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Assume that the aggregate production function for an economy is described by: where 0 < α < 1. a. Show the production function has the property of constant returns to scale. b. Obtain the per capita production function (Hint: Divide the above production function by L, and express all variables in per capita terms; e.g. y = Y/L, k = K/L using lowercase letters to denote per capita variables). c. Draw the per capita production function with k on the horizontal axis and y on the vertical axis. Is it concave downward? Why?
Illustrate what direction wills each of the subsequent occurrences shift the consumption also saving schedules, other things equal.
Briefly explain the relationship between market price and a firms profitability in a perfectly competitive market. How are the zero profit point and the shutdown point for a firm in a perfectly competitive market determined?
With an increase in income a consumer will reach a higher indifference curve. But can an increase in income also change his preferences? Discuss. Generally it is assumed that more is preferred to less. If this is the case, how could a consumer reach ..
Illustrate what wage would a monopoly union demand Explain how many workers would be employed under union contract.
Zack quits his job at a consulting firm, which pays $40,000 a year, to enrol in a two-year graduate program. His annual school expenses are $30,000 for tuition, $2,000 for books, and $600 for food. What is his opportunity cost of attending the two-ye..
Suppose you read in an industry publication that the Rothschild index for the petroleum industry is 0.88. Based on past experience, you know that the price elasticity of demand for the petroleum products sold by your firm is ?1.5.
She tells her friend that the additional utility she would get from the second pair of sneakers is the same as the additional utility she would get from the fifth sweater.
Elucidate proponets of free market systems argue that free enterprise leads to more efficient production and better responses to changing consumers preferences.
You expect to receive a payment of $200 one year from now. Your discount rate is 5%. What is the present value of the payment to be received? Suppose that your discount rate rises to 6%. What is the present value of the payment to be received?
q.a manufacturer of electronic products has just developed a handheld computer. following is the cost schedule for
Which of the subsequent companies has recently been used by the federal government for monopoly practices
q.following investments strategies you are choosingi. invests 200 in stock a. stock a costs 20 share. predictable
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