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1) A production function specifies the maximum output attainable from a given amount of inputs. TRUE OR FALSE
2) The relation between output and variation in only one input is: return to scale OR returns to a factor OR Continous
3) The marginal product is the change in output given a 1-unit change in a single input. TRUE OR FALSE
4) The law of diminishing returns is sometimes called the: The law of the land OR the law of diminshing utility OR law of diminshing marginal utility
5) Isoquants are the production analogy to consumption's indifference curves. TRUE OR FALSE
6) Marginal revenue product is the product of marginal revenue and: marginal cost OR marginal product OR marginal utility
7) The optimal level of a single input is where the marginal revenue product equals the marginal cost of the input. TRUE or FALSE
8) If the output elasticity is greater that one we have returns to scale that are: increasing OR decreasing OR constant
What is the future worth of a series of even payment series of $1,674 made at the end of each 6-month period for 9 years at 6 % compounded semi-annually?
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Explain how will the increase in unemployment benefits affect output and the price level in the short run and in the medium run.
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q1. a concrete operational thinker and a formal operational thinker are giving the following logical statements 1.if
Consider the U.S economy compared to a European economy such as Germany. The data tell us that in the U.S, real GDP and real consumption (per person) are higher than in Germany. Moreover, Germans enjoy signi?cantly more vacation time each year. Assum..
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Assuming sum-of-years digits depreciation, what book value will Model-I have after two years.
If the quantity of housing supplied in a community is greater than the quantity of houses demanded, the existing price:
discuss the major barriers to entry into an industry.explain how each barrier can foster either monopoly or oligopoly.which barriers , if any do you feel give rise to monopoly that is socially justifiable
In your own words, explain what corporate social responsibility (CSR) is. Name two examples of social responsible companies you know and explain why you consider them so.
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