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Quiz2 Answers - L3 At what level of labour use d"...

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Name: LANGARA COLLEGE Economics 2296,Section 1 Quiz 2 15 minutes, l0 marks March16,2010 Answer the following 3 questions in the space provided. Turn offall cell phones or anything else that might beep or that can be used to communicate with others. No books, notes, scrap paper or electronic devices allowed, with the exception of a simple, nonprogftunmable, calculator. Question 1 d. ,nd< Q:ncr 3 marks %O Ac = Za --Do, fic f{r'c{g6 ,ls ll'ttYlt student -,, ANSuTRS 5,J \- = u <2 Q:25 e:l5, go e/ e: lo A firm's long run total cost is g: 93 -.109'J10g-If the firm is producing l0 units of output, is the firm experiencing economiffie ot ai"seffibmies of scale? i $c --. ,/A ._. qt -goq +.x) ( ar-rr^.vru- co-h€ h- &r(e,r,n;qpJ g,,,) ilc'da'vv'1';n, =rfu'ii. ( r^',.trc w < -ni*i"q :')r? , .//\ It; )k Ar. (r^,4,i^ 4ept {teq;l;; (rJ',;l^";s it^7*'to), o"{"W! at! MtryttlD iL rufrttgD A firm's production function is q =
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Unformatted text preview: - L3. At what level of labour use d" or,o,irilif" retums begin? lv1- -, dV ll, ; k2o L " 7 L* ie €,nd Liure th,s n r'c^c),,nt ;]e lutuv ( i,c -w(^v-nE (lc'tnn' //"'it FP';i dh) e+ %tMn;o J,n,rir u/,,3 l0O'-5/- = o i l-- t ,r3 , -,' r'/-- /6- b1 ::-Quest\on 3 5 matks Suppose a production function is given by q : 4Kr/a Lt'o , the price of labour is $60 and the price of capital is $10. Derive the long-run total cost function. (Hint: it's afunction ofthefirm's output, q) fifo.q li* t-R Erflrgtpn ?dh: J IvnR-fg ) tt/f v14?L/ /filfk '' //o H : LL;6 =D lanL4 ''L ,)Dt'-#ttF-VY .l^ Lputtt J N,bw s,Jrht,fu- O #o 4l^0. ?rrj,r#,,^ T, + k"/t t/'t 1, ' '/hD/: t-'/r V = \ (il'r+L-P -r-. f hloc l) oli + f ix --L ry -) L- ''l ltr-[_k" ;'+ ul* fr/g:n fVow , ti l, l* 1.+( ,.*-,. . |wl"sffir,{q. L-" , F. l,lu',lo 3 t ,rf 4 r \-l"* . 5r> i V/re>'t + {o'1- Vg>Yr C = Art ,q/rr,,...
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