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Author Question: A firm uses two factors of production. Irrespective of how much of each factor is used, both factors ... (Read 66 times)

WhattoUnderstand

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on: Jul 1, 2018
A firm uses two factors of production. Irrespective of how much of each factor is used, both factors always have positive marginal products which imply that
 
  A) isoquants are relevant only in the long run
  B) isoquants have negative slope
  C) isoquants are convex
  D) isoquants can become vertical or horizontal
  E) none of the above

Question 2

In game in Scenario 13.8, what is the Nash equilibrium?
 
  A) The strategy pair associated with 1, 10.
  B) The strategy pair associated with 2, 0.
  C) The strategy pair associated with 1, -5000.
  D) The strategy pair associated with 2, 2.
  E) There is no Nash equilibrium in pure strategies.


Jordin Calloway

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Reply #1 on: Jul 1, 2018
Answer to Question 1

B

Answer to Question 2

D


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WhattoUnderstand

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Reply #2 on: Jul 1, 2018
Thank you :)


Jordin Calloway

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Reply #3 on: Jul 1, 2018
Happy to help you


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