ajaz_eco204_2009_HW_11 - University of Toronto, Department...

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University of Toronto, Department of Economics, ECO 204 2009 2010 S. Ajaz Hussain ECO 204 2009 2010 S. Ajaz Hussain HW 11 Please help improve the course by sending me an e mail about typos or suggestions for improvements _____________________________________________________________________________________ Note: Please don’t memorize these solutions in the expectation that similar questions will appear on tests and exams. Instead, try to understand how to derive the answer as you’ll be tested on techniques and applications, not on memorization. Moreover, tests and exams will cover topics and techniques that may not be in these practice problems. You are urged to go over all lectures, class notes and HWs thoroughly. Question 1 A competitive firm has the Cobb Douglas production function: ܳ ൌ ܮ ݇ In ECO 204, variable inputs are denoted by uppercase letters and fixed inputs are denoted by lowercase letters. Suppose ܲ , ݇ and ܲ (a) Solve for the profit maximizing output and input(s) subject to the constraint that output
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This note was uploaded on 05/02/2011 for the course ECO 204 taught by Professor Hussein during the Fall '08 term at University of Toronto- Toronto.

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ajaz_eco204_2009_HW_11 - University of Toronto, Department...

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