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Author Question: By expressing the cost-minimizing condition as MPK/MPL= PK/PL, we are able to see (Read 188 times)

allywil32

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on: Oct 12, 2022

Question 1

Which of the following paired concepts are equivalent to each other?
◦ increasing costs; economies of scale
◦ increasing returns; increasing costs
◦ constant costs; economies of scale
◦ increasing returns; decreasing costs
◦ increasing returns; diseconomies of scale

Question 2

By expressing the cost-minimizing condition as MPK/MPL = PK/PL, we are able to see
◦ how the firm can adjust the marginal products of the factors of production to the prices of the factors given by the market.
◦ that the ratio of factor prices is constant over time.
◦ how the firm determines its profit-maximizing output.
◦ that the capital-labour ratio is fixed.
◦ that the firm is producing at a lower cost if the left-hand side of the equation is greater than the right-hand side.
Microeconomics ¦ Ragan ¦ 17th Edition
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Marked as best answer by allywil32 on Oct 12, 2022

ekattan2

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Reply #1 on: Oct 12, 2022
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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allywil32

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Reply 2 on: Oct 12, 2022
:D TYSM

zacnyjessica

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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