Problem_Set_5

Problem_Set_5 - Problem Set#5 Microeconomics Spring 2008...

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Unformatted text preview: Problem Set #5 Microeconomics Spring 2008 Question 1a)Fill in the blanks for the following table: Units of Output Fixed Cost Variable Cost Total Cost Marginal Cost Average Fixed Cost Average Variable Cost Average Total Cost 0 100 1 125 2 145 3 157 4 177 5 202 6 236 7 270 8 326 9 398 10 490 Quite difficult! Question 1b)Continued from table above: Draw a graph that shows marginal cost, average variable cost, and average total cost, with cost on the vertical axis and quantity on the horizontal axis. Question 1c)Now this is really simple! Fill in the Blanks. Quantity of Variable Input Total Output Marginal Product of Variable Input Average Product of Variable Input 0 ------ ------ 1 225 2 300 3 300 4 1140 5 225 6 225 Question 2: For the following production functions, find the (1) average and marginal productivity of capital and labor and (2) check whether these are increasing, constant or decreasing returns to scale....
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This note was uploaded on 02/15/2011 for the course ECON 101 taught by Professor Womer during the Spring '08 term at NYU.

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Problem_Set_5 - Problem Set#5 Microeconomics Spring 2008...

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