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Consider the following production function for combination of capital and labor, Q=f(L,K)=L^0.4*K^0.5. Is this function homogeneous in K and L?In the long-run, does it exhibit increasing, constant, or decreasing returns to scale?
If capital’s share of income is 25% and labor’s share of income is 75%, the stocks of both capital and labor increase by 50% or there is no technology growth.at what rate will potential output grow.
Suppose government increases autonomous taxes and defence expenditure by the same amount. Will real GDP increase in the short run? Why?
Marginal productivity can be divided into three ranges: Increasing marginal productivity; Diminishing marginal productivity; and Negative marginal productivity.
"When a cold snap hits Florida, the price of orange juice rises in supermarkets throughout the country." b. (When the weather turns warm in New England every summer, the price of hotel rooms in Caribbean resorts plummets." c. "When a war breaks ou..
What is an installment sale? If a transaction qualifies for installment sale treatment, when will the taxpayer be taxed on the sale? What does a taxpayer do if the taxpayer does not want to use the installment method?
Much has been made of the fact that people don't consistently act with scientific rationality. What is meant by rationality Consider the three "systematic mistakes" discussed in your text. What are the costs of making those "systematic mistakes".
Hurricane Katrina which hit the Gulf Coast region in August 2005, resulted in massive flooding which destroyed large sections of New Orleans. Suppose prior to this event, New Orleans was producing an output combination given by a point.
Illustrate what is the internal rate of return for the college investment that this person faces. Write out the equation used to evaluate the net benefit.
The demand for watermelons is highest during summer and lowest during winter. Yet watermelon values are normally not bigger in summer than in winter.
Whether the government cuts taxes by $200 billion or increases transfer payments by $200 billion, the initial effect on disposable income is the same. By how much does disposable income initially change? If the government cuts taxes, by how much wi..
Elucidate the roles of government bodies which determine national fiscal policies.
Below are events that might affect supply of money, the demand for money, or the interest rate. Explain how each event may affect these three economic variables.
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