Discuss to what extent traditional approach to exchange rate determinantion is adequate model

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Discuss to what extent traditional approach to exchange rate determinantion is adequate model

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The marginal revenue product of labor is the: a. change in revenue resulting from adding an additional unit of labor. b. cost of additional labor necessary to produce an additional unit of output. c. change in output resulting from adding an additional unit of labor. d. change in labor necessary to produce an additional unit of output.
Assume the government imposes a price ceiling on the cigarette market. Construct a cigarette demand and supply market. EXPLAIN (5) how non-binding and/ binding price ceilings cause a decrease in market efficiency.
A perfectly competitive firm Cat Paradise sells clothing for cats. A cat-suit sells for $72 each. The fixed costs for production are $100. The total variable costs are $64 for one suit, $84 for two suits, $114 for three suits, $184 for four suits, and $270 for five suits. a) In a table, calculate TR, MR, TC and MC for each output level (one to five suits).
Given that a firm’s production process is defined by the function: 6.04.06.0KLQ . Where Q is the level of output and L and K are factors inputs, that is, labour and capital respectively. If 20 units of output are produced with 4 units of labour and 6 units of capital. (i) Calculate the marginal product of labour and capital respectively. (3marks) (ii) Find the marginal rate of technical substitution between the two factors. (2marks) (iii) Determine the output elasticities of labour and capital respectively (3marks)
Use paragraph to distunguish between the demand curve of a perfect competition and the monopoly
With a practical example describe the relationship between the following terms as used in resource allocation-Pareto efficiency, Pareto inefficiency, Pareto improvement.
If the consumer is spending all his budget on Y and X when B=36;P(price) of X is 2 and P(price) of Y is 6 find the budget constraint equation
Which of the following would we not associate with a natural monopoly? A. Increasing average costs as the scale of operation increases B. Large scale of operation C. Large fixed costs D. The ability to influence market price