Microecon: Chapter 6 - Custom Scholars
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Microecon: Chapter 6

question
production in short run
answer
-capital is fixed
-insert capital amount introduction function to get marginal product of labor
-no change in capital, so no MPK
question
MPL
answer
-change in output based on adding one more unit of labor
-Q2-Q1/L2-L1
-L2-L1 will be one
question
MPK
answer
-change in output from one more unit of capital
-Q2-Q1/K2-K1
-"K2-K1" equals one
question
isoquant
answer
-a curve that shows all the combinations of two inputs, such as capital and labor, that will produce the same level of output
-is the production function
question
marginal rate of technical substitution
answer
-the rate at which a firm is able to substitute one input for another while keeping the level of output constant
-MRTS=MPL/MPK
-straighter isoqaunts show substitutes
-more curved isoquants are complements
question
iso cost line
answer
a curve that shows all of the input combinations that yield the same cost
-c=rk+wL
-cost/rent is the intercept
-slop is -w/r
question
identifying minimum cost
answer
-where isoquant and isocost mett
-where q of isocost and isoquant are equal
-MPK/r=MPL/w
-firms move to where MPK/r=MPL/w, so if one is greater either less capital of labor will be used
question
returns to scale
answer
rate at which output increases as inputs are increased proportionately
-plug 1 for K and L, and get Q, then plug in 2 for K and L, and compare if Q doubled or not
question
cost are minimized when
answer
-the isoquant and isocost are tangent
-MPK/r=MPL/w
1 of 9
question
production in short run
answer
-capital is fixed
-insert capital amount introduction function to get marginal product of labor
-no change in capital, so no MPK
question
MPL
answer
-change in output based on adding one more unit of labor
-Q2-Q1/L2-L1
-L2-L1 will be one
question
MPK
answer
-change in output from one more unit of capital
-Q2-Q1/K2-K1
-"K2-K1" equals one
question
isoquant
answer
-a curve that shows all the combinations of two inputs, such as capital and labor, that will produce the same level of output
-is the production function
question
marginal rate of technical substitution
answer
-the rate at which a firm is able to substitute one input for another while keeping the level of output constant
-MRTS=MPL/MPK
-straighter isoqaunts show substitutes
-more curved isoquants are complements
question
iso cost line
answer
a curve that shows all of the input combinations that yield the same cost
-c=rk+wL
-cost/rent is the intercept
-slop is -w/r
question
identifying minimum cost
answer
-where isoquant and isocost mett
-where q of isocost and isoquant are equal
-MPK/r=MPL/w
-firms move to where MPK/r=MPL/w, so if one is greater either less capital of labor will be used
question
returns to scale
answer
rate at which output increases as inputs are increased proportionately
-plug 1 for K and L, and get Q, then plug in 2 for K and L, and compare if Q doubled or not
question
cost are minimized when
answer
-the isoquant and isocost are tangent
-MPK/r=MPL/w
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