Learning Guide8

# Principles of Macroeconomics

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

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