Assuming constant returns to scale, the equation, Y = A(t)F(K,N) can be rewritten as
a. Y/N = A(t)ƒ(K/N).
b. q = A(t)ƒ(k).
c. Y/N = A(t)ƒ(K ? N).
d. Both a and b
e. Both b and c
D
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Max has allocated $100 toward meats for his barbecue. His budget line and an indifference map are shown in the above figure. What happens if Max's mother gives him 30 pounds of burger?
A) Max would have preferred receiving the dollar-value of the burger. B) Max is indifferent between this gift and the dollar-value of the burger. C) Max prefers this gift to the dollar-value of the burger. D) None of the above.
In 2001, the percent of total employment in the manufacturing, mining, and construction sector equaled
a. less than 20 percent. b. 30 percent. c. 40 percent. d. 60 percent.
The price system
A. sends signals to producers. B. sends signals to consumers. C. is based on supply and demand. D. All of the choices are true about the price system.
Refer to the data provided in Table 9.3 below to answer the following question(s). Table 9.3qTFCTVCTCMCAVCATC0$100 $0$100 ---- -- 1100401404040 140 21006016020 30 80 31009019030 30 63.334100124 224 343156 5100180 280 56 36 56 6100 264 364 84 44 60.677100 372 472 108 53.14 67.43Refer to Table 9.3. If the market price is $84, then this firm will maximize profits by producing ________ unit(s) of output and its profits will be ________.
A. seven; $116 B. five; $140 C. six; $140 D. six; $240