EC 408 Midterm Review:
How do we define savings Income minus Consumption
What is your total spendings Consumption plus investment spending
When is your savings equal to the surplus funds we have in households
What is the difference between indirect and di

Scenario 1
A firm has the following production function: Y = 2K + 3N , where Y is the total output
produced, K is the amount of capital, and N is the amount of labor.
1. Refer to Scenario 1. How many units of capital would it take to produce one unit of o

Scenario 1
A firm has the following production function: Y = 2K + 3N , where Y is the total output
produced, K is the amount of capital, and N is the amount of labor.
1. Refer to Scenario 1. How many units of capital would it take to produce one unit of o