microeconomics- product curves/isoquant &isocost
posted by michael on .
part1: a) show how a total product curve for an input can be derived from an isoquant map.
b) why does the previous question specify "a" total product curve rather than "the" product curve ?
c) given that the appropriate total product curve has been derived, a manager decides to refuse to hire more workers on the grounds that deminishing marginal returns set in. what is wrong with this reasoning ?
PART 2: a) using isoquant and isocost analysis demonstrate that not all technically efficient factor combinations are least cost factor combinations.
b) how does the least cost series of factor combinations relate to the long run total cost and averager cost curves of a firm ?
c) will a firm wish to produce at the minimum point of the long run average cost curve ?
thanx in advance esp to economyst
Ok, now you are getting problems that are best answered with a graph; which is very difficult here on Jiskha.
Also, the help volunteers are generally here to help guide students with their various homework problems. So, take a shot. I or others will try to critique your answers.
That said, part 1 a)
Draw a series of isoquant curves. Each curve represents a combination of two inputs that produce the SAME level of output. Draw a vertical line (or horizontal line -- your choice) and lable the points. That is hold one factor fixed and increase the other. The intersection points represent higher levels of production, and could be translated into a total product curve.
If you do this right, the answere to b) is obvious.
For c) note that diminishing MARGINAL returns almost always starts right away, beginning with the second factor input.
Part 2 a) what is the difference between technically efficient and economically efficient? Answering this should lead you to the answer you seek.
b) Plotting the economically efficient isocost/isoquant combination shows the lowest cost combinations at each level of production. These points could be transfered to another graph showing total and average cost at each level of production.
c) always always always, MC=MR
why would a firm wish to have knowledge concerning the income elasticity of demand for its product?
you too are asking questions for your assignment. You are a brainless twit
TWIIITTTTTTTTTTTTTTTTT!!!!!!!!!!!!! I HOPE YOU FAIL!!!!!!!!!!!!!!! FAIL I TELL YOU!!!!!!!!!!!! No one help this person, its just trying to get an easy way to do its econ111 assignment at MQ university in australia. DO NOT HELP THIS PERSON, OR IT WILL JUST TOTALLY UNDERMINE OTHER STUDENT'S WORK WHO ACTUALLY USED THEIR BRAINS OR LOOKED IN BOOKS TO ANSWER THE QUESTIONS OR USED DEDUCTIVE REASONING.
Really? I was just going to help, but now that I have seen your post, I have decided that I won't help you.
yeah, go and do the questions yourself. this is called "homework help" not "give the answers to you on a platter". Why are you so lazy? you could have just done all of it yourself if you look at the book. but i guess you are so lazy you wouldnt even want to to do that. I don't think you hsould help this person economyst, unless they actually look like they have attempted to do the question like saying "i did this, is it right, i don't understand this part", not copy and paste the whole assignment and say "help me".
none of your guys business..we just get some tips for our assignment...if u r not so brilliant..then shut up
I want to ask about part2 (c). Are u sure it is about MC=MR? The question is about long-run not a short run and MC=MR profit maximization only applies to short run right? So, shouldn't the answer be about economies and diseconomies of scale? Do correct me if I'm wrong.
Part 2 (c) In a long run, all firms are make normal profit, that's where MR=0, marginal return at the minimum. hope this will help.
Hey Stinky haven't you got anything better to do than post nasty messages on the web? What a shame! Students come to sites like this for research purposes and to get help for their assignments, which is one of the reasons why the Internet became so popular so we could access information more conveniently. You seem to be a very pathetic person who's unhappy with your own life so you keep insulting everyone on here. Else I just don't see why someone would write things like what you've written. If you're just so clever, why even bother being here? To stop others from plagiarizing? Well, what is it of your business? I'll tell you what! Just mind your own messed up business and get a life! Ciao!
Bugger off Stinky.. shut up
Hi, could anyone please help answering these questions.
No, you think that you can just feed off people helping those other twits in their assignment? I don't think so. No one even attempt helping these people, they are just trying to finish their econ111 assignment without putting any effort in. Even if they did put an effort into it, using sites like this is completely against university policy.
You are so freaky. How dare you seek online plagarised help for your economics assignment at macquarie university? You are such a loser freak. I hope that you get expelled you freak.
Stinky you need to chill out and get a life! these questions are quiet complex and some people need help.
If you are such an angel why are you here???????
Oh domenic, i have a life, something that you obviously don't have and never will. I'm only here because my friend pointed this site out to me and I wanted to make this stop. I never said that I was an angel. So be a nice little mouse/rat and eat some cheese, it might help the delusions!
It's ok stinky, they'll be screwed for the final exam if they don't know any of the material. And judging from economyst's answers, they'll have to learn the material anyway to prove the answer is right.
This is why this country is so messed up, because of concerned poofters who have nothing better
to do than get involved with other peoples
Stinky and Ahem.
P.s I'd love to run into you guys at Macquarie Uni, maybe we could have lunch together.
You are a filthy moron. Go and eat those rat carcasses you saved for tonight's dinner. Who is the loser now getting into other people's business? YOU! FREAK! You hypocticial little snot rag. You are such a low life retard, and I hope that the local mental institution finds you and gives you some antipsycotics, because your schizophrenia is clearly misguiding your judgement on your standing in the universe. You may think that you are so cool, but in reality, you are a wannabee and a loser, which is obviously evident from your name FREAK! You are such a freak. Do you actually think that you would have a moderately good life if people weren't concerned? Or would you like to live in a housing commission home where people rob you in the street? Oh sorry, you already do hobo!
You are such an arrogant and shovenist male pig. So go and eat your offal, and I hope you get a prion and contract Kuru so that your mindless opinions don't have to annoy anyone else.
This site is pathetic, don't ever expect me to go on this site again, so you freak, don't even think that i will read your response so save yourself the drama of having to retort.
I am NEVER visiting this site again.
Sticky you are such a pencil neck geek, why don't you piss off home to mama?????
Stinky you need to calm down and get a life, people come to these sites to get help. That is called reasearch if you haven't yet heard!!!!!
Hey sorry guys, this is isnt an assesment task, its supplementary assignment from MQ - so feel free to help the guys to answer the question. Sorry for my previous posts- i didn't realise the assignment was not assessed.
This is an assessment. so this is even more of a reason to make these lying people fail.
how dare that freak use my name to lie. This assignment is a compulsory assignment with a high weighting. don't even think about helping those freaks
funniest argument ever
leave poor micheal alone... i don't blame him
Why might changes in the difference between the market interest rates on a regular 10-year Treasure note and an inflation-protected 10-year Treasure note indicate a change in the anticipated rate of inflammation?
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its actually bba103..not econ 111..but ur close:-P
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