=4K1/4L3/4
Where K and L represent physical capitaland labor, respectively. Assume that these inputs are given and fixed where, K= 6000 and L=1600
a) Derive an expression for the marginal product of physical capital (MPK)
b) Derive an expression for the marginal product of labor (MPL)
c) Find the total output in this economy
d) Find the amount of output contributed by labor
e) Find the amount of output contributed by capital
Define the Natural rate of unemployment Natural rate of unemployment is defined as the sum of rates of structural, frictional, and classical unemployment (excluding cyclical un
Q. Illustrate Biological effects of Ochratoxin? Biological effects: It is associated with the chronic progressive kidney disease in humans known as Balkan endemic nephropathy.
Why is private property, and theand the protection of property rights , so critical to the success of the market system ? How do property rights encourage cooperation?
Bob's Bee is a small boutique honey manufacturer in Texas. Bob's neighbor is Jon's James. The more honey Bob produces, the more jam Jon is able to produce; that is, there is
If population growth is greater than the growth of real output, A. real per capita Gross Domestic Product (GDP) growth will be less than the growth of real Gross Domestic Product
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explain any two factors that cause the shifts in the balance of payments curve.
If the indifference curves are straight lines with slope s, and the budget constraint is given by: x*p1+y*p2 = m, then describe the optimal choice of the consumer.
Consider a model of Cournot competition as studied in class, with 2 firms and a linear inverse demand function P(Q) = a - Q (where Q = q 1 + q 2 is the total quantity produced by
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