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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?
Economies of Common Services: Through the concentration of firms in a particular industry in a given geographical location, the firms may enjoy certain commonservices.These
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Q. Describe Classical Economics? Classical Economics:Tradition of economics which began with Adam Smith and continued with other theorists including Thomas Malthus, David Ricar
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