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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?
Your firms production function : Q=4K^1/2L^1/2 Suppose that the price of labor is $5 and the price of capital is $20. Your firm desires to produce 200 units of output. How much
Unions in a Competitive Market: Again, there a group of economists who will rely on the use of the competitive model to demonstrate the evils of unionization. The most regular anal
What are the factors that determine the volume of production?
Elasticity help
Determinants of the Income Elasticity of the Demand: The determinants of income elasticity of demand are given below: The Degree of necessity of the commodity.
In this section, we ask you to write down a simple, formal, mathematical model. A small number of points will be awarded for an intuitive discussion of the problem, but most of the
I''m having trouble with this problem.....I must have missed the class that it was discussed in. I''m more confused with the interpreting the equations with all the Labor demand/La
why can methane not be prepared by this reaction
is a hotdog vendor''s stand a good example of diseconomics of sale?
Demand Function The function capturing the dependent relationship between the price people are willing to pay for products or service and other factors related to that product
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