The production function for hamburgers can be written as q = 0.1X + 0.1Y, where X is Canadian ground beef and Y is U.S. beef, both measured in pounds. Which graph in the figure best represents the isoquants for the hamburger production when U.S
ground beef is on the vertical axis and Canadian ground beef is on the horizontal axis? A) Graph A
B) Graph B
C) Graph C
D) Graph D
C
Economics
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Refer to Figure 5-1. If, because of an externality, the economically efficient output is Q2 and not the current equilibrium output of Q1, what does S1 represent?
A) the market supply curve reflecting marginal social cost B) the market supply curve reflecting implicit cost C) the market supply curve reflecting external cost D) the market supply curve reflecting marginal private cost
Economics
Game theory is a separate model of oligopoly therefore it is of limited value when trying to generally understand firm level behavior
a. True b. False
Economics