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Unformatted text preview: Economics 1008 Midterm Examination 1 I
Answer Sheet, Winter 2011, Prof. Watson 0_ Your name; S¢1M+ {M ' Last two digits of your student ID; ’ "
g, (2,..31. (a) MPL = 2 L K Is it diminishing ? Circle ones .1 iYES _
‘§: 2. ‘ ‘ . ' . I
3 (b) MPL = ’2‘" L K 4—  Is it diminishing ? Circle one: 7 @ NO *rw__\_
a. 2. (a) Circle one: Increasing returns @ Constant returns 2. (b) Circle one: Decreasing returns Constant returns 2. (c) Circle one: Increasing returns Decreasing returns Constant returns 1. (d) Circle one: Increasing returns Constant returns 7 3':
g 3. (a) MPL= K +l
J. J.
(mu—I) _ " i "
g1. ‘  g_ fl<+t ___z<:+2.i<
MpK_ 2LK MRTSm aLLK...‘ _ L_
7, (b) Isoquan‘t for output level 5: l K = '52—‘2' L = 25 té + L
g (c) Does the production function satisfy diminishing MRTS? Circle one:  7 @ NO In one sentence, why do you know this? "PL 55 Heakfa, Jenfarting? M Hag Increasing, . 4. Circle one: A is the MC curve B is the MC curve “its . _ {LEE—oo .L H, ‘2‘. +57 ‘uz. +36
(5) 104$}; 2‘3"": (if)"l’ ’3 MI)“ (21‘) =r _+  g 5
C: Y‘f‘i‘ I z I
.. +12%” 1“394 MW?" 68%): 7' + I'27—“ ’°°
_. 3* = 14—12 4100 ' '
_ $c+l2¢r36 + £4’ f F ACSR(q)= 3144241707‘l
AC.st ; MC: C .
He. Ac; MCSR(q)= ngIZ—
4 (6;) FM} 531‘. Acmmdp
,g f+12+%=2;+12
ca) loo.1}: q: ,0 . _ __ _______"= K .
3 (4) HKTsa .Mpg .‘———T——._ “t =————~L MRTS=__E._.IH fL’K _
Diminishing? Circle one: N0
2'  "Pa. 60 K ‘ 4 4
f —— 3 .——. ' _._... 3 ...._.
" (o W“ MPK r ’ L {6
—L a C: wL+rK= +[Zp+£z)+ (66;?) L(q)=l;+l2.
= Y1++3+7i+4g= lei{.76 K(q)=_§+3
I CLR(q_)= [6;1676 ' ' Acmg): 16 44.?— MCLRGI) :  l6 6. ' Circle one: Increasing returns Decreasing returns Constant returns Proof; ’T‘akc p1. W mg MC} L,1< Mid KIELK.
30mm): F (Al12% 1‘)= POI—MW)? >~F(L:K‘)= AFCLHIQaAgFng). _ 5:51“ F I“ C23 ...
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 Fall '08
 ZAMBRANO
 Microeconomics

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