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(Cost minimization)
a) What are the expressions for the marginal product of every of the two inputs in producing credit hours?
b) What is the expression for the marginal rate of technological substitution of TA's hours for professor's hours? Interpret MRTS in words.
c) Assume that Profits needs to produce 2000 credit hours this quarter. What is the expression for the respective isoquant? Illustrate this isoquant.
d) What is the minimum cost combination of inputs needed to produce 2000 credit hours?
Why does a monopoly have no supply curve? A supply curve is a curve that shows the quantity supplied at dissimilar prices, as a monopoly sets the price and the quantity togeth
I need help finding the future worth given the initial investment, MARR, and profit over a period of time.
What is affected variable and cause variable? In a graph, one variable is dependant and the other is independent. The dependant variable is known as effect variable and indepe
#suppose EEPCO is amultiplant monopolist with two plants: Gibe plant and Fincha plant. The operating costs of the two plants are: Gibe plant Tc1=10Q^2 and Fincha plant TC2=20Q^2.
Q. What is Cost effectiveness analysis? Cost effectiveness analysis A method which seeks to identify the least cost option for meeting a particular objective. It actives prior
calculate point elasticity of demand function Q=10-2p for decrease in price from Rs3 to Rs2
What actions could a government take in order to keep the price above market equilibrium? There are four basic possibilities here; 1) Minimum price; 2) A tax on the good
Theory of revenue
how might opportunity cost help to explain the pattern of international trade?
Movements of the demand curve itself, either to the left or right are known as changes in demand. A change in demand is caused by a change in one or more of the nonprice determina
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