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December 21, 2014

December 21, 2014

Posted by **anonymous** on Tuesday, June 23, 2009 at 11:58am.

Thanks.

- micro economics -
**economyst**, Tuesday, June 23, 2009 at 1:13pmMRTS is the marginal rate of technical substitution. In a two-input production function, it is simply the marginal product of X over the marginal product of Y. That is MRTS = -MPx/MPy and MPx is simply the first derivitive of the production function with respect to x

- micro economics -
**anonymous**, Tuesday, June 23, 2009 at 1:28pmThanks.

- micro economics -
**Anonymous**, Thursday, June 27, 2013 at 10:42amWhen the firm hires 6 workers the firm produces 90 units of output. Fixed costs of production are $6 and the variable cost per unit of labor is $10. The marginal product of the seventh unit of labor is 4. Given this information, what is the average total cost of production when the firm hires 7 workers?

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