At any quantity, when the marginal benefit equals the marginal cost, that quantity is said to be

Q: Question: Define the isoprofit curve and the isocost curve

A: Iso means equal. Isoprofit and isocost curve are microeconomic concepts.

Q: Which of the following statements do you think reflect sound economic thinking? Explain your answer.…

A: Economic thinking is a way of analyzing economic phenomena. It is a process of examining the choices…

Q: Assume that you have a production function f(x, y) = √ x + ln(y). The marginal product with respect…

A: The marginal product of input refers to a change in output due to a change in input, keeping other…

Q: X and Y are both factors of production. X's marginal product is 30 and Y's is 20. X is $5 each and Y…

A: A profit maximizing firm recruit the resource at the point where the marginal product of resource…

Q: Write about the production function with two and more than two variables

A: A function is basically a mathematical relationship between the dependent and the independent…

Q: The Principle of Diminishing Marginal Returns means what?         the more a good is consumed, the…

A: Diminishing Marginal Returns states as additional units of a variable input are added to a fixed…

Q: According to Thomas Friedman, Steve Jobs got his inspiration for the Mac from:

A: Xerox PARC led the way in computer innovation in the late 1970s. They had created a number of…

Q: Give one example of external economics of scale?

A: According to the given question Simply we can state that the external economy are those economies…

Q: What "Economic profits are positive or negative " mean in terms of opportunity cost?

A: Opportunity cost defines the value of the next best choice that is given up when making a choice. It…

Q: Define the economic principle of opportunity cost.

A: When another item or activity is chosen, an opportunity cost is described as the amount of a…

Q: Calculate your marginal rate of substitution as a function of B and C.   U(B,C)= B^(1/4)C^(3/4)

A: The marginal rate of substitution denotes the slope of the indifference curve and is defined as the…

Q: In recent years, the United States has experienced large increases in oil production due in large…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Discuss one or more examples of an opportunity cost an accountant might not count as a cost.  As…

A: Opportunity costs represent forgone benefits from a next best alternative.

Q: What is the difference between explicit and implicit costs in economics?

A: Explicit costs are the immediate, personal installments a business makes to work, like wages,…

Q: Suppose Mr. Mohammed, a seller in the Fruit & Vegetable Market in Al-Aweer, suddenly realized that…

A: In perfect competition ,  There are large no. of buyers and sellers.  There are no barriers to entry…

Q: The rule of equating marginal benefit with marginal cost is proper for economics. Is this true?

A: The deep insight of the principle of microeconomics also has a field of environmental economics.…