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Author Question: If we take the production function and hold the level of output constant, allowing the amounts of ... (Read 147 times)

123654777

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on: Jul 1, 2018
If we take the production function and hold the level of output constant, allowing the amounts of capital and labor to vary, the curve that is traced out is called:
 
  A) the total product.
  B) an isoquant.
  C) the average product.
  D) the marginal product.
  E) none of the above

Question 2

When the snob effect exists, a change in price is likely to
 
  A) change total revenue less than if there were no network externalities.
  B) change total revenue more than if there were no network externalities.
  C) change total revenue the same amount as if there were no network externalities.
  D) not change total revenue at all.


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bpool94

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

B

Answer to Question 2

A


123654777

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


bpool94

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


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