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Homework 5 Key

Homework 5 Key - (c increases(d increases(e& x 2 3 x 1(f...

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Economics 102A: Microeconomic Theory Winter 2008 Section 030 Homework 5 Non-Graphical Key: 1. 18.1 (a) 16 L (b) Constant Returns to Scale (c) product of labor ...... Flatter (d) p 2 ° 1 ± : 41 , p 5 ° 2 ± : 24 , Derivative is 1 2 p L , so teh MP is .5 when L=1 and .25 when L=4 (e) graph 2. 18.3 (a) 1 2 x ° 1 = 2 1 x 3 = 2 2 (b) decreases
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Unformatted text preview: (c) increases (d) increases (e) & x 2 3 x 1 (f) Yes (g) increasing 3. 18.9 (a) All C > and a + b < 1 All C > and a + b = 1 All C > and a + b > 1 (b) All C > and b > an d a < 1 (c) For all positive values 1...
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