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A farmer produces maize according to the following production function
Qm = AK1/3 L2/3
Where Qm is output of maize, A = land, K = capital and L = labour
Given that land is fixed at 100 hectares
i) Formulate the farmer's short run production function
ii) Find the marginal products of capital and labour
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Policies for Technological Advance Without better technology, increases in capital stock generated by investment rapidly run into diminishing returns. And without improvements
Business Executives and Choice of Risk * Example - Study of 464 executives found that: 20% persons were risk neutral 40% persons were risk takers 20% perso
1). Define and explain the concept of an externality. Provide examples of both positive and a negative externality. 2). The Prisoner's Dilemma Exercise:
Suppose the demand curve for a consumer for coffee is: Q = 6 - 2P, where Q represents the number of cups per day and P is the price of coffee per cup. 1. Suppose the con
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explain marris model of the managerial enterprise
what is histogram?
Ask qI run a company that makes household power plants that use microeconomic textbooks to generate enough electricity each day for one house. Since there are a lot of used microec
What is the difference between houehold and consumers?
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