Author Question: What is the cost-minimizing equilibrium condition? What will be an ideal ... (Read 61 times)

Yolanda

  • Hero Member
  • *****
  • Posts: 757
What is the cost-minimizing equilibrium condition?
 
  What will be an ideal response?

Question 2

Refer to Figure 4-1. If the market price is 2.50, what is the consumer surplus on the second ice cream cone?
 
  A) 0.50 B) 1.50 C) 3.00 D) 10.50



b614102004

  • Sr. Member
  • ****
  • Posts: 320
Answer to Question 1

The cost-minimizing equilibrium condition is for the slope of the isoquant (-MPL/MPK) to be equal to the slope of the isocost line (-PL/PK).

Answer to Question 2

A



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

Normal urine is sterile. It contains fluids, salts, and waste products. It is free of bacteria, viruses, and fungi.

Did you know?

The liver is the only organ that has the ability to regenerate itself after certain types of damage. As much as 25% of the liver can be removed, and it will still regenerate back to its original shape and size. However, the liver cannot regenerate after severe damage caused by alcohol.

Did you know?

Autoimmune diseases occur when the immune system destroys its own healthy tissues. When this occurs, white blood cells cannot distinguish between pathogens and normal cells.

Did you know?

Asthma-like symptoms were first recorded about 3,500 years ago in Egypt. The first manuscript specifically written about asthma was in the year 1190, describing a condition characterized by sudden breathlessness. The treatments listed in this manuscript include chicken soup, herbs, and sexual abstinence.

Did you know?

The strongest synthetic topical retinoid drug available, tazarotene, is used to treat sun-damaged skin, acne, and psoriasis.

For a complete list of videos, visit our video library