Exam 1 F17 5850 Practice Exam.pdf - α NAME ECONOMICS 5850...

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α Page 1 of 8 NAME:___________________________________________________________ ECONOMICS 5850 PRACTICE EXAM 1 FALL 2017 INSTRUCTIONS Write your name on the exam. Complete 10 of the following 11 questions. If you answer more than 10, only the first 10 will be graded. Questions are equally weighted. Some questions have multiple parts. You have 120 minutes. You may use the sheet on the back if you need more room for an answer (please indicate when doing so). Good luck.
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α Page 2 of 8 1. What is the difference between a) the marginal revenue product of labor and b) marginal revenue? Briefly elaborate. 2. As the marginal product of capital falls, what happens to the marginal rate of technical substitution? Briefly explain. 3. A competitive bakery bakes birthday cakes in the short-run as illustrated below. Birthday cakes sell for $15 each. Fill in the ten missing cells of the table. Cakes per day Number of workers Marginal product of labor Value of marginal product of labor 10 1 18 2 24 3 28 4 30 5
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α Page 3 of 8 4. The owner of a competitive lawn-mowing firm in the short-run
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