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Consider a production function for an economy:Y = 20(L.5K.4N.1)where L is labor, K is capital, and N is land. In this economy the factors of production are in fixed supply with L = 100, K = 100, and N = 100.
a) What is the level of output in this country?
b) Does this production function exhibit constant returns to scale? Demonstrate by an example.
c) If the economy is competitive so that factors of production are paid the value of their marginal products, what share of total income will go to land?
A consumer has income of $3,000.Wine cost $3 per glass, and cheese cost $6 per pound. Draw the consumers budget constraint. Draw the consumer's budget constraint. What is the slope fo this budget constraint
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if nominal output rises from $13.5 billion to $14 billion and the GDP deflator rises from 100 to 105, a)what is the percetage increase in nominal output b)what is the percentage increase in the price index
We can either look at a tax increasing the costs to the consumer or producer (depending on which party physically pays the tax), or we can look at it as a wedge between the (full) price the consumer pays and the (net) revenue the firm receives.
Competitive Strategy. Bob Ice owns and operates Bob's Music Center, Ltd., a small firm that offers music lessons in Huntsville, Alabama. Given the large number of competitors and the lack of entry barriers, it is reasonable to assume
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Consider the Joint Density: 2(x+y) if 0 2. Calculate Fx (0.5) 3. Calculate Fy (0.5)
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