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The Demand for Resources ANSWERS TO END-OF-CHAPTER QUESTIONS 25-1 What is the significance of resource pricing? Explain how the factors determining resource demand differ from those determining product demand. Explain the meaning and significance of the fact that the demand for a resource is a derived demand. Why do resource demand curves slope downward? All resources that enter into production are owned by someone, including the most important resource of all for most people, self-owned labor. The most basic significance of resource pricing is that it largely determines peoples incomes. Resource pricing allocates scarce resources among alternative uses. Firms take account of the prices of resources in deciding how best to attain least-cost production. Finally, resource pricing has a great deal to do with income inequality and the debate as to what government should or should not do to lessen this inequality. It is here that the factors that determine resource demand are most different from those that determine demand for products. determine resource demand are most different from those that determine demand for products.

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Indiana South Bend - ECON - E103

CHAPTER 25The Demand for ResourcesTopic 1. Derived demand 2. Resource demand curve; optimal hiring 3. Determinants of resource demand 4. Elasticity of resource demand 5. Optimal combination of resources 6. Marginal productivity theory of income distribu

Indiana South Bend - ECON - E103

CHAPTER 23Monopolistic Competition and OligopolyTopic 1. Monopolistic competition: definition; characteristics 2. Demand curve 3. Price-output behavior 4. Efficiency aspects 5. Oligopoly: definition; characteristics 6. Concentration ratio; Herfindahl In

Indiana South Bend - ECON - E103

Monopolistic Competition and OligopolyANSWERS TO END-OF-CHAPTER QUESTIONS23-1 How does monopolistic competition differ from pure competition in its basic characteristics? From pure monopoly? Explain fully what product differentiation may involve. Explai

Virginia Tech - MATH - 2224

12.4 The Chain RuleSuppose z = f (x, y ), x = g (t), and y = h(t). Ultimately, z depends on t. We dz want to nd . dt Example f (x, y ) = x2 y where x = 3t 1 and y = 6t2 . Find df . dtThe Chain RuleExample f (x, y ) = ln(xy ) x = et , y = et .Using sub

Virginia Tech - MATH - 2224

Virginia Tech - MATH - 2224

12.5 Directional Derivatives and Gradient VectorsWe have calculated derivatives in the +x-direction (fx ) and the +y -direction (fy ). What about any other direction? Let P (a, b) be a point and f (x, y ) a function. Suppose we want to nd the derivative

Virginia Tech - MATH - 2224

13.1 Double and Iterated Integrals over RectanglesIn R2 : Motivation: Area under the curve y = f (x) Partition [a, b] into n subintervals x = Ak =Total Area Exact Area =Defn. Denite Integral of y = f (x) on [a, b]b nf (x)dx = limanf (xk )xk=1wh

Virginia Tech - MATH - 2224

12.7 Extreme Values and Saddle PointsIn R2 :Tests 1. 1st Derivative Test2. 2nd Derivative TestIn R3 : Local extrema occur at critical points. Defn. Critical Point A critical point is an interior point whereNote1Defn. Saddle Point A point (a, b, f (

Virginia Tech - MATH - 2224

8.1 - SequencesDefn. Sequence A sequence (or innite sequence) is a list of numbers written in a denite order.It is a function whose domain is the positive integers.We denote a sequence byExamples of Sequences 1. 1, 2, 3, . . . , n, . . . 2. an = (1)n+

Virginia Tech - MATH - 2224

8.2 - Innite SeriesDefn. Innite Series An innite series is an innite sum of a sequence of real numbers.an =sn =Examples1.n=1n2.n=11 n31Defn. Series Convergence or Divergence An innite series converges and has sum s if the sequence of partial s

Virginia Tech - MATH - 2224

8.3 - The Integral TestTheorem. The Nondecreasing Sequence Theorem A nondecreasing sequence (i.e. an an+1 ) converges if and only if it is bounded above. If a nondecreasing sequence converges, it converges to its least upper bound. Sometimes we cant nd t

Virginia Tech - MATH - 2224

8.4 - Comparison TestsThe Direct Comparison Test (DCT) Suppose 0 an bn for n N for some integer N . Then 1.2.Examples Determine whether the following series converge or diverge.1.n=1| sin n| n22.n=101 n313.n=15 2 + 3n4.n=11 2 n+ 3nThe Lim

Virginia Tech - MATH - 2224

8.5 - The Ratio and Root TestsThe Ratio Test Suppose an is a series of positive terms and an+1 = L. n an lim Then, 1.2.3.Note:Examples Determine whether the following series converge or diverge.1.n=15n n312.n=1n2n (n + 1)! 3n n!3.n=1n+2 5n2

Virginia Tech - MATH - 2224

8.6 - Alternating Series and Absolute and Conditional ConvergenceDefn. Alternating Series A series in which the terms alternate between positive and negative is called an alternating series. Classic Example:The Alternating Series Test (AST)(1)n an conv

Virginia Tech - MATH - 2224

8.7 - Power SeriesDefn. Power Series A power series about x = a is a series of the formwhere the ci s are constants (but can be functions of n). Examples of Power Series1.n=0(1)n+1 (x + 2)n n!2.n=0xn 2nQuestion: For what values of x do power seri

Virginia Tech - MATH - 2224

8.8 - Taylor and Maclaurin SeriesDefn. Taylor Series of f (x) at x = a The Taylor series of f (x) at x = a isA Taylor Series is a good approximation of f (x) near x = aDefn. Maclaurin Series of f (x) A Maclaurin series of f (x) is a Taylor series cente

Virginia Tech - MATH - 2224

8.9 - More stu you can do with power seriesYou should have the following Maclaurin series memorized.ex=n=0 xn n! (1)n x2n+1 (2n + 1)! (1)n x2n (2n)! xnsin x =n=0 cos x = 1 = 1xn=0 n=0We can nd new Maclaurin series via substitution into the abo

Virginia Tech - MATH - 2224

10.5 Lines and PlanesIntroduction to 3-space (R3 )Example 1 Graph x = 2 In R2 .In R3 .1LinesWhat determines a line? In R2 :In R3 :The Equation of a Line In R2 : In R3 : Defn. Parametric Equations of a Line Given a point P (x0 , y0 , z0 ) on the li

Virginia Tech - MATH - 2224

10.6 Cylinders and Quadric SurfacesCylindersAny equation that contains only 2 of 3 variables. The 3rd is unrestricted. Example 1 x2 + z 2 = 4Example 2 yz = 1Do. Sketch y = x2 .1Quadric Surfacesdefn. A quadric surface is a 2nd degree equation in 3 v

Virginia Tech - MATH - 2224

12.1 Functions of Several VariablesOne-Variable FunctionsThe statement y = f (x) or y is a function of x means y depends on x. x= y=Domain =In words:Range =In words:1Two-Variable Functionsz = f (x, y ) or z is a function of x and y means z depend

Virginia Tech - MATH - 2224

12.2 Limits and Continuity in Higher DimensionsLimitsIn R2 :xclim f (x) = Lxclim f (x) = L In R3 : Defn. Limit(x,y )(a,b)limf (x, y ) = L 1In other words, lim f (x, y ) = L means(x,y )(a,b)Examples in R2 1. lim 2x 3x32. limx2 9 x3 x 33.

Virginia Tech - MATH - 2224

13.2 Double Integrals over General Regions 13.3 Area by Double IntegralsIn R2 : Area between curves y = f (x) and y = g (x):OR area between curves x = f (y ) and x = g (y ):In R3 : Area of a region R bounded by y = f (x) and y = g (x) isArea of a regi

Virginia Tech - MATH - 2224

13.4 - Double Integrals in Polar FormRecallConsiderf (x, y )dA.Remember, is measured from the x-axis and r is the ray out from the origin through the region.Ai = ri i 1 Area of a sector of a circle is A = r2 . 2 So, Ai =1Conversion of a Cartesian I

Virginia Tech - MATH - 2224

Defn. Volume The volume of a closed, bounded region D in space isNote There are 6 ways to set up a triple integral.Tips on setting up bounds on triple integrals 1.2.2Example 1 Let D be the solid bounded by the planes x = 0, x = 2, y = 0, z = 0 and y

Virginia Tech - MATH - 2224

Side note: To do #29 of page 846 you need the following denition:Defn. Average Value of f (x, y, z ) The average value of f (x, y, z ) over a closed, bounded region R is13.6 Moments and Centers of MassIn R2 : Find the center of mass (C.O.M.) of a thin

Virginia Tech - MATH - 2224

13.7 Triple Integrals in Cylindrical and Spherical CoordinatesUsing cylindrical or spherical coordinates can be helpful for integral calculations over regions involving cylinders, cones and spheres.Cylindrical Coordinates(i.e. Polar Coordinates in 3D)

Virginia Tech - MATH - 2224

12.3 Partial Derivatives1-Variable FunctionsThe derivative of f (x) at x = a is df = f (a) = dx x=aMultivariable FunctionsDefn. Partial Derivative The partial derivative of f (x, y ) with respect to x at the point (a, b) is fx (a, b) = f x =(a,b)pro

Virginia Tech - MATH - 2224

12.6 Tangent Planes and DierentialsIn R2 : Tangent LineFor x near a,The Linearization of f(x) at x = a isConclusion:In R3 : Tangent Plane 3 conditions for the tangent plane of z = f (x, y ) at (a, b): 1.2.3.1The equation of the Tangent Plane to z

Stanford - BIO - 104

Name:_Biosci200/104 MIDTERMWinter, 2010 - Before you start your exam, please write down your name on every page. - This is an open book, open note, open section paper exam, but use of the INTERNET is PROHIBITED! There is no time limit but the exam must

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CS161, Winter 2010Handout #15Programming ProjectDue by noon on Friday, February 19th.1OverviewThe purpose of this assignment is to give you experience implementing and experimenting with an algorithm. You will implement an algorithm for computing th

Stanford - CS - 106B

CS106B Winter 2010Handout 03Two-Dimensional Grids and Queen SafetyJanuary 6th, 2010Today's larger example demonstrates the use of a grid of Boolean valuesthat is, a single declaration of a Grid<bool>to maintain information on a chessboard and the plac

Kadir Has Üniversitesi - MGNT - 3045

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Final Exam Fall Semester 2009Terms for Matching (1 point each, total of 20 points chosen from these terms)Heterophonic, Monophonic, Homophonic, Polyphonic Sean ns, Bodhran Bebop, Cool jazz, DixielandSolkattu- vocal percussion-syllables , Mridangam-drum

Punjab Engineering College - SCIENCE - 606

3Ecol1-1Outcomes for this section of Ecology (next six lectures) see complete list posted separately Patterns of Biodiversity By the end of this section you should be able to: 1) Describe the effect of global c biological factors on the distribution of s

Punjab Engineering College - SCIENCE - 606

A bstract

A.T. Still University - CHEM 211 - CHEM

CHEM 1AA3REVIEW TUTORIAL January 7-8, 2010 QUESTIONS _ 1. (i) (ii) (iii) (a) (b) (c) (d) (e) (f) (g) 2. Lewis structures and resonance. For each of the following: Write Lewis structures (charge-minimized); include formal charges in the structure. Include

Acadia - PHYS - 101

Chapter26:DirectCurrent Circuit1.ResistersinSeriesResisters in Series :I = constant, Vab=V1+V2+V3= Vab = V1 + V2 + V3 =1.ResistersinParallelResisters in Parallel :V = constant, I=I1+I2+I3= I = I1 + I 2 + I 3 =Comparison:CvsRCapacitor Series Q=co

LSU - BIOL 1001 - 001

Biology 1001 Chapt. 4 Wed. 2/10-2/12/10How do substances move across membranes? Transport Process 1. Passive transport: movement down concentration gradient; no E required a. Simple diffusion: goes across membrane without help b. Facilitated: (high conce

Clemson - ENGR - 141

Ben Melchers Engr 141 ICA # 11. 17-1: (Create a written algorithm to determine the factorial value of an input integer between 1 and 10. Add a statement to check for input range.)Known: The minimum value in the factorization will be 1. The maximum value

University of Jordan - ENGLISH - 1001

Foolish Insults and Insulting Fools Hamlet, considered quite insane by both characters in the book Hamlet and readers of the play, pulls off many feigned acts of madness and remains, in fact, in complete control of his psyche. Those he does not admire, he

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STUDY GUIDE FOR GEOL 1020 Exam 1 Fall, 2008 The content of the 1st exam will follow the content of the lectures to this point. Questions on anything discussed in the assigned readings are possible but the exam with concentrate on the themes we developed i

Colorado - GEOL - 1020

STUDY GUIDE FOR GEOL 1020 Exam 2 Fall, 2008 The content of the 2nd exam will follow the content of the lectures to this point. It will concentrate on material weve covered since Exam 1, but it is comprehensive. I could ask about anything covered since the

Colorado - GEOL - 1020

STUDY GUIDE FOR GEOL 1020 Final Exam Fall, 2008 The content of the final exam will follow the content of all lectures throughout the semester. It will concentrate on material weve covered since Exam 2, but it is comprehensive. Roughly half the questions w

University of Texas - LAW 384D - 28465

5969f4a65a0d7162d86f53dfcbfe1ab59c568362.docI. Defining the relevant market:A. Relevant Product Markets1. Doctrineofrelativeequivalencies:a. If consumers will turn to a competing product when faced with a hypothetical small (5%) price increase, that p

University of Texas - LAW 384D - 28465

Short Administrative Law Outline Informal Rulemaking: The agency must publish notice of rulemaking in the Federal Register. This allows people to send in comments to the General Councils office or for a lawyer to send a brief to the GC. The GC reads the c

University of Texas - LAW 384D - 28465

Administrative Law Fall 2001 I. Constitutional Framework for Admin Law a. Con and Statutory Interpretation of Issues in the Delegation of Legislative Power to Admin Agencies i. Basic Principles 1. Legality delegation is concerned w/ whether Cong has creat

University of Texas - LAW 384D - 28465

Admin Argument Sheet Fall 2001 I. Challenging Agency Action A. Constitutionality of E/A 1. Anti-Delegation Doctrine a. look to E/A: i. amount ii. importance iii. intent iv. Modern Approach v. Emergency 2. Presentment 3. Separation of Powers Kiss it Goodby

University of Texas - LAW 384D - 28465

1 CIVIL PROCEDURE I. JURISDICTION: SMJ, PJ and VENUE a. Subject Matter Jurisdiction i. Definition: Power of the court to hear a type of case ii. Because a court that does not have SMJ cannot enter a valid order, SMJ can be challenged at any time. iii. Fed

University of Texas - LAW 384D - 28465

OUTLINE: Civil Procedure Appeals and Claim PreclusionI. APPEALS1a. Ah, the ethereal realm of litigation b. All federal judges are Art III judges c. Supreme Court has never held there is a const right to appeal a civil case. i. Theoretically, a juris co

University of Texas - LAW 384D - 28465

Who and where Rule 4. Notice Requirement: Notice reasonably calculated to reach potential party: Notice must be consistent with action taken by one actually trying to reach the party. Mullane, Intl Shoe Effective Service: State long arm statutes state whe

University of Texas - LAW 384D - 28465

Discovery: Scope:FRCP26(b)[NEWRULE] Power:Materialmaybediscoveredifitis: Relevanttotheclaimordefenseofanyparty Includingexistence,description,nature,custody,conditionandlocationof Relevantinformationneednotbeadmissibleatthetrialifthediscoveryappearsreas

University of Texas - LAW 384D - 28465

Prior Adjudication Claim Preclusion What constitutes the same claim? whether the party COULD have brought the same claim under the previous suit Merger and Bar all claims that could have been brought merge with the judgment in the first lawsuit, therefore

University of Texas - LAW 384D - 28465

PERSONAL JURISDICTION CHECKLISTPersonal Jurisdiction Checklist Main Question- does the court have the power/ authority to bring this particular defendant to the court? Was the defendant properly served with process within the state (constitutional ? yes-

University of Texas - LAW 384D - 28465

FEDERAL SUBJECT MATTER JURISDICTION CHECKLISTFederal Subject Matter Jurisdiction Checklist Main Question: does the court have the power/ authority to hear this case? I. The Federal Question- 28 U.S.C. 1331 and Art. III 2 of the Constitution A. does the c

University of Texas - LAW 384D - 28465

Civil Procedure Capsule Outline Professor Vaughns Spring 2002 Angie Zagami I. Subject Matter Jurisdiction involves a courts authority to rule on a particular type of case [NOT waivable the defendant can bring it at any time] A. Diversity Jurisdiction 1. A

University of Texas - LAW 384D - 28465

Civil Procedure Professor Vaughns Spring 2002 I. Subject Matter Jurisdiction criteria for removal to federal court [this can occur at any time before the case has ended] A. 1332 (a) The district courts shall original jurisdiction of all civil actions wher

University of Texas - LAW 384D - 28465

CIVIL PROCEDURE GENERALLYFor a court to have jurisdiction there must be: 1. Subject matter jurisdiction 2. Personal jurisdiction 3. Venue Concurrent jurisdiction the majority of cases can be heard in state court; only those issues reserved exclusively fo

University of Texas - LAW 384D - 28465

CIVIL PROCEDURE GENERALLYFor a court to have jurisdiction there must be: 1. Subject matter jurisdiction 2. Personal jurisdiction 3. Venue Concurrent jurisdiction the majority of cases can be heard in state court; only those issues reserved exclusively fo

University of Texas - LAW 384D - 28465

ASURVEYOFCIVILACTIONI. AnOutlineofCivilProcedureInaction II. TheAuthoritytoProceedwithAction A. SubjectMatterJurisdiction ApartycannotconsentorwaiveSMJ Capronv.VanNorden(Pdidnotdiscloseresidence.Dwins.PquestionsDJonappeal) Pburden 1. DiversityJurisdictio

University of Texas - LAW 384D - 28465

I. PERSONAL JURISDICTION Is this an out of state D/ or what about property here II. Notice and Opportunity to be Heard What type of notice has been made? III. SUBJECT MATTER JURISDICTION A. FEDERAL QUESTION is it a fed law: B. DIVERSITY is it a state clai

University of Texas - LAW 384D - 28465

Civil Procedure Basic Joinder13(a) Compulsory C/C (Same Trans/Occur./Series of) 1 or 13(b) Permissive C/C (Diff Trans/Occur) 20 Permissive Joinder -v- 1 (becomes 3rd party ) via 13(g) Same Trans/Occur./Series -Claim 1-v- 13(g) 13(a) or (b) C/C Common Q o