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ECO4010 Intermediate Microeconomics a Modern Approach 9th International Student Edition + Workouts in Intermediate Microeconomics ; final exam review questions with 100% correct answers $7.99   Add to cart
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ECO4010 Intermediate Microeconomics a Modern Approach 9th International Student Edition + Workouts in Intermediate Microeconomics ; final exam review questions with 100% correct answers
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this document consist of final exam review questions on intermediate micro-economics with 100% verified solutions

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  • November 3, 2024
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  • 2024/2025
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ECO4010 FINAL EXAM
REVIEW QUESTIONS WITH
CORRECT ANSWERS


Production Functions Review -

Production Function (Definition): Q=f(x,y,z,...) - describes how inputs are used to
produce an output.

Single Input Review -

Marginal Product (MP): - - equals (dq/dz) - the derivative of the production function.
- "additional output from increasing input."
- generally diminishing

Marginal Revenue (MR): - equals the price of the output.

Multiple Inputs Review -

Isoquants (contour lines of production function) - - represent different combinations of
inputs that produce the save level of output.
- shape of curve depends on how substitutable inputs are.

Shapes of Isoquants: - - Cobb-Douglas (downward sloping convex)
- Perfect substitutes (Linear "straight line")
- Perfect complements (L-Shaped)

Slope of Isoquant - equals the Marginal Rate of Technical Substitution (MRTS).

Marginal Rate of Technical Substitution (MRTS), where z1 and z2 are inputs - - equals
the negative ratio of marginal products.
= -(dq/dz1)/(dq/dz2) <--- partial derivatives.

Optimal hiring (or purchasing) rule for multiple outputs - MRTS = -(w1/w2)

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