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1. Consider the production function f(x1, x2) = x21 x22 . Does this exhibit constant, increasing, or decreasing returns to scale?
2. Consider the production function f(x1, x2) = 4x121 x132 . Does this exhibit constant, increasing, or decreasing returns to scale?
3. The Cobb-Douglas production function is given by f(x1, x2) = Axa1xb2.It turns out that the type of returns to scale of this function will depend on the magnitude of a + b. Which values of a + b will be associated with the different kinds of returns to scale?
4. The technical rate of substitution between factors x2 and x1 is -4. If you desire to produce the same amount of output but cut your use of x1by 3 units, how many more units of x2 will you need?
Do developing countries have other alternatives to the sources of technological progress you mentioned in the question above? Explain your answer. Do you see any reasons developing countries may choose to have poor patent protection? Are there any da..
A 10-year $20,000 savings bond with a coupon rate of 8% payable quarterly has what present worth if the purchaser anticipates a 10% quarterly rate of return?
What is the range for the relative price of cloth such that the economy produces both cloth and food? Which good is produced if the relative price is outside of this range? Write down the unit cost of producing one yard of cloth and one calorie of fo..
How do your previous answers change in the special case where cash demand does not depend on the expected rate of inflation
illustrate what steps would you as an auditor take to assure you have minimized the potential for audit risk making a positive evaluation of the firm's financial status when it is in fact negative.
Suppose major officeholders from one particular party are not performing well and party is not monitoring se officeholders. In illustrate what ways could this situation affect party as a whole.
How does the relative tax advantage change if the company decides to pay out all equity income as cash dividends that are taxed at 15%?
Consider a consumer who spends all of her income on two goods. Prove that it is impossible for both goods to be inferior for this individual. (Suppose the assertion is not true. Write algebraically what this means, and derive a contradiction by using..
Write a short essay, using the market failure analysis, to justify why the U.S. government should or should not be involved in the provision of (1) airport security and (2) medical care.
q.how to calculate the elasticity coefficient between each of the seven prices and indicate whether the character of
Suppose Merck is developing new drugs that have positive externalities; the positive externality is a pharmaceutical technology we all benefit from. Let the supply curve for Merck’s production be P =Q/4, where Q is the number of units of drugs they’v..
what changes should they make in government spending or taxes ? what changes should they make if they decide a contractionary fiscal policy is necessary?
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