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

Engel curves, Engel Curves -Engel curves relate quantity of good consum...

Engel Curves -Engel curves relate quantity of good consumed to income. -If good is a normal good, Engel curve is sloping upward. -If good is an inferior good, the Engel c

Calculate long-run optimal amounts of workers and ma, Dolph, Jimbo, and Kea...

Dolph, Jimbo, and Kearney are the only individuals participating in the very particular labor market for ‘protective’ services. Dolph''s labor supply is given by ????????=-46+0.874

Supply of labour, use a graphical illustration to briefly describe what the...

use a graphical illustration to briefly describe what the influence of an increase in immigrants would be on the market supply of labour

Analysis the project status - bridge project, The government has undertaken...

The government has undertaken a highway bridge project that was originally projected to cost $2 million and provide benefits of $2.5 million. Unfortunately, the costs have been mu

Macroeconomics, Rework figure 1 assuming a closed economy

Rework figure 1 assuming a closed economy

Finding the rate of iodine clock reaction?, Volumes (mL) of Solution 0.20M ...

Volumes (mL) of Solution 0.20M 0.20M 0.010M 2% 0.20M 0.20M NaI NaCl Na2S2O3 Starch K2SO4 K2S2O8 ?2ml 2ml 2ml 1ml 2ml 2ml ?2ml 2ml 2ml 1ml 0ml 2ml ?4ml 0ml 2ml 1ml 2ml 2ml Time Exp

Lori teaches singing. her fixed costs are $1, Price | Quantity demanded ___...

Price | Quantity demanded _________________________ 0 250 50 200 100 150 150 100 200 50 250 0 A) Calculate Lorie''s profit-maximizing output, price, and economic profit. B) Do yo

International economics, heckscher - ohlin theory of trade

heckscher - ohlin theory of trade

Macroecon, How might a “perfect” macro equilibrium be affected by (a) a sto...

How might a “perfect” macro equilibrium be affected by (a) a stock market crash; (b) the death of a president; (c) a recession in Canada; (d) a spike in oil prices?

How the inflation effect on import and export of the country, How the infla...

How the inflation effect on the Import and Export of the country? When general price level enhances in an economy, local currency is devalued. Economy has to spend more on imp

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages