Start Discovering Solved Questions and Your Course Assignments
TextBooks Included
Solved Assignments
Asked Questions
Answered Questions
Draw a graph of the demand curve for labor when the firm wants to produce 10 units of output (Q = 10).
Explain why the short-run marginal cost curve must intersect the average variable cost curve at the minimum point of the average variable cost curve.
What shape would the short-run marginal cost curve be? What shape would the short-run average cost curve be?
What is the difference between economies of scope and scale? Is it possible for a two product firm to enjoy economies of scope but not economies of scale?
Derive the equations for the long-run total cost curve and the long-run average cost curve.
Derive the expression for the corresponding long-run average cost curve and then sketch it. At what quantity is minimum efficient scale?
Over what range of output does the production function exhibit economies of scale, and over what range does it exhibit diseconomies of scale?
How do the graphs of the long-run and short-run total cost curves change when w = 1 and r = 2?
What is the long-run total cost function for producing tricycles, TC(Q, PW, PF)? What is the production function for tricycles, Q(F, W )?
Derive the firm's long-run total cost curve and average cost curve in terms of the input prices and Q.
Derive its long-run total cost curve in terms of the input prices, w and r. Verify that if the input prices double, then total cost doubles as well.
Derive the expression for the long-run total cost that the firm incurs, as a function of Q and the factor prices, w and r.
The production function Q = KL+ M has marginal products MPK = L, MPL= K, and MPM = 1. What is the short-run total cost of producing 400 units of output?
Derive expressions for, and then sketch, the corresponding short-run average cost, average variable cost, and average fixed cost curves.
Why would this condition not necessarily hold at a corner point optimal solution?
How does an increase in the price of an input affect the slope of an isocost line?
What would be an example of an implicit cost you would incur in operating this business?
It plans to use these tubes to clone snake cells. Explain why the opportunity cost of using these test tubes might not equal the price at which they were acquir
Show that the innovation has resulted in technological progress in the sense defined in the text.
What can you say about the returns to scale of the Leontief production function Q = min(aK, bL), where a and b are positive constants?
Draw several isoquants of the cake production function. What can you say about returns to scale for this function?
Draw the isoquants for bicycle production. Write a mathematical expression for the production function for bicycles.
Suppose that a firm's production function is given by Q = KL + K, with MPK = L + 1 and MPL = K. Calculate how much labor is required at point B.
What is the marginal rate of technical substitution of labor for capital (MRTSL,K) at any point along an isoquant?
Sketch a graph of the isoquants for this production function. Does this production function have an uneconomic region? Why or why not?