Suppose the economy's production function is Y = AK0.3N0.7. Suppose K = 200, N = 2000, and A = 1. Calculate the marginal product of capital
A) 1.0
B) 1.5
C) 2.0
D) 2.5
B
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Suppose the economy's production function is Y = AK0.3N0.7. Suppose K = 200, N = 2000, and A = 1. Calculate the marginal products of labor and capital
What will be an ideal response?
From 1978 to 2003, the economy of ________ grew on average 9 percent per year, a rate faster than any other country in the world.
A. India B. Russia C. China D. the United States
If the demand for cigarettes is more ________ for underage smokers as compared to that of adult smokers, then compared to adults, a tax on cigarettes would have ________ impact on the demand for cigarettes for teenagers.
A. elastic; more B. inelastic; more C. elastic; less D. inelastic; an equal
If you are traveling in Thailand and you purchase a meal that costs 1,400 baht and the current exchange rate is 35 baht to the dollar, then the price of the meal in U.S. currency is
A. $400. B. $40. C. $4. D. $0.40.