WeekofMar30_solns

WeekofMar30_solns - W3211 Spring 2009 Professor Vogel...

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Unformatted text preview: W3211 Spring 2009 Professor Vogel Recitation Week of 03/30/09 1. 2. q = f (k, l) = k l w = k and so k = w l. v l v substitution into the production yields v q = k l = ( w ) l+ or l = q 1/(+) ( )/(+) ( w )/(+) . v Similarly, k = q 1/(+) ( )/(+) ( w )/(+) v 3. q = f (k, l) = (k + l )/ 1 w = ( k )1- and so k = ( w ) 1- l. v l v substitution into the production yields q= (( w ) 1- v l +l ) / and l = q 1 - 1/ 1+ ( w ) 1- v 1 - . v Similarly, k = q 1/ 1 + ( w ) 1- . 4. (a) M C(q) = 2 - q + 12q 2 . (b) AC(q) = 10 + 2 - 1 q + 4q 2 q 2 (c) 5. (a) k = (1-)w l v substitution into the production yields v q = [l k 1- ] = [l( (1-)w )1- ] or l = q 1/ ( 1- )1- ( w )1- . v with the same logic, k = q 1/ ( 1- ) ( w ) . v (b) p is affecting l through q. 's effect in not definitive but l is decreasing with w. ...
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This note was uploaded on 12/21/2009 for the course ECON 1211 taught by Professor Govel during the Spring '08 term at Columbia.

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