ECO100Y5 Study Guide - Isoquant, Longrun, Average Variable Cost
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ECO100Y5 Full Course Notes
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Multinational enterprises (mnes ): firms that have operations in more than one country: financing of firms. Inputs to the car firm that are outputs from some other firm, such as spark plugs, electricity, and steel. Inputs that are provided directly by nature, such as land. Inputs that are provided directly by people, such as the services of workers and managers. Inputs that are provided by the factories and machines used for manufacturing cars. Production function: q[the flow of output]=f(l[the flow of labour service] ,k[the flow of capital service]) A professional basketball team produces baskets b, by combining forwards f and guards g. the production function is b = f( f, g). Assume that each input exhibits diminishing marginal productivity. Raptors trade jose calderon, one of the team"s four guards, to the boston. Graph toronto"s marginal product curve for forwards and their marginal product curve for guards.
