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Q1. Y = F(K, L) = A K0.4L1.0
a) Calculate the marginal product of labor (MPL)
b) Does this production function exhibit diminishing marginal product of labor? Please explain your reason.
Q2. Identify three types of competition that most firms encounter other than competition from other firms in their industry in their home country.
Q3. Suppose the current equilibrium price for American cheese is $1.00 per pound. Suppose the French suddenly develop a preference cheese of American. Explicate the impacts of this unlikely development on all the relevant markets.
Despite this finding, the government mandates that new cars have air bags, rather than taxing their use. Is this policy a contradiction.
Is it a local, regional or national monopoly. What are some of the Barriers to Entry into this industry.
Should the airline replace its night flight from LA with a morning flight as well as should the airline remain in business.
Explain the role culture may play in influencing entrepreneurship both at the individual and social level. Define culture in your response.
For each option calculates the profit-maximizing price and quantity. Which, if any, of these compensation schemes would alter the deadweight loss from monopoly.
Wal-Mart is often criticized for importing many of the goods they sell. Why do they buy goods from foreign markets.
How much Wyandotte have to decrease the price of polyol to attain a 15% increase in the quantity sold.
Why is efficiency lost at the boundaries as when substantially more of one good and very little of another is produced.
If the economy is competitive so that factors of production are paid the value of their subsidiary products, what is the share of total income that will go to land.
Calculate the purchasing power parity exchange rate between the Swiss franc and the dollar. Based on your calculation, is the SF overvalued or undervalued.
Calculate gross national product and net national product
There are two identical firms in this economy with constant marginal costs equal to 1 and no fixed costs. Assume that firms set prices and follow a Bertrand model to do so.
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