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Input Substitution When the Input Price Change
Isoquants and Isocosts and Production Function
The minimum cost combination can be written as:
- Minimum cost for a given output will occur when each dollar of input added to the production process will add an equivalent amount of output.
* Question
- If w = $10, r = $2, and MPL = MPK, which input would producer use more of? Why?
if the inverse demand curve is p = 120 - Q and the marginal cost is constant at 10, how does charging the monopoly optimum and the welfare of consumers, the monopoly, and society?
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Cost in the Short Run Marginal Cost (or MC) is the cost of expanding output by one unit. As fixed costs have no impact on marginal cost, it can be given as: Average Total
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