ECON 301 Exam 2025 Questions and
Answers
APL = - --CORRECT ANSWER--Q/L
MPL = - --CORRECT ANSWER--dQ/dL
Format for MPL of Q = 12K^3/4L^1/4 when K is constant at 1 - --CORRECT
ANSWER--MPL = (12)(1/4)L^-3/4
VMPL = - --CORRECT ANSWER--PxMPL
to max profit VMPL = - --CORRECT ANSWER--w
MRTS = - --CORRECT ANSWER--MPL/MPK or b/a
linear isoquants, K & L are - --CORRECT ANSWER--perfect subs
MRTS stands for - --CORRECT ANSWER--Marginal Rate of Technical
Substitution
MRTS Example: Q=2K+4L MRTS=4/2=2 means that - --CORRECT
ANSWER--2 units of K can substitute 1 unit of L
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Answers
APL = - --CORRECT ANSWER--Q/L
MPL = - --CORRECT ANSWER--dQ/dL
Format for MPL of Q = 12K^3/4L^1/4 when K is constant at 1 - --CORRECT
ANSWER--MPL = (12)(1/4)L^-3/4
VMPL = - --CORRECT ANSWER--PxMPL
to max profit VMPL = - --CORRECT ANSWER--w
MRTS = - --CORRECT ANSWER--MPL/MPK or b/a
linear isoquants, K & L are - --CORRECT ANSWER--perfect subs
MRTS stands for - --CORRECT ANSWER--Marginal Rate of Technical
Substitution
MRTS Example: Q=2K+4L MRTS=4/2=2 means that - --CORRECT
ANSWER--2 units of K can substitute 1 unit of L
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 1