Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
We define marginal product of labor, MPL as the derivative of f with respect to the L - which is, as (approximately) how much Y will increase when L increases by one unit. We also describe the marginal product of capital, MPK as the derivative of f with respect to K. Note that MPL and MPK will rely on both L and K (MPL and MPK are functions, not variables).
MPL = df/dL, MPK= df/dK
When we view Y as a function of L holding K fix, Y will be increasing in L however at a decreasing pace (Because of the fact that MPL is positive though decreasing in L).
Figure:Production function
We state labour productivity as Y/L that is, as GDP per hour worked. Labour productivity tells us how much we can produce by employing one hour of labour and it relies on the amount of capital and the technology.
Consider an economy that produces only three types of fruit: apples, oranges & bananas. In the base year the production & price data are as follows: Fruit
what is okun''s law ? In economics study, Okun's law also named after Arthur Melvin Okun is an empirically observed relationship relating among unemployment to losses in a specific
Explain how inflation unemployment trade-off is not feasible under adaptive expectation.MEC002
What is the study of economics about?
Aggregate Demand Policies Both fiscal and monetary policy changes shift the AD curve. Let us see how, starting with a fiscal expansion. See figure 6.2. In the upper panel, the
The more certain private property rights are, a. the less people need to invest in education or human capital development. b. The less entrepreneurship there will be. c. t
Consider the following homogenous difference equation: xt=b0+b1xt-1 a) Iterate backwards xt can be written in terms of xt-2. b) Now show xt can be written in terms of xt-3 a
what is GDP
Illustrate the policy - Beggar my neighbour 'Beggar my neighbour' policies are government policies which attempt to gain a competitive benefit at the expense of other countries
Assume in country-A Central Bank cares only about keeping the price level stable & in country-B, its central bank cares only about keeping output & employment at their natural rate
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd