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0.. 5: Consider the production function: Ct=aL+bK. What is the marginal product of labor? 0.. 6: Suppose there are two consumers and markets for two
0.. 5: Consider the production function: Ct=aL+bK. What is the marginal product of labor? 0.. 6: Suppose there are two consumers and markets for two goods: ham and cheese. Both consumers have convex indifference curves and are endowed with both ham and cheese. Show the efficient allocation and equilibrium allocation in a box diagram. 0.. 7: TfFfU: ('JligopolyI always leads to lower welfare than perfect competition. Explain your answer in words
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