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A widget manufacturer's production function is specied as y (K,L) = 64K^1/2 * L^1/2 in the short-run, the widget producer fixes it's capital at 400 units.
(a) Derive the rm's marginal product of labor curve.
(b) Derive the rm's average product of labor curve.
(c) If the rm has an output quota of 5,120 widgets, how many laborers must it employ in the short-run to achieve this level of production?
When a recession is over, do people start to immediately feel affects of an efficient economy? Use the experience of most recent recession to justify your answer.
Consider the production function f(L;K) = L + K. a. Suppose K is fixed at 2. 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).
Plot the level and first difference of lnrgdpaus and briefly comment on the graphs and obtain the sample correlograms of the level and first difference of lnrgdpaus for 20 lags. What do they suggest to you?
On the same graph, draw the daily budget constraint under AFDC for the single parent. According to AFDC, the family was given an income subsidy depending on family size and the family's benefit was reduced by $1 for every dollar earned. Suppose th..
The European Engine Corporation is a multi-national producer of small gasoline and diesel motors. European Engine Corporation has estimated the following cost experience for a new 3.5 hp engine over a sample of 122 observations,
A customer has provided information on the value of cars, the price of gasoline, the quantity of new cars sold in United States. Gross Domestic Product per capita is also observed.
For the consumer price index (CPI) values shown, calculate the rate of inflation in each year from 1930 to 1933. Year: 1929 1930 1931 1932 1933 CPI: 51.3 50.0 45.6 40.9 38.8
State carefully the ceteris paribus assumption in this case. Do you think this simple regression of Y on X satisfies that assumption? Why or why not?
Discuss the difference between real GDP and nominal GDP and does GDP accurately reflect our country's productivity?
find the diagonal and off-diagonal elements of b 2- find the transpose b' 3- show that the transpose of b' equal b that is (b')'=b
If a random sample of 400 customers is selected, what is the probability of Type I error using this decision rule?
Assume you have the following model of the expenditure sector: Sp = C + I + G + NX C = 400 + (0.8)YD Io = 200 G = 300 + (0.1)(Y* - Y) YD = Y - TA + TR NXo = - 40 TA = (0.25)Y TRo = 50 What is the size of the output gap if potential ou..
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