1) Specify the 4 determinants of the price elasticity of demand for resource, and describe how the modification in each might affect the elasticity of the demand for the resource.
2) Explain the rule for determining the least cost combination of the resources.
3) Determine the least cost combination of the resources when provided the suitable data.
4) Explain the rule that is used by the profit maximizing firm for determining how much of each of different resources to employ.
5) When provided essential data, determine the quantities of two or more resources the profit maximizing firm will hire.
6) Describe the marginal productivity theory of the income distribution and current two criticisms of it.