Marginal product of every of the two inputs, Microeconomics

Assignment Help:

(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?

 


Related Discussions:- Marginal product of every of the two inputs

Consumer behaviour, Establish relationship between production and cost for ...

Establish relationship between production and cost for a firm operation in perfect competition market in case of i phone

Social cost of monopoly, Price Discrimination: occurs when the same produc...

Price Discrimination: occurs when the same product is sold at different prices to different consumers. A monopolist divided his consumers into groups and sells his product at vary

Law of conservation, Law of conservation of mass was proposed by Lavoisier ...

Law of conservation of mass was proposed by Lavoisier & verified by Landolt. According to Law of conservation of mass law Matter is neither created nor destroyed in the course of c

Determine the indirect utility function in brief, Determine the indirect ut...

Determine the indirect utility function in brief. Indirect Utility Function: The ordinary utility function, u(x), is described over the consumption set X and thus to as the

Perform a threshold analysis, You are a member of a problem solving group t...

You are a member of a problem solving group that is concerned with incidents involving losses with their information system (IS). Let us assume that IS loss events can be grouped i

Budget Line, if coast of good A fall by Rs.1 & coast of good B increases by...

if coast of good A fall by Rs.1 & coast of good B increases by 1 Rs. what will be the effect on budget line

Cost theory, What are the economies and diseconomics of scale?

What are the economies and diseconomics of scale?

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd