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a. Consider the production relationship between total product (Q) and units of labor (L) employed that is presented in the table below. What is the average and marginal product of the 6th worker?
L 1, 2, 3, 4, 5, 6, 7, 8, 9
Q 3, 7, 13, 17, 20, 22, 23, 23, 22
b. Find the marginal product of capital at K=5 when you use 10 workers (units of labor) from the following production function: Q=5 * K^0.6 * L^0.6
Considers a consumer who suddenly changes her preferences with regard to air travel,
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It is said that a wage increase can have two opposing effects. Which of the following captures these two effects?
Farmer brown produces eggs and milk on his farm. He initially produces at point A. HE WOULD LIKE to produce the same amount of eggs per day and increase his milk production by one gallon per day. Is this possible? Why or why not. What is the opportun..
An economy has the following money demand function: (M/P)^d = .2Y/i^(1/2). Derive an expression for the velocity of money. What does velocity depend on? Explain why this dependency may occur. Calculate velocity if the nominal interest rate i is 4%. I..
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q1. suppose we use two inputs lets say capital and labor and the price of capital is pk and the price of labor is pl.
Working as part of an EPA team, your assignment is to give a clear, objective presentation of a market-based approach to reduce nonpoint source pollution. Include in your discussion the theoretical issues and any practical issues that must be address..
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