Econ 281B4Wi09 Mid2_21 - Econ 281 Section B4 Instructor:...

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Econ 281 Section B4 Instructor: Valentina Galvani Winter 2009 Mid-term Exam II Special Code 21 March 17, 2008 INSTRUCTIONS: 1. Complete the name, identification number and special code fields on the general purpose answer sheet. Answer sheets missing any of this information will not be marked. Answer the multiple choice questions on the general purpose answer sheet. There are 6 multiple choice questions, each worth 3 points, for a total of 18 points. 2. There are four open problems, for a total of 45 points. Answer in the space provided below and after each problem statement. 3. This exam is worth 60 points. 4. You have 75 minutes. 5. Print Clearly your name and student identification number in the space below. Student Name (PRINT) ____________________________________ I.D. # _____________________________________ Good luck! 1
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1. The production function is Q=8LK where Q is output, L is labour and K is capital (machines), respectively. The average product of 16 machines is: a) 0.5L b) 8 c) 8L d) 16L 2. Return to the production function of the previous question. The average cost curve for this function is:
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Econ 281B4Wi09 Mid2_21 - Econ 281 Section B4 Instructor:...

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