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Micro small doubt! Pls Help!

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Micro small doubt! Pls Help!

Shefali
213 posts
When a perfectly competitive firm and industry are both in equilibrium
a P=MR=SMC=LMC
b P=MR=SAC=LAC
c P=MR=lowest pt on LAC curve
d all of the above..
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Re: Micro small doubt! Pls Help!

Homer Simpson
551 posts
1(d) i think!
“Operator! Give me the number for 911!”
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Re: Micro small doubt! Pls Help!

Ashima
270 posts
yeah its d!
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Re: Micro small doubt! Pls Help!

Shefali
213 posts
In reply to this post by Shefali
Thanxx.pls tell me 1 more thing.If MRTS increases then slope of isoquant increases or decreses??
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Re: Micro small doubt! Pls Help!

Ashima
270 posts
MRTS is the slope of isoquant. When it increases that means the slope increases. Isn't it?
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Re: Micro small doubt! Pls Help!

Homer Simpson
551 posts
This post was updated on Apr 22, 2014; 9:35am.
In reply to this post by Shefali
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“Operator! Give me the number for 911!”
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Re: Micro small doubt! Pls Help!

Ashima
270 posts
In reply to this post by Ashima
I think I got it:

MRTS= -{dk/dl}

Now this dk/dl is the slope of isoquant. So there is an inverse relation. So when MRTS increases, slope decreases and vice-versa.

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Re: Micro small doubt! Pls Help!

Ashima
270 posts
In reply to this post by Homer Simpson
Isn't it opposite tsuki? MRTS = negative the slope of isoquant?
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Re: Micro small doubt! Pls Help!

Homer Simpson
551 posts
yeah thats right! mixed up with MRS
“Operator! Give me the number for 911!”
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Re: Micro small doubt! Pls Help!

Shefali
213 posts
In reply to this post by Shefali
I think it increases...i'm getting confused now..
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Re: Micro small doubt! Pls Help!

The Villain
538 posts
In reply to this post by Shefali
If MRTS increases ,then isoquants are concave.
Hence slope increases.
You can do the other way round too...MRTS decreases along an isoquant,so if we go upwards isoqant becomes steeper..
Therefore ans is slope increases.
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Re: Micro small doubt! Pls Help!

Shefali
213 posts
In reply to this post by Shefali
Thanxx Ron
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Re: Micro small doubt! Pls Help!

SoniaKapoor
413 posts
In reply to this post by Shefali
It is d!!
MA Economics
DSE
2014-16