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2. (i) The production function for a firm is given byQ = L+K+LKwhere Q denotes output; Land K labor and capital inputs.Wage rate and rental rate are given by w and r respectively. (a) Show whether or not the above…

Suppose the dry bulk shipping and shipbuilding markets are in equilibrium when the world commodity exports are hit by a strong decline in commodity prices. a) Explain how this event likely affects the dry bulk shipping freight rate and output…