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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Chapter 7, Problem 6E
To determine
Identify the effect of changes in relative
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Consider the table below that describes the production function for a good (Q) in terms of inputs labor (L) and capital (K) in the short run.
What is the marginal product of labor for the fourth worker? Enter the number below.
Answer the following questions clearly in computer-typed print with Make sure you label your graphs .
Question 1: In the long-run with strictly convex isoquants. If the relative price of labor (?/?)⁄ exceeds the marginal rate of technical substitution (???/???⁄). What changes should happen to the input mix? Explain your answer.
For each of the following examples, draw a representative isoquant. What can you say about the marginal rate of technical substitution in each case?
a) A firm finds that it can always trade two units of labor for one unit of capital and still keep output constant.
b) A firm requires exactly two full-time workers to operate each piece of machinery in the factory.
Chapter 7 Solutions
Microeconomics, Student Value Edition Plus MyLab Economics with Pearson eText -- Access Card Package (9th Edition) (Pearson Series in Economics)
Ch. 7.A - Prob. 1ECh. 7.A - Prob. 2ECh. 7.A - Prob. 3ECh. 7.A - Prob. 4ECh. 7.A - Prob. 5ECh. 7 - Prob. 1RQCh. 7 - Prob. 2RQCh. 7 - Prob. 3RQCh. 7 - Prob. 4RQCh. 7 - Prob. 5RQ
Ch. 7 - Prob. 6RQCh. 7 - Prob. 7RQCh. 7 - Prob. 8RQCh. 7 - Prob. 9RQCh. 7 - Prob. 10RQCh. 7 - Prob. 11RQCh. 7 - Prob. 12RQCh. 7 - Prob. 13RQCh. 7 - Prob. 14RQCh. 7 - Prob. 1ECh. 7 - Prob. 2ECh. 7 - Prob. 3ECh. 7 - Prob. 4ECh. 7 - Prob. 5ECh. 7 - Prob. 6ECh. 7 - Prob. 7ECh. 7 - Prob. 8ECh. 7 - Prob. 9ECh. 7 - Prob. 10ECh. 7 - Prob. 11ECh. 7 - Prob. 12ECh. 7 - Prob. 13ECh. 7 - Prob. 14ECh. 7 - Prob. 15ECh. 7 - Prob. 16E
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