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(solution) Hi, I feel a bit of challenge on these two questions. Would


Hi, I feel a bit of challenge on these two questions. Would someone be able to help me on it? thanks

1)Briefly explain why two isoquants corresponding to different output levels cannot intersect. Support your explanation with an appropriate diagram and with reference to the property of technical efficiency.

Briefly explain why it is quite possible that, at sufficiently high utilization of a particular input, it would not be worthwhile to increase utilization further even if the price of the input were zero. Support your explanation with an isoquant map, ensuring the economic region of production is shown.

2) Prove that AC(Q) = MC(Q) at the MES.

Let L(N) be the learning/experience curve and AC(Q,N) be long-run average cost as functions of output Q and cumulative output N. Assume AC(Q,N) is Ushaped for simplicity. Using an appropriate diagram for each function, show the impact of an increase in N.


 


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