Isoquants and MRTS: Solved Numerical Questions
1- The production function of a firm is given by `Q=4K^(0.75)L^(0.25)`. Assume that the wage rate is equal to $60 and the price of capital p...
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Iso-Cost Line and Producers Equilibrium: Solved questions
1- Define iso-cost line or price line. Ans:The iso-cost line is the locus of all the combinations of two inputs, say capital and labor, whic...
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Isoquants and MRTS: Solved Questions
1- Explain and illustrate the concept of isoquant. Ans: The term isoquant has been derived from Greek word ‘iso’ meaning equal and Latin wor...
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Solved numerical questions on short run cost
1-Suppose a firm has a cost function given by `TC=10+5Q+Q^2` Find: a) Total fixed cost of the firm, b) Average variable cost and marginal co...
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Solved Questions on Consumers and Producers Surplus and Deadweight Losses
1- The demand and cost functions of a monopolist are given by, `Qd=260-2P` `MC=2Q+10` Find: a) Consumers surplus, b) Producers surplus, c) D...
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