ECON 2020 Study Guide - Final Guide: Money-B, Marginal Product, Isoquant
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Instructions: 1) you must answer all the questions. 3) please write your answers on the booklets clearly. 5) there are three big questions, each of which includes several sub-questions. The only way to see the movie is to purchase a new ticket. (ii) on the way to seeing a movie, you drop a bill. You still can afford the movie, but you have lost the . This describes a non-perfectly competitive market because: taxi services are very different, firms cannot freely enter and exit the market, transaction costs are high, the government generates revenue from the licenses. Question 2: (10 marks) please draw several isocost curves and isoquant curves in two separate properly labeled graphs. Based on the graphs, please carefully explain whether either the isocost curves or isoquant curves can cross in each graph: (5 marks)consider the following short-run production function: q = 7 - Question 3: (25 marks) consider a competitive firm with the short-run cost function.
