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A firm produces an output y using labor and capital, whose quantities are denoted respectively by x_L and x_K. Suppose this firm's production function is given by
f(L, K) = 50\sqrt{KL}+K+L.
Answer the following questions.
a. Derive the marginal product of labor and the marginal product of capital.
b. Is the marginal product of labor diminishing everywhere? Does it ever take negative values?
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Give at least three reasons and examples when addressing this question, using your text, the Online Library, and the Internet as resources. Identify an event that would shift the AD curve and which direction the AD curve will shift.
The government has imposed a tax on gasolone. What is the amound of the tax per gallon of gasoline How much tax revenue will government collect from this tax How much of the tax is paid by consumers
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Would you expect the price elasticity of demand to be higher for financial-aid students or for non-aid students? Why and how does a student's income elasticity affect the demand for higher education at College?
3. In explaining the 2003 bill to cut taxes, President Bush is quoted as saying, "When people have more money, they can spend it on goods and services."
A coin is biased so that a bead is three times as likely to occur as a tail. Find the expected number of tails when this coin is tossed twice.
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Calculate the point cross price elasticity of demand with respect to the price of competing television sets (P C ) at the values represented in question six and calculate the point income elasticity of demand for HD televisions at the values represen..
On a diagram, draw the marginal cost curves for the two factories, the average and marginal revenue curves, and the total marginal cost curve (i.e., the marginal cost of producing Q = Q1 + Q2)" Indicate the profit-maximizing output for each factory, ..
why does a consumers price elasticity of demand for a good depend on the fraction of the consumers income spent on the
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