ECON 101 Quiz: ECON 101 IA State Quiz9 S2001
Document Summary
9 b c e c a d d b c. Quiz 8: consider the following table which shows the minimum cost way to produce various levels of output for a firm. Assume that the price of output is . 60. Mrs represents the marginal rate of substitution. x1 x2 w1. 27. 228: 380, 462, 402, 460, cannot tell from the data. 3. 196: consider the following table which shows the minimum cost way to produce various levels of output for a firm. Assume that the price of output is . 00. The prices of inputs are given by w1 and w2. Appi is the average physical product of the ith input while mppi is the marginal physical product of the ith input. Mrs represents the marginal rate of substitution. x1. 0. 600: 300, 343, 927, 700, all the choices are profit maximizing, consider the following table which shows cost and revenue data for a specific price setting firm.
