05 exam3 - ECONOMICS 300 FINAL EXAM SPRING 2005 PLEDGE NAME...

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ECONOMICS 300 FINAL EXAM SPRING 2005 PLEDGE: ____________________________ NAME: ______________________________ 1. (8) Fill out the missing spaces in the following table with the words None, One, Some , Many , or High : Perfect Competition Monopolistic Competition Monopoly Oligopoly Number of Firms Many Barriers to Entry Product Differentiation None None Strategic Interaction between Firms None 2. (5) Suppose that a firm produces output (Q) using two inputs (L and K) using the production function Q = L 2 K. What is the technical rate of substitution when the firm uses 10 units of each input? Provide a definition.
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2 3. (3) The following production function has _______ returns to scale and a _______ marginal product for x 2 . Q(x 1 , x 2 ) = x 1 .3 x 2 .7 .
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