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Author Question: Which of the following is a disadvantage of the benefit principle? a. It cannot be applied to ... (Read 48 times)

cmoore54

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on: Jul 1, 2018
Which of the following is a disadvantage of the benefit principle?
 
  a. It cannot be applied to transfer programs.
  b. It does not apply to user charges.
  c. It is completely incompatible with efficiency.
   d. It closely resembles a market price.

Question 2

Suppose the production function for T-shirts can be represented as q = L0.25K0.75. Show that the marginal productivity of labor diminishes in the short run.
 
  What will be an ideal response?


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Smiles0805

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Reply #1 on: Jul 1, 2018
Answer to Question 1

a

Answer to Question 2

In the short run, MPL = 0.25  (q/L). The change in MP with respect to L equals
d(MPL)/dL = -0.25  q/L2. Thus, for all levels of labor hired, MPL falls as L increases.


cmoore54

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Reply 2 on: Jul 1, 2018
Great answer, keep it coming :)

recede

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Reply 3 on: Yesterday
Excellent

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