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quiz 5 aec 303 2010

quiz 5 aec 303 2010 - AE-C 303 Quiz 5 Name Suppose a...

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Unformatted text preview: AE-C 303 Quiz 5 Name Suppose a production filnction is given as —0.000023 x3 +0.0042 x2 + 0.75x wherea<0b>0c>0 1. Find the value of x'(the input level) that maximizes this function. Hint: Use your quadratic formula. The values for A, B, and C in your formula are NOT simply a, b and c. EM; 1 ii: 3406 Lea—bx +6: 0 5|, 50:2 ; Z 3&K‘kab (16fo 1‘046 2‘0 "(‘1 qu-ac my; @ Find the corresponding Marginal Physical Product (MPP) function for this production fiinction. Av 73‘ : Bax’b—PLIQY 1~C 3. Find the value of x that maximizes the MPP function. 0W 5"; ,- Eccxzi—Z-la V ‘t c M X“ 2220 _., MNthoCAfi 4. How can you be ceFfain that the MPP function 13 a maximum or not a minimum? d‘\/ 4?)“ '5 £294“ 5. Find the corresponding Average Physical Product (APP) function for this production function. App 7 Key; ,(Joxz-f—CK 1 )< 1+ AW—P '2 (0:0 42AM) ”‘4‘ ’ “'6 WZanmir-W ...
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