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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?
Q. What do you mean by Externality? An externality exists when the actions of one individual affect the wellbeing of other individuals without any compensation taking place. F
What are the differences between the IS-LM model and the Keynesian model? The 'simple' Keynesian model is a simplified model to exemplify Keynes's idea about the equilibrium i
Meaning of absolute cost difference and comparative cost difference.
John has a utility function given by U(M) = M0.5, where M represents an amount of cash prize in a game. If John wins, with the probability of 0.2, he will get $900; otherwise, he g
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Is indian companies running arisk by not giving attention to cost cutting
Seaports and Airports: Seaports India has 12 major ports and about 185 minor ports over its coastline spread over 7,000 kms. Major ports are managed by the Central Government
Ask question #what is an indifference curveMinimum 100 words accepted#
What is main difference between capital intensive goods and primary products? Primary product means the major product in which the firm is dealing. Capital intensive good mea
1. Isoquants are negatively sloped because if the quantity of factor 1 used in production is decreased then the quantity of the other factor must be increased to produce the s
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