Isoprofit 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...

Principles of Macroeconomics Question & Answers Explain the aggregate demand in the Great Depression. - ANSWER: The downswing was driven by big falls in household and business investment, and in consumption of nondurables = shocks to AD. How are demand and isoprofit curves shown on a marginal cost diagram? - ANSWER: Demand curve = Firm's feasible frontier (slope = MRT) Isoprofit curves = Firm's indifference curves (slope = MRS) Firm maximises profits by choosing point where MRS = MRT H...

The summary contains all chapters of the course Quantitative Decision making. I paid attention to all lecture slides, the workshops and the book. Received a 7.4 as a grade but I didnt study well and focused more on Operations Management.

Other names for business decision modeling -management science -operations research -quantitative analysis -operations management constrained mathematical model costs of an objective and one or more constraints classification by the model purpose -optimization models -prediction models classification by the degree of certainty of the data in the model -deterministic models -probabilistic models BDM Scientific Process 1. prob definition 2.. mathematical mode...

Linear Programming Presentation is about introduction, allocating resources, examples of successful LP applications, requirements of a linear programming problem, 5 basic assumptions of linear programming, formulating linear programming problems, formulation of LP problem, graphical solution method, slack and surplus variables, Iso-profit line solution, isoprofit lines steps, special cases in LP, the valuation of scarce resources and sensitivity analysis.

Bullet points summarizing the contents of Chapter 7 of "The Economy" by Core.

Consider again the two ways in which we can view the producer’s profit maximization problem. A: Suppose a homothetic production technology involves two inputs, labor and capital, and that its producer choice set is fully convex. (a) Illustrate the production frontier in an isoquant graph with labor on the horizontal axis and capital on the vertical. b) Does this production process have increasing or decreasing returns to scale? How would you be able to see this on an isoquant graph like the o...