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The Cobb-Douglas production function is given by: Y = AK^(α)L^(1−α) where 0 < α < 1.
a) Define A, K, and L
b) What does it mean that Y is proportional to A?
c) What does it mean that the marginal product of capital (MPK) and the marginal product of labor (MPL) are greater than zero? Show that the marginal products are positive in the Cobb-Douglas case.
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City Farm Insurance has collection centers across the country to speed up collections. The company also makes its disbursements from remote disbursement centers. If City Farm has $5 million per day in collections and $3 million per day in disbursemen..
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When a Denver resident purchases a shirt imported from China, this represents a:
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In preparing the actual forecast numbers, the forecast staff should
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Suppose taxes are measured in cents as in the first case, but consumption is measured as gallons consumed every month.
The Venezuelan bolivar has been steadily depreciating against the US dollar, but the government wishes to stop the depreciation. What must the Banco Central de Venezuela do to stabilize the exchange rate? Is there a limit to how much it can intervene..
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