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1. What is the marginal rate of technical substitution? What does it imply about an isoquant's shape?
2. What does the curvature of an isoquant imply about the two inputs, capital and labor?
3. What is an isocost line? What does its slope tell us about the relative cost of labor and capital?
4. How will a firm react to an increase in the price of one input relative to another?
Complex operations managed by a single machine would not be possible without software that controls the drive motors used in each machining operation and enables individual cutting devices to work - sometimes for just a few seconds - on a particul..
A firm sandab has a production function x =f(h,k) =ln(h)+3ln(k), where x=pots of crabs caught, h=labor hours employed, and k= number of boats rented (all per week); k>1. San dab operates in perfectly competitive markets.
Suppose that farm workers are responsible for onefourth of the production cost of food. What are the implications of immigration for the cost of producing food and its price?
Candidate A is running for president of the student government at a large university. The proportion of voters who favor the candidate is 0.8. A simple random sample of 100 voters is taken. a. What are the expected value, standard deviation, and sh..
How much economic profit do you expect that Robert's company will make in the first year?
If the entire amount of Hometown Bank's new loans is spent and the funds are deposited in Bank B, by how much can Bank B increase its loan making?
How does CVP analysis help management in the planning stage of a new business? How does CVP analysis assist the decision makers of an existing business?
Let Y1, Y2,...,Yn be n i.i.d. random variables with common mean µ and common variance σ2. Let Y¯ denote the sample average. Define the class of linear estimators of µ
if the price of blue toy cars is 5 and the price of pink toy cars is 2 then which of the following consumers will make
What are the characteristics of the epidemiological transition
Harrison, Carla, and Fred are housepainters. Harrison and Carla can paint 100 square feet per hour using a standard paintbrush, and Fred can paint 80 square feet per hour. Any of the three can paint 200 square feet per hour using a roller.
There are two workers in the economy, "A" and "B"; "A" can go to school and "B" cannot. Education increases future income according to the following function: I(e)= 50(e)/(1+e) Total cost per year of schooling equals 2, and thus: mc(e)=2.
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