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Unformatted text preview: 2. The CPI is used to measure: a. Price changes at a given utility level. b. How much a good will cost in the future. c. The absolute size of the national debt. d. Your GPA. Answer: a 3. Suppose the production function is: Y=K α L β . Then: a. Marginal Product of Labor (MPL) = α K α-1 L β b. Marginal Product of Labor (MPL) = β K α-1 L β c. Marginal Product of Labor (MPL) = β K α L 1-β d. Marginal Product of Labor (MPL) = β K α L β-1 Answer: d...
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This note was uploaded on 02/13/2012 for the course ECON 410 taught by Professor Hernandez-verme during the Spring '08 term at Texas A&M.
- Spring '08