Suppose life expectancy in years (L) is a function of two inputs, health expenditures (H) and nutrition expenditures (N) in hundreds of dollars per year. The production function is Upper L equals cH Superscript 0.80 Baseline Upper N Superscript 0.20L=cH0.80N0.20. Beginning with c = 1, a health input of $300300 per year (Hequals=33) and a nutrition input of $500500 per year (Nequals=55), show that the marginal product of health expenditures and the marginal product of nutrition expenditures are both decreasing. The marginal product of health expenditures when H goes from 33 to 44 is nothing, and the marginal product of health when H goes from 55 to 66 is nothing. (Round your answers to three decimal places.) The marginal product of nutrition expenditures when N goes from 55 to 66 is nothing, and the marginal product of nutrition when N goes from 77 to 88 is nothing. (Round your answers to three decimal places.)

Ange in supply or (ii) a movement along the supply curve. a. during a real estate boom that causes house prices to rise, more homeowners put their houses up for sale. b. many strawberry farmers open temporary roadside stands during harvest season, even though prices are usually low at that time. c. immediately after the school year begins, fewer young people are available to work. fast-food chains must raise wages, which represent the price of labor, to attract workers. d. many construction workers temporarily move to areas that have suffered hurricane damage, lured by higher wages. e. since new technologies have made it possible to build larger cruise ships (which are cheaper to run per passenger), caribbean cruise lines have offered more cabins, at lower prices, than before. 2. in the following three situations, the market is initially in equilibrium. after each event described below, does a surplus or shortage exist at the original equilibrium price? what will happen to the equilibrium price as a result? a. in 2010 there was a bumper crop of wine grapes. b. after a hurricane, florida hoteliers often find that many people cancel their upcoming vacations, leaving them with empty hotel rooms. c. after a heavy snowfall, many peop