hw1 - a) What is the production function for watermelon...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Econ 100B: Tang Winter Quarter 2009 Homework 1: Ch 6 Due Tuesday 1/13, at the beginning of class. Please write your name, PID, and section number/TA name on your homework. 1) Assume there is only one way to make a spanish omelette. For each omelette you must use 3 potatoes (P) and 2 eggs (E). a) Assuming there are no other ingredients, what is the production function for a spanish omelette? b) Plotting eggs on the x-axis, draw the isoquant for 12 spanish omelettes. Draw the isoquant for 18 spanish omelettes. 2) Watermelon juice can be produced using watermelons from China (C) or watermelons from Brazil (B). Assume that two watermelons from China can produce one liter of watermelon juice. Also assume that two watermelons from Brazil can produce one liter of watermelon juice.
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: a) What is the production function for watermelon juice? b) Plotting watermelons from Brazil on the x-axis, draw the isoquant for 10 liters of watermelon juice. Draw the isoquant for 18 liters of watermelon juice. 3) For each of the following, show whether the production function satisfies (1) Diminishing Marginal Product in labor and (2) Diminishing Marginal Rate of Technical Substitution (MRTS). a) q = 3 K + 5 L b) q = min(3 K , 4 L ) c) q=L 0.5 K 0.5 d) q=L 2 K 2 4) Ch. 6 #3 from textbook. 5) Ch. 6 #21 from textbook. Assume marginal analysis problems (A) are the x-axis input. 6) Complete the following table (re-write on your hw): Units of labor (L) Units of output (q) Marginal Product of Labor Average Product of Labor--1 50 2 30 3 90 4 24 5 4 6 96...
View Full Document

Ask a homework question - tutors are online