ECON 101 Quiz: ECON 101 IA State Quiz10 S2000
Document Summary
For a firm to minimize cost which of the following must hold? and the slope of the isoquant curve must be equal a. b. c. d. e. w2 w1 the slope of the isocost line. X2 both a and c a, b, and c. The equilibrium price and quantity are given by. D 40 2p a. b. c. d. e. P = 5 1/3, q = 29 1/3. For questions 6 and 7, consider the following data on oil and soybean in venezuela and brazil where the data is production per time period. Assume that the production possibility frontier is linear. With 2,000 tons of soybean, venezuela has no oil production, etc. Brazil has an absolute advantage in oil production. Venezuela an absolute and comparative advantage in oil production. Brazil has a comparative advantage in oil production. Cannot say which country has an absolute advantage in either product.
