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A firm is currently producing 100 units of output using labor and capital. The marginal product of labor is 60 and the marginal product of capital is 20. The price of labor is $10 and the price of capital is $100. Is the firm minimizing the long-run cost of producing 100 units of output? If so, explain how you know. If not, explain the adjustment the firm should make to produce 100 units of output at a lower cost. In either case, draw a carefully labeled isoquant/isocost diagram to illustrate your answer.

Refer to the diagram below. The vertical distance between A and B represents a tax on the product. When the tax is imposed in this market, sellers effectively pay what amount of the $10 tax?

Assignments are worth 30% of your final grade.

I understand that if I let my free trial code expire before I purchase the code, that I will have to contact McGraw Hill myself and no extensions will be granted due to not purchasing.

For the LAB portion of this course, which of the following statements are true? (Check all that apply)

Which of the following items do you need for this class? Check all that apply.

When do I need to email if I’m going to miss class?

Late Tokens are good for how long after the assignment deadline?

What does SLM stand for in this class?

A block attached to an ideal spring undergoes simple harmonic motion. The acceleration of the block has its maximum magnitude at the point where ________.