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Q1. If capital is measured on the vertical axis and labor is measured on the horizontal axis, the slope of an isoquant can be interpreted as the rate at which the firm can replace capital with labor without changing the output rate. Average rate at which the firm can replace capital with labor without changing the output rate.What is the marginal product of labor?What is the marginal product of capital?
Q2. What should the WTO do, right now, to avoid having developed economies regress to a Smoot-Hawley type of isolationism/protectionism to avoid job losses in import-competing sectors? Do not explain why the WTO should intervene; rather, explain how.
The N.M. Corporation has exactly the same costs of production as last year except for fixed cost, which are $50,000 this year compared to $30,000 last year. Which of the following statements is false?
Explain how the Fed's use of its three tools of monetary policy affect supply and demand in the market for reserves and the equilibrium federal funds interest rate.
Assume the farmer buys insurance that pays 3$ if it doesn't rain but costs 2$. Illustrate what is their consumption when it rains.
Peggy-sue's cookies are the best in the world, or so I hear. She has been offered a job by Cookie Monster.
Calculate real GDP in each year, and the percentage increase in real GDP from year 1 to year 2 using year 1 as the base year. Next, do the same calculations using the chain-weighting method.
Heckscher Ohlin model with two goods (wheat and cloth) and two inputs (land and labor), suppose price of cloth rises by 10% and the price of wheat remains the same. Wheat is land intensive and cloth is labor intensive. the rise in the price of cl..
Elucidate how production possibilities table or curve reflects law of increasing opportunity costs. Illustrate what do points along PPC recurrent (with respect to available resources).
the standard product of labor is 6 flutes per day also the marginal product of labor is 8 flutes per day.
q. the tax reform act of 1986 contains a clause appropriating tax dollars for any taxpayer incorporated on september 7
Illustrate what are the five specific events that can be expected to cause the equilibrium price of ice cream to increase.
What is the lowest price John can offer for this contract?
Illustrate what has happened in the market for your good or service in the curve you labeled D1. What happened to the equilibrium price.
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