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Consider the production function f(L,K)=L+K. Suppose K is fixed at 2. (a) Find algebraic expressions for the total product of labor function TP(L), the average product of labor AP(L), and the marginal product of labor MP(L). (b) Graph the functions in part a. Does your answer to part b violate the rule describing the relationship between average and marginal values? Explain.
Wages in the United States vary in every state, because each state has different minimum wages, but the best to my knowledge wages are determined and priced for every field profession and its factors. Is it possible you might revisit your thought on ..
An industry demand curve faced by firms in a duopoly is P = 69 - Q, Where Q = Q1 + Q2. MC for each firm Is 0 (note: Marginal Revenue has twice the slope as the demand curve) How many units should each firm produce? How much money will each firm make?
What is the monopolistically competitive price and equilibrium number of firms? What is the aggregate increase in profits for firms in the coalition?
In the long run, which type of firm may follow a "price leadership": Inelastic long run markets demand is very important for this type of industry to survive and do well in the long run: Firms have excess capacity in the long run under? Under perfect..
Describe the economic rationale of trade agreement. As a case, outline the trade relationship that Canada is developing with the EU and why both sides are pursuing it?
Illustrate what is the effect on equilibrium price and quantity in the market for oranges if a new orange picking machine is developed.
q1. brian also kim own a business employing 8 workers to produce commemorative t-shirts for campus organizations also
The increase in demand for iPad tablet computers can be explained by: An increase in the real income of a consumer is one result from an increase in the price of a product that the consumer is buying.
The Cobb-Douglas production function is given by: Y = AK^(α)L^(1−α) where 0
According to the theory of purchasing power parity (PPP), what will happen to the value of the dollar (against foreign currencies) if the U.S. price level doubles and price levels in other countries remain constant? Why is the theory more suitable to..
Suppose a country has net exports of 40, transfer payments of 20, net investment income of -15, and a balance of payments surplus of 10. Find the country's current account balance and capital account balance.
Define the term innovation. Then, research what you think is an example of an innovative product or service. Include the following within your discussion: What is your product, and why do you feel the product you have selected is innovative within ..
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