Describe the concept of diminishing marginal rate of, Ask an Expert

Economics

Q1. Deduce the isocost line of a producer where he uses two inputs: capital and labor.

Q2. Illustrate that output maximization and cost minimization for a firm would provide us the similar answer. Describe.

Q3. Describe the relationship between the APL and MPL.

Q4. Describe the different concepts of returns to scale with the assist of an expansion path.

Q5.

a) Define the term expansion path.
b) A firm employs two inputs and a homogeneous production function.

Illustrate that the expansion path is a linear line via the origin.

Q6. Describe the difference between the diminishing returns to a variable input and diminishing returns to scale.

Q7. Trace out the basic difference between returns to scale and returns to the variable factor.

Q8. Describe the concept of diminishing marginal rate of technical substitution and the convexity of iso-quants.

View complete question

Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M912472

Have any Question?Write your Review or question?

Related Questions in Microeconomics

Question choose and focus on one negative consequence of

Question: Choose and focus on one negative consequence of globalization. Explain what the issue is, and why it is problematic for the world. Describe what you think should be done to improve this situation. If you think ...

Question some large power plants are mine-mouth facilities

Question: Some large power plants are mine-mouth facilities, located at the opening of the coal mine that will supply their fuel. In areas with few coal mines, both the power plant and the mine are likely to be under the ...

Question melinda gibbs would like for her descendants to be

Question: Melinda Gibbs would like for her descendants to be able draw $40,000 every year for ever starting 30 years from now. She has found a mutual fund that will provide her a guaranteed 10% return forever. She will m ...

Question financial statements provide important information

Question: Financial statements provide important information for a business decision maker. Identify and post three separate pieces of information found in financial statements and briefly explain how each element might ...

Question ecconomic development1 in defining development to

Question: Ecconomic Development 1. In defining development to include more than just the growth of per capita income, there is an implicit assumption that the growth of per capita income alone is not sufficient to guaran ...

Question the next time the us economy returns to full

Question: The next time the US economy returns to full employment, what factors will determine how much longer it will take for the next recession to develop? (Note: there is no ‘‘right'' answer to this question; the ide ...

Question the united states of americas national minimum

Question: The United States of America's national minimum wage is currently at $7.25 per hour for most occupations in the private sector. Over the past several years, support for an increase in the minimum wage has come ...

Question radio stations tornado sirens light houses and

Question: Radio stations, tornado sirens, light houses, and street lights are all public goods in that all are nonrivalrous and nonexclusionary. Therefore why does the government provide tornado sirens, street lights and ...

Question suppose the state of iowa passes a law that

Question: Suppose the state of Iowa passes a law that increases the price of cigarettes by $1 per pack. As a result, residents in Iowa start purchasing their cigarettes in surrounding states. Which of the following princ ...

Question you are on the city council and are considering a

Question: You are on the city council and are considering a law to control rents below the free-market rent. What would be the effect of this rent control law in the short-run? In the long run? Be sure to explain why you ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Microeconomics Expert