This topic contains a solution. Click here to go to the answer

Author Question: Which of the following is a property of an isoquant? a. It is concave to the origin. b. Its slope ... (Read 96 times)

jhjkgdfhk

  • Hero Member
  • *****
  • Posts: 569
Which of the following is a property of an isoquant?
 a. It is concave to the origin.
  b. Its slope is given by the ratio of the marginal products, for example, (marginal product of capital)  (marginal product of labor), where capital and labor are measured on the Y and X-axes respectively.
  c. It gives the lowest-cost way of producing a certain level of output.
  d. Isoquants cannot intersect each other.

Question 2

If a firm in a perfectly competitive market raises its price:
 a. it will sell less but earn more revenue.
  b. it will sell less but earn the same revenue.
  c. it will sell exactly the same amount.
  d. it will sell less or more depending on elasticity.
  e. it will sell nothing.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

batool

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

D

Answer to Question 2

e




jhjkgdfhk

  • Member
  • Posts: 569
Reply 2 on: Jun 30, 2018
Great answer, keep it coming :)


Dominic

  • Member
  • Posts: 328
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

 

Did you know?

The Romans did not use numerals to indicate fractions but instead used words to indicate parts of a whole.

Did you know?

According to the Migraine Research Foundation, migraines are the third most prevalent illness in the world. Women are most affected (18%), followed by children of both sexes (10%), and men (6%).

Did you know?

A strange skin disease referred to as Morgellons has occurred in the southern United States and in California. Symptoms include slowly healing sores, joint pain, persistent fatigue, and a sensation of things crawling through the skin. Another symptom is strange-looking, threadlike extrusions coming out of the skin.

Did you know?

Although not all of the following muscle groups are commonly used, intramuscular injections may be given into the abdominals, biceps, calves, deltoids, gluteals, laterals, pectorals, quadriceps, trapezoids, and triceps.

Did you know?

Before a vaccine is licensed in the USA, the Food and Drug Administration (FDA) reviews it for safety and effectiveness. The CDC then reviews all studies again, as well as the American Academy of Pediatrics and the American Academy of Family Physicians. Every lot of vaccine is tested before administration to the public, and the FDA regularly inspects vaccine manufacturers' facilities.

For a complete list of videos, visit our video library