In production, when the price of capital changes due to the relative change in labor than capital becomes cheaper and labor dearer. The capitalist then substitute the cheaper one for the costlier one. Figure 11.4, 11.5,11.6 In the figure 11.4 shows the VMPL curve, which is MPL multiplied by price of the output. The curve is diminishing which shows that the amount capitalist will add to increase his revenue by hiring one more labor at different levels of employment. The figure 11.5(a) shows that in the labor market the part of the labor that will be employed ...
Essays on Marginal Product
2 samples on this topic
The array of written assignments you might be tasked with while studying Marginal Product is stunning. If some are too bewildering, an expertly crafted sample Marginal Product piece on a related subject might lead you out of a deadlock. This is when you will definitely appreciate WowEssays.com ever-expanding catalog of Marginal Product essay samples meant to spark your writing creativity.
Our directory of free college paper samples showcases the most striking instances of high-quality writing on Marginal Product and related topics. Not only can they help you come up with an interesting and fresh topic, but also demonstrate the effective use of the best Marginal Product writing practices and content structuring techniques. Also, keep in mind that you can use them as a trove of reliable sources and factual or statistical information processed by real masters of their craft with solid academic backgrounds in the Marginal Product field.
Alternatively, you can take advantage of effective write my essay assistance, when our experts deliver a unique example essay on Marginal Product tailored to your personal requirements!
Growth Rate of GDP
The growth rate of GDP is measured in terms of the original level of the GDP. Let us calculate the GDP for the following figures:
GDP in 2013: $13.1 trillion
GDP in 2014: $13.3 trillion Growth in GDP: $0.2trillion Growth rate of GDP =( 0.2/13.1)*100 =1.53% If the growth rate remains the same, let us calculate the number of years that will be required for the GDP to double itself. 13.3(1+ 1.53/100)^t = 2*13.3 Or, (1+1.53/100)^t = 2 Or, (1.0153)^t = 2
Taking log of both sides:
tlog1.0153 = log2 Or, t= log2/log1.0153 Or, t =45.6 Thus it will take almost 46 years to double the GDP ...
Get а 100% plagiarism free Essay on Marginal Product just from $10/page!
Become your best self with our academic help.
ORDER AN ESSAY
Calculate Price
