Assume that airline industry is operated by a

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Unformatted text preview: ng your answer from question 33 and the information above, what is the correct cost associated with the optimal conditional factor demands: [Pen. 0.5] A. C = 69.5 B. C = 61.6 C. C = 102.7 D. C = 75.8 E. Abstain 35. Use the profit maximisation technique to find the factor demands for this firm: [Pen. 0.5] A. K* = 11.6 and L* = 34.7 B. K* = 12.6 and L* = 37.9 C. K* = 10.3 and L* = 30.8 D. K* = 30.8 and L* = 10.3 E. Abstain 15 36. Using your answer from question 35 and the information above, what is the correct profit associated with the optimal factor demands: [Pen. 0] A. B. C. D. E. ∏ = 42.3 ∏ = 38.5 ∏ = 47.6 ∏ = 53.4 Abstain 37. Bad weather will lead to an increase in the price of fresh flowers within a week because the supply curve for fresh flowers is ............ We would not expect the same phenomenon to arise with dried flowers because the supp...
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This note was uploaded on 05/23/2011 for the course ECON 203 taught by Professor Jules during the Spring '11 term at University of Cape Town.

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