ARME608 MID TERM EXAM 1996 - ARME 608 First Exam Fall 1996...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
ARME 608 First Exam Fall 1996 1. Given the production function y = 2x ± and the price of x as r, derive and graph the total cost, marginal cost, and average cost functions. What happens to these three functions if the price of x increases? 2. Is the production function y xx xx =+ 12 1 2 2 2 , homogeneous? Is it homothetic? 3. Is the following sentence true or false (show): If a firm is maximizing profit, then the rate of change of output with respect to a input price change is equal to the rate of
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

Ask a homework question - tutors are online