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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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This note was uploaded on 03/16/2010 for the course ECON 100A taught by Professor Justinmarion during the Spring '08 term at UCSC.

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SectionNotesW5 - ECON 100A: INTERMEDIATE MICROECONOMICS...

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