1.1Factors of productionA. are normative concepts.B. are studied primarily in microeconomics.C. represent the classification of different resources available to aneconomy.D. represent the trade-offs as you move along the demand curve.E. represent the trade-offs as you move along the isoquant curve.Use the following information to answer questions 1.2 to 1.4:Suppose the demand for a product can be represented by Qd = 100 - 5P, whilethe supply is given by the equation Qs = -12 + 3P, where price is in rand.1.2The equilibrium price for the product is the following:A. R6.67В. R15С. R5D. R20E. None of the above values.1.3At the equilibrium, the quantity isА. 45.В. 33.C. 18.D. 25.E. None of the above values.

A production function represents the technical relationship of the manufacturing output with the…

1.1 Factors of production A. are normative concepts. B. are studied primarily in microeconomics. C. represent the classification of different resources available to an economy. D. represent the trade-offs as you move along the demand curve. E. represent the trade-offs as you move along the isoquant curve.

1.1 Factors of production A. are normative concepts. B. are studied primarily in microeconomics. C. represent the classification of different resources available to an economy. D. represent the trade-offs as you move along the demand curve. E. represent the trade-offs as you move along the isoquant curve.

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter13: General Equilibrium And Welfare

Section: Chapter Questions

Problem 13.1P

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