final_f092

final_f092 - Economics 105 Final Exam Dec. 11, 2009 Name:...

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Unformatted text preview: Economics 105 Final Exam Dec. 11, 2009 Name: Discussion Section: 1. (10 pts) 2. (19 pts) 3. (15 pts) 4. (19 pts) 5. (16 pts) 6. (10 pts) 7. (20 pts) 8. (16 pts) 1 1. Mark whether the statement is True or False (a) For second degree price discrimination, the incentive compatibility constraint holds with equal- ity for the low demanders. (2 pts) (b) A normal good can never be a Giffen good. (2 pts) (c) The production function ( L 2 + K 2 ) 1 / 3 is quasi-concave. (2 pts) (d) First degree price discrimination is Pareto efficient. (2 pts) (e) For third degree price discrimination, the monopolist sets marginal revenue to be the same in both markets. (2 pts) 2 2. Firms producing x have profit functions given by p 2 2 w + r- 200. (a) Derive the individual firms input demand for labor and capital as well as the supply function. Verify that the supply function is homogenous of degree in . (5 pts) (b) Derive the firms cost function and conditional input demands. (4 pts) (c) Suppose demand is given by X = 1400- 10 p , w = 3, and r = 2. Find the long run equilibrium= 2....
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final_f092 - Economics 105 Final Exam Dec. 11, 2009 Name:...

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