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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This note was uploaded on 02/01/2008 for the course ECON 101 taught by Professor Hansen during the Spring '07 term at University of Wisconsin.
- Spring '07