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Study session for 2

# Study session for 2 - Exam on Friday so expect a table X...

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Exam on Friday!!! so, expect a table X and Y and Total Fixed Cost, Px = 12, and Py = 5 see other page he won’t ask us to fill out the entire table, but he will ask us to fill out a portion of the table. what is the total variable cost if we use 3 units of x what is the MR when we produce 37 units of Y what is the MP between 4 and 5 according to this table when do the dimishishing marginal returns set in? it will be between 2 and 3 because MPP is going down. it isn’t the lowest number. it is when it starts going down when marginal product is increasing, when is happening with average product? It is on the first graph (LOOK AT THOSE GRAPHS!!) What curve best represents two products being produced in a society? Production Possibliities curves along a given isoquants (production indifference curve) we have X1 and X2, Out put is constant, there is just a different set of inputs. what happens to afc as Y increases? the average goes down. the profit maximizing firm will equate MR and MC firm operating in stage 3, MP is negative, MR is constant

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Study session for 2 - Exam on Friday so expect a table X...

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