Suppose that we have a standard classical production function F(K, L) that exhibits constant returns to scale. Define output per worker as the ratio between output and labor: (F(K, L))/L. Prove (using the Euler equation) that, ceteris paribus, higher population causes average labor productivity to fall, i. e. show that ((∂) (F (K, L))/L)/∂L < 0.

Euler equation: F(K, L) = (MPK x K) + (MPL x L)

In a macroeconomic context, what are implicit liabilities? money owed to people possessing government issued bonds. the amount of money that firms collectively owe to shareholders. money that the government has promised to pay in the future. payments that the federal government undertakes only during periods of recession. which of the choices is a significant implicit liability in the united states? military spending education spending national science foundation spending social security

What is the difference between secure bonds and naked bonds?

Amarket that consists of all possible consumers regardless of their specific needs or wants is a