100B HW1

100B HW1 - Brazil can produce one liter of watermelon...

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Econ 100B: Tang Spring Quarter 2008 Homework 1: Ch 6 Due Thursday April 10, 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
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Unformatted text preview: Brazil can produce one liter of watermelon juice. 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, (2) Diminishing Marginal Rate of Technical Substitution (MRTS), and (3) Constant Returns to Scale. 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....
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This note was uploaded on 09/18/2008 for the course ECON 100B taught by Professor Rauch during the Winter '07 term at UCSD.

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