(Appendix) A daily production function for calculators is Q = 12L2 - L3. Show all your work for the following questions.a) What is the marginal product equation for labor?b) What is the APL function?
What will be an ideal response?
a) MPL = 24L - 3L2;
b) APL = 12L - L2
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If there are steady decreases in aggregate supply, the economy will experience
A) a slow decrease in price levels. B) demand-side inflation. C) an expansionary gap. D) supply-side inflation.
In some games, the noncooperative equilibrium is bad for the players and bad for society
a. True b. False Indicate whether the statement is true or false
Which of the following is a property of a typical indifference curve?
a. upward sloping b. bowed away from the origin c. does not intersect another indifference curve d. a higher one is preferred to a lower one
The changing of government expenditures to achieve national economic goals is
A. inflationary fiscal policy. B. discretionary fiscal policy. C. automatic fiscal policy. D. budget deficit policy.