Intro Economics questions
How do you calculate marginal rate of substitution?
1. What happens to the isoquant line if one cost or budget changes and which way do they move?
2. Long run average cost why it goes up and down
3. Production possibility frontier
4. How do we derive supply in perfect competition?
5. Producer surplus what is it and how do we calculate it
6. What are short run stages of production where does stage one and stage two and stage three begin
7. What are the conditions for maximizing profit?