HMWK 2 Questions

HMWK 2 Questions - 4. Answer problem 4, page 283, in the...

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Econ 501.01 Professor Mumy Winter 2011 Homework Assignment 2 Due February 2 1. For demand curve P = 60 – 0.5Q, find the elasticity at P = 10. 2. Answer problem 6, page 163 of the text. 3. Answer part (a) of problem 16, page 164 of the text. (It is not required, but think about the answer to part (b) -- JUST FOR FUN).
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Unformatted text preview: 4. Answer problem 4, page 283, in the text. 5. Consider the following production function in which capital and labor are perfect substitutes Q=f(L,K)= 5L+3K What are MP L , MP K and MRTS? Draw the isoquants for this production function....
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