Econ11Fall2007ProblemSet_5Due19Nov2007 - A. Yezer THE...

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THE GEORGE WASHINGTON UNIVERSITY Department of Economics A. Yezer Fifth Problem Set in Economics 11 Fall 2007 This problem set is due on Monday, November 19 . Please answer questions using 8.5x11 inch sheets stapled together. Neatness is important but handwriting is acceptable. Put your name, student number, TA name, and discussion section number on the first page. Work must be turned in by 5:00 pm to the box in the Department of Economics office, Monroe Hall, Room 340. Late work is not acceptable. Out of town? Ill? Mail (USPS) work to A. Yezer, Department of Economics, George Washington University, Washington, D.C. 20052. It must be postmarked on the day that the problem set is due. Students may CONSULT with classmates but answers must be the author's own work written in the author's own words! Please retain a copy of the problem set for your records. 1. Steel can either be produced from iron ore at traditional mills or from scrap at mini-mills. Assume that the marginal cost per ton of steel produced at traditional mills is
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Econ11Fall2007ProblemSet_5Due19Nov2007 - A. Yezer THE...

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