L12-15 Flashcards

1
Q

Intertemporal choice

A
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2
Q
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3
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4
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5
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6
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7
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8
Q
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9
Q

Labour Supply

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10
Q
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11
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12
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13
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14
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15
Q
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17
Q

Producer theory short run

18
Q

Short run

A

at least 1 factor of production fixed

24
Q

Long run producer theory

25
Q

Long run

A

all factors of production vary

26
Q

Isoquants

A

possible combinations of factors that generate a given level of output. Assumptions: firm uses factors efficiently and Marginal Product of both factors is positive

27
Q

Gradient of Isoquant

A

Marginal rate of technical substitution (MRTS). Describes negative change in the units of capital required to keep output constant following a unit increase in labour

28
Q

MRTS =

30
Q

Isocost

A

Possible combinations of inputs that constitute a given total cost C