For a perfectly competitive firm, average revenue is:
a. equal to marginal cost at all levels of output

Determine the output expansion path (equation) for a Cobb-Douglas production function f(L,K) = 10LaK1-a. How does the shape of the output expansion path change as "a" changes?

What will be an ideal response?

Exhibit 36-1 Bond FaceValueof Bond Price ofthe Bond Annual CouponPayment A $1,000 $850 $25 B $1,000 $950 $41 C $1,000 $1,100 $52 D $1,000 $1,100 $32 E $1,000 $1,000 $50 Refer to Exhibit 36-1. The yield on bond E is approximately

A. 37.5 percent. B. 0.38 percent. C. 0.45 percent. D. 5.0 percent.