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1. Suppose inputs are only substitutable at two units of labor for every one unit of capital, and one unit of output is produced for every unit of labor or ½ unit of capital. What would be the equation for the production function? What is the average and marginal product of labor in this case? 2. Suppose output is produced according to the production function Q = M^0.5 K^0.5 L^0.5, where M is materials. Does this production function exhibit decreasing, increasing, or constant returns to scale? Show using an example. 3. Suppose output is produced according to the production function Q = min(K, L), what is the expansion path of this production function? 4. Construct a linear programming problem with two outputs and two constraints (labor and capital)
before economic reforms were implemented in the countries of eastern europe regulation held the price of bread
find examples in the current business news media of how ebay and other online sellers obtain information about the price elasticity of demand by making unannounced temporary adjustments to thier prices and fee structures
Graph the demand curve for QY. You may use prices for Y of 2, 4, 5, and 10 as a guide. (You can use these four points as a guide to get a reasonable approximation for the rest of the demand curve.)
Explain duopoly and monopoly market structures, and identify the key factors that distinguish them.
Aura has a utility function given by U(X, Y) = 4X0.5Y0.5. The current prices of X and Y are $25 and $50, respectively. Laura currently has an income of $750 to spend on X and Y.
Using the following equations Qs = 13,000P and Qd = 48,000-6,000P. Plot supply and demand curves (require a graph). Determine the equilibrium price?
why can the distinction between fixed costs and variable costs be made in the short run? classify the following as
suppose that the residents of greenland play golf incessantly. in fact golf is the only thing that they spend their
Explain the tools used to pursue expansionary and contractionary fiscal policy. During which phases of the business cycle would each be appropriate? Explain what is meant by a built-in stabilizer and give two examples
Is there any difference between the two approaches of the Keynesian theory and the new Keynesian theory in terms of short-run implications? What are the long-run implications on price level and GDP?
Consider two firms X and Y that produce identically tasting cold drinks. In order to raise the demand for its cold drink, firm X raise its advertisement outlay.
Explain, using diagrams, why a monopoly can potentially earn super-normal profit in both the short run and the long run, while perfectly competitive firms can only earn normal profit in the long run.
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