8390570-final with graphs - HW 1(1 Is it possible for a...

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HW 1 (1) Is it possible for a firm to have two isoquants that cross over each other?
Could a firm’s isoquant ever slope upward? Why or why not?
(2) A firm has a production function of the form Q = K (1/2)*L (1/2) where the (1/2s) are the exponents. What is the output if the firm uses 9 units of labor and 4 units of capital?
If the firm doubles its input levels, what happens to the level of output? Does this firm’s production function exhibit constant, increasing, or decreasing returns to scale?
(3) Let’s assume that your GOAL is to maximize your “output” that you define as getting an “A” course grade in ECN 100 at UCD. How would you go about constructing a production function (the inputs) that would help you achieve this result? How would each of the factors relate to the desired output? How would you go about assessing the marginal productivity of each of the factors of “production” in this case?
A rise in B has a positive MP that will taper off after an optimal no of books are used. More books will not add much to Q as the basics of the subject are already available in the previous books read. X is most important variable. Assessing P will require putting in different no of hours into study over time before different exams, with no change in books used/teacher and measuring the effect on scores..

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