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Q1. Assume that the production function for a commodity is given by Q = 10√LK, where Q is the quantity of o/p, the quantity of labor is L and the quantity of capital is K.
(a) Indicate whether this production function exhibits constant, increasing, or decreasing returns to scale.
(b) Does the production function exhibit withdrawing returns? If so then explain when does the law of diminishing returns begin to activate? Could we ever get negative returns?
Q2. If an input necessary for production is in limited provide so that an expansion of the industry raises costs for all existing firms in market afterward long-run market supply curve for a good could be.
In Mexico, it takes 3 days to produce a bulldozer and 12 days to produce an airplane. In Brazil, it takes 2 days to produce a bulldozer and 10 days to produce an airplane. The opportunity cost of producing an airplane is lower in
In autarky, Jackson produces and consumes 30 units of cattle and 80 units of wheat, while Tahoe produces and consumes 80 units of cattle and 60 units of wheat. Based on this information.
Decreasing returns to scale occurs when a firm has to increase all inputs at an increasing rate to maintain a constant rate of increase in its output.
Suppose nominal GDP in 1999 was $100 billion also in 2001 it was $260 billion. Illustrate what is the own-price elasticity of demand.
What price and quantity will result once the copyright expires and competition emerges in this market. Elucidate your answer.
Explain how the government distributes the burden of financing government-supplied goods and services. Identify the top three challenges in the process of distribution and suggest your methods to address these challenges.
Supposes airline industry consisted of only two firms: American and Texas Air Corp. Let two firms have identical cost function, C(q) = 40q. Assume that demand curve for industry is given by P=100-Q and that each firm expects or to behave as a Cou..
Analyze the forms of aid to developing nations and determine which have the greatest and least amount of impact on a country during a natural disaster.
Elucidate what is meant by the paradox of mercantilism. Explain how was this reflected in mercantilist wage and population policies.
q1. suppose a competitive firm that is profit maximizing pays a wage of 750 per week and the price of its output is 15.
What is the current macroeconomic situation in the U.S.? What should the Fed do about it? What monetary policy tools should the Fed use to achieve the result(s) you just recommended?
q1. suppose the supply of coal is perfectly inelastic and the price elasticity of demand for coal is -0.4. if the
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