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micro final jeopardy
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Terms in this set (4)
if we take the production function and hold the level of output constant, allowing capital and labor input amount to vary, the curve that is traced is called
isoquant
What is the cross-price elasticity of two related goods? what is the equation associated with this?
cross price elasticity of two related goods measures the sensitivity of quantity demanded to changes in the price of a related good. For two related goods, S and R, the cross price elasticity is the following E=change in QS/Change in PR/P
What is the marginal rate of technical substitution? MRTS
marginal rate of technical substitution is the ratio of the marginal products of the inputs
Suppose there are two goods, x and y (and placed on their respective axes). The price of Y double. What happens to the slope of the budget line?
slope = px/py
since py increases, px/py decreases. Therefore the slope decreases
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