Microeconomics, Student Value Edition Plus MyLab Economics with Pearson eText -- Access Card Package (9th Edition) (Pearson Series in Economics)
9th Edition
ISBN: 9780134643175
Author: Robert Pindyck, Daniel Rubinfeld
Publisher: PEARSON
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Question
Chapter 16, Problem 8RQ
To determine
The marginal rate of transformation.
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Refer to the attached image to determine the price and quantity for the following questions below.
allocative efficiency
dynamic efficiency
Pareto efficiency
Every day around your tent you find eight branches and four cherries. You meet some otherstranded residents who have set up a small shop with a currency called Rings. You can buyand sell branches and cherries for five Rings each.
What is the marginal rate of transformation at this shop?
U(B, C) =B^(1/4)C^(3/4)
The boundary between the combinations of goods and services that can be produced and the combinations that cannot be produced, given the available factors of production and the state of technology is called ________.
Chapter 16 Solutions
Microeconomics, Student Value Edition Plus MyLab Economics with Pearson eText -- Access Card Package (9th Edition) (Pearson Series in Economics)
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- Explain what is meant by allocative efficiency and under what conditions is this efficiency achieved? And explain what is meant by efficiency in production, and under what conditions is this efficiency achieved?arrow_forwardThe Principle of Diminishing Marginal Returns means what? the more a good is consumed, the lower the average benefit from consumption. the more of a good that is produced, the greater the benefit of the last good to the supplier. the less of a good that is produced, the greater the average productivity of inputs. The more of a good that is produced, the lower the productivity of the last input to production. the more of a good that is produced, the greater the marginal productivity of the last input.arrow_forwardWhat is a product possibility curve?arrow_forward
- Give one example of external economics of scale?arrow_forwardA firm uses capital and labor to produce output according to the pproduction function q = 4pKL, for which MPL = 2pK=L and MPK = 2 L=K. a. If the wage w=$4 and the rental rate of capital r=$1,what is the least expensive way to produce 16 units of output? b. What is the minimum cost of producing 16 units? c. Show that for any level of output q, the minimum cost of producingq is $q.arrow_forwardCan a market be productively efficient but allocatively inefficient? Why is it bad for a market to be allocatively inefficient? Explain your answers.arrow_forward
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