Consider Two Competitive Economies That Have the Same Quantities of Labour

question 51

Essay

Consider two competitive economies that have the same quantities of labour (L = 400) and capital (K = 400), as well as the same technology (A = 100). The economies of the countries are described by the following Cobb-Douglas production functions:
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North Economy: Y = A L^.3K^.7
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South Economy: Y = A L^.7K^.3
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a.Which economy has the larger total production? Explain.
b.In which economy is the marginal product of labour larger? Explain.
c.In which economy is the real wage larger? Explain.
d.In which economy is labour's share of income larger? Explain.​

Explain the benefits of expressing stress through speaking or writing.

Understand the relaxation response and its health benefits.

Acknowledge the role of exercise in reducing disease risk through stress management.

Comprehend the relationship between stress appraisal, coping mechanisms, and psychological health.

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Definitions:

Perceived Purchase Satisfaction

The level of contentment a consumer feels regarding a purchase, based on their expectations and the product's performance.

Sales Wisdom

The deep, practical knowledge or insight gained through extensive experience in the sales field, guiding strategy, and interaction with clients.

Follow-Up

The process of making additional contact with customers after a sale to ensure satisfaction and to create opportunities for future sales.

Service Recovery Process

Involves actions a company takes to rectify a failed service, aiming to restore customer satisfaction and loyalty following service failures or complaints.