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Suppose that the production function for a commoity is give\(Q=10\sqrt{JK}\)n by
where Q is the quantity of output, L is the quantity of labor, and K is the quantity of capital.
(a) Indicate whether this production function exhibits constant, increasing, or decreasing returns to scale.
(b) Does the production function exhibit diminishing returns? If so, when does the law of diminishing returns begin to operate? Could we ever get negative returns?
Give and discuss (1) some examples of goods whose production creates detrimental externalities, (2)some examples of goods whose production creates beneficial externalities, and (3) some examples of the free rider problem.
Given below is a table with total information for a firm in a perfectly competitive industry.
2. What will happen to equilibrium income in the following cases a. The mpe is 0.8, and autonomous consumption declines by $200. b. The mpe and mpc are both 0.5, and taxes rise by $400. How much of an increase in government spending would be required
Describe the lower price alter the marginal utility you originally placed on the item.
Explain why the Fed must normally add reserves to the banking system via open market operations, on most days, in order to maintain its interest rate target in the federal funds market.
The town is debating two strategies for funding this cost: (1) requiring a sticker on every bag disposed of such that the total cost of the stickers for the average number of bags per household per year would be $30 or (2) including the $30 fee in..
In the 1990s, five firms supplied amateur color film in the United States: Kodak, Fuji, Konica, Agfa, and 3M. From a technical viewpoint, there was little difference in the quality of color film produced by these firms, yet Kodak's market share wa..
Make a table and graph of Crusoe's production function. Find out the Marginal product of labor for Crusoe at different quantities of labor.
Assume that the government increases purchases of goods and services through $20 billion. Using your graph obtained in, draw the new AE line and determine the new equilibrium GDP.
Estimating the demand for money and plotting a demand curve for that estimation based on the equation: M1=a+b1(interest)+b2(time). Where a is the intercept value for the demand curve
Could you conclude this data shows the proportion of politically motivated expatriates has increased Use the 0.05 significance level.
annual net income was $50.72 million. If EMC's estimated opportunity cost of funds is 10%, as an analyst how would you view the acquisition? Would your conclusion change if you knew that EMC had credible information that the economy was on the ver..
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