Assume the marginal product for a particular good is constant. Describe the shape of the total product function that would accompany it
What will be an ideal response?
The total product function would be upward-sloping and linear.
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The evidence shows that in 1860–1910
(a) population and annual hours worked grew more rapidly than did the employed labor force. (b) population grew more rapidly than the labor force, but annual hours worked grew less rapidly. (c) population grew less rapidly than did the employed labor force, and the work day shortened. (d) population, productivity and the work day grew less rapidly than did the employed labor force.
Jerry wishes to retire in 5 years with $1 million in his bank account. If the account pays 4% and his current balance is $500,000, how much must he deposit at the beginning of each of the next five years for his wish to come true? The amount must be the same each year
What will be an ideal response?