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marginal rate of technical substitution in the theory of production is similar to the concept of marginal rate of substituent to in the indifference
yao3939s weekly demand for basketballs is given by qd 3-p2 where p is the price of basketballs at the current price yao3939s demand for basketballs
state the example of price and price levelcreate a basket which contains all the goods sold by a specific store on a specific day price of this
define why prices is significant for economyreason for using different weights is that some prices are more significant than others for economy price
state about the prices - price levelprices are of great significance in macroeconomics as indeed they are in microeconomics though in microeconomics
do you think that dimnishing returns to a factor are consistent with increasing returns to scale explain with suitable diagram and
explain about the term cost functioncost functionsthis function measures the minimum cost of producing a specified level of output for some fixed
what are the problems of interest for several reasons in cost minimizationcost minimizationa significant implication of the firm choosing a
what are the properties of the profit functionproperties of the profit functionthe properties specified below follow solely by the assumption of
what are the keys of the profit maximisation in production technologyprofit maximization in production technologya producer behaviorb producerrsquos
illustrate about the elasticity of substitutionthe elasticity of substitutionthe technical substitutionrsquos marginal rate measures the slope of an
what are constant returns to scaleconstant returns to scalea constant return to scale crs implies that doubling inputs precisely double outputs which
what are the possibilities of returns to scale in production technologythree possibilities are there as technology exhibits a constant returns to
define the returns to scale in production technologyreturns to scale in production technologyassume that we are using some vector of inputs x to
illustrate the measurement of inputs and outputs in production technologymeasurement of inputs and outputs in production technologythis is generally
define the production terminology in shortproduction technologyproduction is the procedure of transforming inputs to outputs characteristically
explain about the integrability problemthe integrability problemprovide a system of demand functions xp m is there essentially a utility function by
illustrate the income changes and consumption choiceincome changes and consumption choicethis is of interest to see at how the consumerrsquos demand
what are the properties of consumer demandproperties of consumer demandin this section check the comparative statics of consumer demand behaviour as
explain about the duality between direct and indirect utilityduality between direct and indirect utilitywhile seen how one can recover an indirect
explain about the money metric utility functionsthe money metric utility functionsit is a nice construction including the expenditure function which
what is hicksian demand functionhicksian demand functionthe solution of expenditure function that is the function of p u is denoted by hp u and
what is expenditure functionthe expenditure functionwhen preferences satisfy the local nonsatiation assumption in that case vp m will be strictly
what are the properties of indirect utility functionproperties of the indirect utility functionwhile ux is continuous and monotonic onto rl and p m