MANKIW: PRINCIPLES OF MICROECONOMICS
8th Edition
ISBN: 9781337801775
Author: Mankiw
Publisher: CENGAGE L
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Question
Chapter 18, Problem 4PA
Subpart (a):
To determine
To calculate: Price in the
Subpart (b):
To determine
To calculate: Price in the perfect competitive market.
Subpart (c):
To determine
To calculate: The marginal product and the value of marginal product.
Subpart (d):
To determine
To calculate: The marginal product and the value of marginal product.
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Question 1.A
Complete the following table and what production technique should this firm use:
Assuming the price of capital (k) is $5 and the price of labor (L) is $10, and the price of commodity (Q) is $3.
Technique
Q
L
K
TR
TC
Profit(π)
A
50
10
6
B
50
9
8
C
50
5
10
D
50
12
8
E
50
2
10
F
50
7
12
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Chapter 18 Solutions
MANKIW: PRINCIPLES OF MICROECONOMICS
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