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aliina [53]
3 years ago
8

Consider the following production​ function: q equals 8 LK plus 5 Upper L squared minus (one third )Upper L cubed . Given the fo

llowing expressions for the marginal productivity of each​ input: MP Subscript Upper L Baseline equals 8 Upper K plus 10 Upper L minus Upper L squared and MP Subscript Upper K Baseline equals 8 Upper L Assuming capital is plotted on the vertical axis and labor is plotted on the horizointal​ axis, determine the value of the marginal rate of technical substitution when K​ = 20 and L​ = 15. ​(Round your answer up to two decimal places and include the proper​ sign.) MRTS​ = nothing.

Business
1 answer:
4vir4ik [10]3 years ago
8 0

Answer:

Explanation:

The below picture attached shows all the explanation required for this problem. I hope it works. Thank you

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Purely competitive industry X has increasing costs and its product is a normal good. The industry is currently in long-run equil
mote1985 [20]

The industry is currently in long-run equilibrium. The economy now goes into a recession and average incomes decline. The result will be an increase in output, but not in the price, of the product. This is further explained below.

<h3>What is a product?</h3>

Generally,

In conclusion, The market is in a state of long-term balance. There is currently a drop in typical salaries and the economy is entering a recession. As a consequence, production will rise without corresponding increases in cost.

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4 0
2 years ago
What is a demand relationship?
NeX [460]

Answer:

Demand relationship is the relationship between the dominant prices of a good and the quantity that will be bought at that price.

Explanation:

Demand can be defined as the quantity of a good that consumers are ready to purchase at different prices at a given period of time.

The basic demand relationship is between potential prices of a good and the quantities that would be bought at those prices. The relationship is always a negative one, this implies that an increase in price will lead to a decrease in the quantity demanded. This negative relationship is represented in the downward slope of the consumer demand curve. Take for instance, if the price of a bag of rice rises from $10 to a price of $20, this is a huge price increase. This increase forces the consumer to demand less of that product at the price of $20 because the new price is more expensive and also very unreasonable for a bag of rice.

8 0
3 years ago
If costs are 85% of sales (and profit is 15%), what is the amount of extra sales needed to equal $1,200 in profit from purchasin
attashe74 [19]

Answer:

$8,000

Explanation:

Given that

Profit = $1,200

Cost = 85% of sales

Profit = 15%

We know that

Sales = Cost + Profit

         = 85% + 15%

         = 100%

So sales percentage is 100%

Now we use the unitary method to find out the extra sales which would be

= Profit × sales percentage ÷ profit percentage

= $1,200 × 100% ÷ 15%

= $8,000

7 0
3 years ago
A check for which a​ maker's bank account has inadequate money to pay the check is known as​ ________.
nevsk [136]
The answer to your question is a non-sufficient funds check.
Hope that helps! :)
6 0
2 years ago
Mouse Inc. uses the alternative method of accounting for prepayments and purchased a $1,200, 6-month insurance policy. The compa
zysi [14]

Explanation:

The adjusting journal entry to record the given adjustment is shown below:

At the year-end

Insurance expense A/c Dr. A/c $800

       To Prepaid Insurance A/c $800

(Being insurance expense is recorded)

The computation is given below:

= Prepayment done for 6 months insurance policy - expired insurance

= $1,200 - $400

= $800

3 0
2 years ago
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