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Economic Assignment Sample

   

Added on  2020-04-21

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Running head: ECONOMIC ASSIGNMENT1Economic AssignmentName:Institutional Affiliation:
Economic Assignment Sample_1
ECONOMIC ASSIGNMENT2Economic AssignmentA simple economy produces just one product, Q, with two factors of production M (men) and A(acres). There are 100 identical firms, each with production function: Q = 10M^1/3 A^2/3 to theeconomy as a whole, M is in absolutely inelastic supply at M = 900, and A is in absolutelyinelastic supply at A = 600 1.The men and acres employed by the firm; The men and acres employed will be 900 and 600 respectively by the firm2.The marginal product of men and the marginal product of acres; Marginal product of men will be given by (900)1/3 =300Marginal product of acres will be given by 6002/3 =120,0003.The wage per man and rent per acre; Wage per man=900*1/3=300Rent per acre=600*2/3=4004.The marginal costMarginal cost per man will be 900-300=600Marginal cost per acre will be 600-400=2005.The absolute share of the two factors.A=400
Economic Assignment Sample_2

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