ECON 101 Final: ECON 101 IA State ExamFinal Keys S2001
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In the short-run, the firm should continue to produce if marginal revenue (mr) is equal to marginal cost (mc); otherwise, it should shut down. In the short-run, if some fixed costs are not sunk, the firm should continue to produce if (tr - tvc) > (avoidable fixed costs) > 0; otherwise, it should shut down. In the short-run, the firm should continue to produce if total revenue (tr) exceeds total costs (tc); otherwise, it should shut down. Mppx1 a. w2: mrsx1 x2 (cid:1) w1. We can write this statement in equation form as. Mppx1: the marginal rate of substitution of x1 for x2 is equal to. Q d (cid:1) 24 2 p as price goes from to ? a. b. c. d. e. 5/3: consider the following data on taco and burrito production. What is the opportunity cost of 10 more burritos when the firm is already producing 30: 17 tacos, 10 tacos, 13 tacos, 6. 5 tacos, 13 burritos.
