Suppose a firm's marginal revenue product (MRP) curve is currently MRP, on the accompanying graph. Which curve would most likely result if the output price fell? cannot be determined MRPy MRP₂ MRPX

Demand for microprocessors is given by P = 35 – 5Q , where Q is the quantity of microchips (in millions). The typical firm’s total cost of producing a chip is Ci = 5qi­, where qi is the output of firm i. a) Does the typical microchip firm display increasing, constant, or decreasing returns to scale? What would you expect about the real microchip industry? In general, what must be true about the underlying technology of production for competition to be viable?

The production function is given by Q=10L+2K. The wage for labor is $20 dollar per unit and price for capital is $5 per unit. The optimal bundle (L, K) to minimize cost is: (0, Q/2) (Q/20, Q/4) (Q/15, Q/3) (Q/10, 0)

Demand for microprocessors is given by P = 35 – 5Q , where Q is the quantity of microchips (in millions). The typical firm’s total cost of producing a chip is Ci = 5qi­, where qi is the output of firm i. a) Does the typical microchip firm display increasing, constant, or decreasing returns to scale? What would you expect about the real microchip industry? In general, what must be true about the underlying technology of production for competition to be viable?

a) Calculate the marginal rate of product transformation between points A and B b) Calculate the marginal rate of product transformation between points C and D

Two months ago, on July 1, 2019, the State of Illinois raised gasoline taxes by $.19 (19 cents) per gallon of gas Question 3: For this question, please model the short-run impact of this tax on a typical Illinois gas station.  The horizontal axis will be qgas (the output of this particular producer) and the vertical axis will measure price in dollars, $.  This firm is subject to the Law of Diminishing Marginal Product. Begin by graphically depicting the “Family of Short Run Cost Curves” (AFC, AVC, ATC, MC) for this producer in late June, prior to the implementation of the new gasoline tax (you must submit a graph).