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9 Pages

### ps5_2008_solutions

Course: PUAF 640, Fall 2008
School: Maryland
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Word Count: 2050

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OF SCHOOL PUBLIC POLICY UNIVERSITY OF MARYLAND PUAF 640: Microeconomics and Policy Analysis Fall 2008 PROBLEM SET 5 SOLUTIONS Question 1: Bicycle manufacturers have roughly the following production function: X = 5*L*K2 where X is the number of bicycles produced (the output) L is the amount of labour hired (in worker days) K is the amount of capital used (in units of equipment) (a) Plot an isoquant map with units...

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