Find the Marginal Rate of Technical Substitution for the following production functions:
a. q = L0.5 K0.5
b. q = L0.5 + K0.5
c. q = min{K,L}
d. q = L + K
a. K/L
b. K/L
c. - infinity for K > L and 0 for L < K (undefined when K = L)
d. -1
Economics
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In a study published in 1963, Milton Friedman and Anna Schwartz found that in every business cycle they studied over nearly a hundred-year period, the growth rate of the ________ decreased before ________ decreased
A) money supply; interest rates B) money supply; output C) budget deficit; interest rates D) budget deficit; output
Economics
The most common data for testing economic theories come from
a. carefully controlled and conducted laboratory experiments. b. computer models of economies. c. historical episodes of economic change. d. centrally planned economies.
Economics