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STRESS POST: BCramming, majoring in micro (2 Viewers)
- Thread starter redruM
- Start date
Sounds feasableorangeguy said:
Your right - Say your on the 2L WATER/ 6 KG Flour isocost line
you cannot give up 1L of water, and still have, 6kg of flour input...if you did, it would be tech. ineffecient (posivitve sloped segment)...
Dont forget, the MRSflour/water = 0 when the isoQUANT has gradient infinity. i.e, minimum amount of WATER you are able to use.
And MRSwater/flour = 0 when the isoQUANT has 0 graident. i.e, minimum amount of Flour you are able to use.
edit: the green "possible ,but ineffecient" - i think it may not be possible in this picture because of no output curve (isoquant) tangential/intersects it.
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Actually, operating at the proportion say (2L,6KG) would mean that they wont operate on the (1L,3KG OR the 2L,6KG), but, on the (3L,9KG) isoCOST.
Just draw horiztontal line from 6KG across - and a vertical line upwards from 2L and u get tangency at the 3rd isocost, and middle isoQUANT curve.
Just draw horiztontal line from 6KG across - and a vertical line upwards from 2L and u get tangency at the 3rd isocost, and middle isoQUANT curve.
golfstick
balbrady's balbarer
ah fuck!
I had question 2 of the compulsory ones totally sussed off the top of my head today, it's the only one that i completely nailed without having to refresh anything
and you tell me it was asked in 02 and 03? dammit!!!!
I had question 2 of the compulsory ones totally sussed off the top of my head today, it's the only one that i completely nailed without having to refresh anything
and you tell me it was asked in 02 and 03? dammit!!!!
rofl, i think they ask it again...golfstick said:
its the only one that covers ALOT of topics....trade, pareto, demand supply, opportunity costs, consumer , producer , comparative advantage , specialization.... it goes on
Mini
relax
i've got that all except opportunity cost? how is opp cost involved in any of them... except to say that trade has a lower opp cost than producing/creating the good on your own in 'trade between two individuals'????Grizzly said:rofl, i think they ask it again...
its the only one that covers ALOT of topics....trade, pareto, demand supply, opportunity costs, consumer , producer , comparative advantage , specialization.... it goes on
let's hope the exam is the same! *crosses fingers*
and damn me for only having read this thread today, the day before the frigging exam...
now i've gotta answer flyin's questions and i thought i knew it all but those questions are odd... help on them anyone??
2.A Use CS and PS with D&S to show why both parties are willing to trade at levels up to and including Equilibrium.Mini said:
2.B For two individuals, you dont use opp.cost - just the fact that there MRS & taste is different - thats their incentive to trade..
2.C For international trade, the nation with the lowest OPP.COST in producing, say, STEEL, should therefore specialise in that area,
whilst the nation that hasthe lowest OPP.OST in producing WHEAT, should specialise in that area.
Then, when they trade (import/export) portions of wot they specialised in, and then both gain from trade...higher indfifference curve, constant cost constraint etc...
Mini
relax
Grizzly said:
thanks grizzly...
i was using comp. adv. for c, i'll throw in opp cost as well
and b makes more sense now
8D
No worries mate..
edit: i dont fully remember the question...but just include "CONSIDER THIS EXAMPLE" at the beginning of your response...
e.g
when assigning PRICE and QUANTITY examples to your axis.
No worries mate..
edit: i dont fully remember the question...but just include "CONSIDER THIS EXAMPLE" at the beginning of your response...
e.g
when assigning PRICE and QUANTITY examples to your axis.
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