, 11/19/24, 6:51 AM Mizzou Econ 3251 | 2024-2025 LATEST UPDATE COMPREHENSIVE QUESTIONS (Frequently Most Tested) AND VERIFEI…
Why must isoquants bethin?
is efficient Isoquants must be thin because we assume
production
Measuring "y" on the vertical axis and "x" on the
is decreasing as "x"
horizontal axis, convexity of indifference curves
increases
implies that that MRS of "y" for "X"
he would give up 5 If Fred's marginal rate of substitution of salad for
salads to get the next pizza quals 5 then
pizza
Given the production function q= 4L+K what is the
4 marginal product of labor when capital is fixed at
50?
Joey cuts lawns during the summer. Let q equal the
number of acres mowed per day, and let L equal the
Joes marginal product
number of hours worked per day. Joey never works
diminishes by 0.2 for each
more than eight hours per day, and during that time
additional hour worked
his short-run production function is q= 0.2 x L. Which
of the following statements is false
12 If MPk=3 and MRTS= -4 what is MPL?
Let the production function be q=ALaKb. The
a+b > 1
function exhibits increasing returns to scale if
Sarah earns $40,000 per year working for a large
corporation. She is thinking of quitting this job to
work full time in her own business. She will invest her
$45,000
savings of $50,000 (annual 10% rate of return) into
the business. Her annual opportunity cost the this
new business is
Tom is going to quit his job to pursue his PhD in
economics which will take him 6 years to complete.
He currently makes $55,000 per year as a high
school teacher. While going to school, he will
$330,000 = ($55,000x6)
receive a stipend of $24,000 per year plus $6,000
per year to help cover food and rent. His living
expenses are the same regardless of what he does.
What is Toms opportunity cost of pursuing his PhD
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