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SectionNotesW5

# SectionNotesW5 - ECON 100A INTERMEDIATE MICROECONOMICS...

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ECON 100A: INTERMEDIATE MICROECONOMICS Practice Questions February 16, 2010 1. A Los Angeles &rm uses a single unit to produce a recreational com- modity according to a production function f ( x ) = 4 p x ; where x is the number of units of input. The commodity sells for \$100 per unit. The input costs is \$50 per unit. of the amount of input. f ( x 1 ;x 2 ) = x 1 = 2 1 x 1 = 4 2 . The price of its output is 4. The factor 1 receives a wage of w 1 and factor 2 receives a wage of w 2 . (a) Write an equation for the value of marginal product of factor 1 and factor 2 as equal to the wage of respective factors. (b) Solve for

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SectionNotesW5 - ECON 100A INTERMEDIATE MICROECONOMICS...

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