Principles of Macroeconomics

Info icon This preview shows page 1. Sign up to view the full content.

University of Wisconsin Department of Economics Economics 101: Principles of Microeconomics Korinna K. Hansen Learning Guide 8 Due Date: Week of Monday, March 26, 2007. Reading Assignment: Case & Fair Chapter 10. Problem Assignment: Problems 2, 4, and 11 on pages 227 and 228 Problem Assignment: Problems 6, 8 on pages 184-5 and problems 3, 6, 7, 8, 9 on pages 205- 6. Objectives: After completing the assignment you should be able to do the following: 1. Explain how inputs can be complementary or substitutable in a production process. Be able to give examples. 2. Define marginal product, and marginal revenue product for an input. 3. Explain why the marginal revenue product curve is the demand for the input curve.
Image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 4. What is the equilibrium quantity of an input for a representative profit maximizing firm employing one variable factor of production? Use graphs to explain exactly how we find it. 5. Given the market price for an input, and marginal product values at different levels of input used in a competitive firm, be able to calculate the quantity of the input that maximizes profits that firm’s profits. 6. State the determinants of an input demand. Given a change in one of the determinants draw the new input demand and briefly explain your graph....
View Full Document

  • Spring '07
  • Hansen
  • Economics, Microeconomics, marginal revenue product, Korinna K. Hansen, University of Wisconsin Department of Economics Economics

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern