TEST1ans.winter2004.ECMA04

TEST1ans.winter2004.ECMA04 - ECMA04H Sketchy Solutions to...

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ECMA04H Sketchy Solutions to First Term Test, written on October 15, 2004 Please note that there were 3 different versions of the exam, with both questions and answers scrambled, so answer key varies between exams. You can tell which exam you had be looking at your answer sheet, or at the first question. EXAM#1: first word in the second-last line of answer page is “pages”; question #1 asks about point X=8, Y=9 EXAM#2: first word in the second-last line of answer page is “are”; question #1 asks for opportunity cost of Y EXAM#3: first word in the second-last line of answer page is “eight”; question #1 asks for opportunity cost of X EXAM#1: C D A K C B I #2: A C D L E O N #3 D A C J D I O O N K B K M K B I D M K N K B C L L S R I G K P Q P G K I L R Q K I G N J E B I Q A H G C R H F I F A Q I B Q1-3: On the PPF, if X = 8, Y = 7.8 (approx), so the point (8,9) is unattainable opportunity cost of X = -dY/dX = X[125-X 2 ] C.5 at X = 2, cost = 2/11 opportunity cost of Y = -dX/dY at X = 5, -dY/dX = 5/10, so -dX/dY = 2 Q4: V = 4X + 2[125-X 2 ] .5 to maximize, set dV/dX = 0 dV/dX = 4 - 2X[125-X 2 ] C.5
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This note was uploaded on 06/11/2011 for the course ECMA 04 taught by Professor Cleverland during the Fall '09 term at University of Toronto- Toronto.

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TEST1ans.winter2004.ECMA04 - ECMA04H Sketchy Solutions to...

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