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Author Question: What is the cost-minimizing equilibrium condition? What will be an ideal ... (Read 70 times)

Yolanda

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on: Jun 29, 2018
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

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Reply #1 on: Jun 29, 2018
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


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