Marginal product of every of the two inputs, Microeconomics

(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?


Posted Date: 3/29/2013 2:06:20 AM | Location : United States

Related Discussions:- Marginal product of every of the two inputs, Assignment Help, Ask Question on Marginal product of every of the two inputs, Get Answer, Expert's Help, Marginal product of every of the two inputs Discussions

Write discussion on Marginal product of every of the two inputs
Your posts are moderated
Related Questions
Normal 0 false false false EN-IN X-NONE X-NONE MicrosoftInternetExplorer4

Problem: i) The  inverse market demand curve for a Stackelberg leader and follower is given by  P = 10  - Q. If each has  a marginal cost of $4, what will be the equilibrium qu

a more simple explanation of the group equilibrium in the short and long run

Methods of Forecasting The various methods of forecasting demand may be grouped under the followings categories: Opinion Polling Method: In this method the opinion

in the case of a decline in velel of private investment spending, why the effect on equilibrium output exceeds the magnitude of the initial shock? also, what are the effects of th


EXCHANGE RATES: The current unit focuses on exchange rates and is a more in-depth study of foreign exchange markets from the perspective of financialeconomics.You have been ac

Much of undergraduate macroeconomic theory is discussed on the assumption that, in the short run, the expectations of economic agents about the future values of macroeconomic varia

Costs: If raw materials, machines and other things required for production could be made available freely then the study of the theory of the production and indeed, the study of

What is the difference between change in quantity demanded and change in demand