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
How do we measure economic growth and why do we need economic growth? (ii) What can governments do to stimulate economic growth and create jobs? (provide some current examples) (ii

characteristics and models of oligopoly by Sweezy,cournot and edgework

How has the Haberler''s theory of opportunity cost an improvement over the classical theory of trade

In 1939 the U.S. economy was operating where in the production possibility curve?

Revise business plans to incorporate appropriate changes.

what are the uncontrolled variables you think may affect the segment of your camera

Learning Curve in Practice * Scenario - A new firm enters chemical processing industry. * Do they: 1) Produce a low level output and sell at high price? 2) Produce

Problem 1: Write short notes on all of the following: (a) Log Linear regression model (b) Lin-Log regression model (c) Individual versus Overall Significance Probl

for the total product curve why is it when you reach at maximum adding more input leads to decline in output?