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The following are different types of production function. Determine whether each one has constant, increasing or decreasing returns to scale.
a. Q=20L+20K+50
b. Q=30L²+25K²
c. Q=40L+20K+10LK
d. Q=25L0.4K0.8
e. Q=20L0.3K0.6M0.2
Assume that Erin now has preferences such that she prefers the cash gift. Using a separate graph from part (a), graph Erin's optimal choice before and after gift.
Consider a case of small open economy. In this economy, there is an IT revolution, and as a result the productivity of the economy has gone up. What will be the eject of this productivity increase on interest rate and net export in this economy? What..
If the price that a firm charges is higher than its ________________ cost of production for that quantity produced, then the firm will earn profits.
When the Fed buys government bonds,
Discuss the difference between them and explain the managerial actions that can influence the firm profitability.
As we observed in this chapter, central banks, rather than purposefully setting the level of the money supply, usually set a target level for a short-term interest rate by standing ready to lend or borrow whatever money people wish to hold at that in..
Government action is based on majority rule, whereas market action is based on mutual consent. The market allows for proportional representation of minorities, but minorities must yield to the views of the majority when activities are undertaken thro..
Explain why the general level of incomes is high in the united states also other industrially advanced.
Beginning in the early 1900s, the federal government and Congress began the creation of administrative agencies, with the first two being the Interstate Commerce Commission (ICC) and the Federal Trade Commission (FTC). Briefly explain the driving for..
A volunteer fire department anticipates purchasing a fire truck in 3 years. Today it will cost $625,000 but the cost is increasing to 4% per year. Find the semi annual payments needed to accumulate funds to purchase the truck if funds earn 6% compoun..
The U.S. money supply (M1) at the beginning of 2000 was $1,148 billion broken down as follows: $523 billion in currency, $8 billion in traveller’s checks, and $616 billion in checking deposits. Suppose the Fed decide to reduce the money supply by inc..
Parker Products manufactures a variety of household products. The company is considering introducing a new detergent. The company’s CFO has collected the following information about the proposed product. What is the net present value of the proposed ..
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