Suppose a firm's production function initially took the form Q = 500(L + 3K). However, as a
Question:
a) Show that the innovation has resulted in technological progress in the sense defined in the text.
b) Is the technological progress neutral, labor saving, or capital saving?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 70% (10 reviews)
a It is possible to write the two production functi...View the full answer
Answered By
Asim farooq
I have done MS finance and expertise in the field of Accounting, finance, cost accounting, security analysis and portfolio management and management, MS office is at my fingertips, I want my client to take advantage of my practical knowledge. I have been mentoring my client on a freelancer website from last two years, Currently I am working in Telecom company as a financial analyst and before that working as an accountant with Pepsi for one year. I also join a nonprofit organization as a finance assistant to my job duties are making payment to client after tax calculation, I have started my professional career from teaching I was teaching to a master's level student for two years in the evening.
My Expert Service
Financial accounting, Financial management, Cost accounting, Human resource management, Business communication and report writing. Financial accounting : • Journal entries • Financial statements including balance sheet, Profit & Loss account, Cash flow statement • Adjustment entries • Ratio analysis • Accounting concepts • Single entry accounting • Double entry accounting • Bills of exchange • Bank reconciliation statements Cost accounting : • Budgeting • Job order costing • Process costing • Cost of goods sold Financial management : • Capital budgeting • Net Present Value (NPV) • Internal Rate of Return (IRR) • Payback period • Discounted cash flows • Financial analysis • Capital assets pricing model • Simple interest, Compound interest & annuities
4.40+
65+ Reviews
86+ Question Solved
Related Book For
Question Posted:
Students also viewed these Economics questions
-
A firm's production function is initially Q = KL, with MPK = 0.5(L/K) and MPL = 0.5(K/L). Over time, the production function changes to Q = KL, with MPK = L and MPL = K. a) Verify that this change...
-
A firm's production function is initially Q = KL, with MPK = 0.5(L/K) and MPL = 0.5(K/L). Over time, the production function changes to Q = KL, with MPK = L and MPL = 0.5(K/L). a) Verify that this...
-
In analyses of the sources of economic growth, a common statistic reported about the U.S. economy is labor productivity. Defined as output per hour of work, labor productivity is a simple measure of...
-
In the United States, the production of ethanol fuel from corn is subsidized. Use bid rent function analysis to suggest what effects this subsidy might be expected to have on land use.
-
Under what circumstances are composite primary keys appropriate?
-
In convert the following FAs into equivalent PDAs. b b a a a b b
-
On presenting your manager with the differential analysis of two possible uses for a piece of land that cost the company $1.5 million your manager believes you have made a major error as you omitted...
-
The following data are for shoe store sales in the United States in millions of dollars after being seasonally adjusted (SASSS). a. Make a linear trend forecast for SASSS though the first seven...
-
es Cone Corporation is in the process of preparing its December 31, 2024, balance sheet. There are some questions as to the proper classification of the following items: a. $69,000 in cash restricted...
-
Garlington Technologies Inc. 2012 financial statements are shown below. Garlington Technologies Inc: Balance Sheet as of December 31, 2012 Garlington Technologies Inc.: Income Statement for December...
-
The following table presents information on how many cookies can be produced from eggs and a mixture of other ingredients (measured in ounces): Recently, you found a new way to mix ingredients with...
-
For the production function Q = 6L2 L3, fill in the following table and state how much the firm should produce so that: a) Average product is maximized b) Marginal product is maximized c) Total...
-
The four figures are graphs of the quadric surface z = x + y. Match each of the four graphs with the point in space from which the paraboloid is viewed. The four points are (0, 0, 20), (0, 20, 0),...
-
Define an athletic platform. In determining what athletic platform to use for a sponsorship, what factors should be considered?
-
Discuss the spectators eight basic motives for attending sporting events. Which of these are similar to the motives for participating in sports?
-
What are the critical success factors for new sports products?
-
Discuss the advantages and disadvantages of personal seat licenses from the consumers perspective and the sports organizations perspective.
-
Discuss, in detail, the model of fan identification and its implications for sports marketers.
-
Find the coefficient of x 2 in the expansion of 2x+2/2
-
Why is it important to understand the macro-environment when making decisions about an international retail venture?
-
1. Consider a market with two firms managed by Harry and Vera. Under a cartel (both firms pick the high price), each firm earns a profit of $80. Under a duopoly (both firms pick the low price), each...
-
1. Otto has a monopoly on limousine service, and Carla is thinking about entering the market. The outcome of the entry-deterrence game represented by the game tree on the following page is that Otto...
-
1. Otto has a monopoly on limousine service, and Carla is thinking about entering the market. The outcome of the entry-deterrence game represented by the game tree on the following page is that Otto...
-
Assume that a robot systems constant failure and repair rates are 0.0004 failures per hour and 0.002 repairs per hour, respectively. Calculate the robot system steady-state unavailability and...
-
March 6, 2018 David Beckham's Latest Pitch: Men's Cosmetics. By Robert Williams Men of the world, David Beckham has a message for you: Moisturize. "It's the biggest thing," he says in a London...
-
3. On January 1, an investment fund was opened with an initial balance of 5000. Just after the balance grew to 5200 on July 1, an additional 2600 was deposited. The annual effective yield rate for...
Study smarter with the SolutionInn App