Econ 212 final Study guides, Class notes & Summaries

TRS correct answers-w1/w2 Cost Function correct answersC(w1,w2,y) = w1x1 + w2x2 Output (y) correct answersSub in x1 and x2 into Production Function Isoprofit Slope correct answersw1/p Isoprofit Y-int correct answersy = π/p + w1/p (x1) + w2/p (x2) Profit Function correct answersπ = Py - w1x1 - w2x2 Gov Instituted Tax correct answersCosts Increase Gov Instituted Subsidy correct answersCosts Decrease Isoprofit Line correct answersProduction Function = f(x1,x2) = s.t. one o...