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The Cost Minimizing Input Choice
- Assumptions
- R = depreciation rate + interest rate
- Question
* The Isocost Line
- C = wL + rK
- Isocost: A line which shows all the combinations of L & K which can be purchased for same cost
- Rewriting C as linear:
is the ratio of wage rate to rental cost of capital.
* This shows the rate at which capital can be substituted for labor with no change in cost.
the diagram used to illustrate abnormal and normal progits
WHAT IS OPPORTUNITY COST
Prove that utility approach and indifference curve yield the same consumer equilibrium
Plot the demand schedule and draw the demand curve for the data given for Marijuana in the case above.
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