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Consider the following production function: Q = 100K^.4L^.6 .
A. Derive the expression for the marginal product of capital and for the marginal product of labor.
B. Compute the marginal products of capital and labor when K=25 and L=50.
C. Does the production exhibit diminishing returns in each factor, holding the other factor constant? Use calculus to answer this question.
D. Does the production function exhibit increasing, decreasing, or constant returns to scale? Show how you know.
Two competing soft-drinks firm Cepsi and Poke are entering a new market where neither has been sold before. What type of LR pricing strategy would these firms consider?
Clear Water Company has a down-hole well auger that was purchased 3 years ago for $30,000. O&M costs are $13,000 per year. Alternative A is to the keep the existing auger. It has a current market value of $12,000 and it will have a $0 salvage value a..
A domestic subsidy to enable an industry to compete against imports:
The equilibrium of a competitive labor market is associated with
illustrate what is the prospect cost of producing Toyotas in every nation. Should which information involve your calculation of the inflation rate.
q.the xerxes company is composed of a marketing division and a creation division. marketing division packages and
Assume that the Good Tire company needs outside legal help and that the expected marginal benefit of this help is given by MB=$200- 2-L, where L equals hours per week of legal services. In this context, discuss how different assumptions about market ..
Using the PPF analysis, explain what this means, the consequences of this behavior with regards to economic growth, and what the government could do to rectify the problem.
Elasticity shows the responsiveness of supply or demand to changes in price. What are the factors exerting influence on price elasticities of supply and demand? Think of another good that you have purchased recently (or you could continue with the go..
Why do economists argue that an emissions tax is a more efficient way to reduce pollution than an environmental standard?
Explain in words why an employer would never want to stop increasing the quantity of labor employed when the marginal product is above the average product of labor.
If a Japanese citizen in Japan receives dividends from the shares of stock she or he owns in General Electric, an American firm, the transaction would be recorded on the U.S. balance of payments as a:
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