exam1.solutions

# exam1.solutions - Economics 1008 Midterm Examination 1 I...

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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, Jen-farting? 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 4-100 ' ' _ \$c+l2¢r36 + £4’ f F ACSR(q)= 314424-1707‘l AC.st ; MC: C . He. A-c; MCSR(q)= ng-IZ— 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 (Al-12% 1‘)= POI—MW)? >~F(L:K‘)= AFCLHIQaAgFng). _ 5:51“ F I“ C23 ...
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