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What is the marginal product?
The marginal product of an input is the extra quantity of output which is generated by using one more unit of which input.
Marginal product of labor = Change in quantity of output/Change in quantity of labor = Change in quantity of output produced by one additional unit of labor.
MPL = ΔQ/ ΔL
Why is private property, and theand the protection of property rights , so critical to the success of the market system ? How do property rights encourage cooperation?
What is the impact on the economy if price ceiling or price floor were removed? Ans) Price ceiling is government system or laws setting price floors or ceilings that forbid the
Why might external economies of scale be of interest to developing countries?
Relate central banks with commercial banks In many countries, the central bank imposes reserve requirements. This means that commercial banks are obliged to hold a certain perc
In 2001, Puerto Rico enacted a law that requires specific labels on cement sold in Puerto Rico and imposes fines for any violations of these requirements. The law prohibits the sal
tax be cut as the main policy target
Q. What is IS-LM model with inflation? The IS-LM model with inflation The basic assumption We developed IS-LM model with constant wages and prices. We can now exten
EXPLAIN THE 5 SECTOR MODEL (OPEN ECONOMY) IN INCOME DETERMINATION
Assume two individuals, A and B, are considering marriage, and each face the same amount of hours a week to be split between market-labor and home-labor. Assume that A can make $2
1. Kuhn - Tucker Conditions Max 2x + 3y s.t. pxX + pyY ≤ M. x ≥ 0, y ≥ 0 2. Max (8 + x)(8 + y) s.t. pxX + pyY ≤ M. x ≥ 0, y ≥ 0 Utility function 3. U(x, y)
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