Question
In: Economics
In a two input scenario, if the price of one input changes,____________ will also change: Group...
In a two input scenario, if the price of one input changes,____________ will also change:
Group of answer choices
the profit
the marginal physical product
the average value product
all of the above
Solutions
Expert Solution
A change in the price of one input in the case of two input scenario will result in change in the rate of substitution between the two inputs. As a result, the input that will become cheaper will be used more as compared to the other input. So, marginal physical product will change, as well as the average physical product. Change in the price of input affects the total cost of production which in turn affects the profit of the firm.
So, in a two input scenario, if the price of one input changes, the profit, the marginal physical product, and the average physical product will also change.
Rahul Sunny answered 2 years agoRelated Solutions
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Change Calculator
Task:
Create a program that will input a price and a money amount. The
program will then decide if there is any change due and calculate
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working your way down to pennies).
Input:
total_price, amount_tender
allow the user to input 'q' for either value if they want to quit
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Validate:
total_price
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Group of answer choices
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