PS9tex - Intermediate Microeconomics, Winter 2008...

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Intermediate Microeconomics, Winter 2008 Problem Set No 9 due: Monday, Feb 18; Tuesday, Feb 19 Problems Please, answer the following questions in the book. When asked to graph a function, you do not need to draw to scale. You should, however, indicate the main properties of the function (is the slope positive or negative, where are its intersections, is the slope changing, etc): Chapter 6: Questions 25, 26 a-c Chapter 7: Questions 21 a+b, 24 Chapter 8: Questions 1, 2, 11, 31, 32 (compare *33) Q1) You have derived the cost function C ( q ) for f ( L;K ) = p KL , if w = r = 2 . Does this function have economies of scale? What are the marginal costs? Suppose K K = 9 input, see page 209). Suppose the market price is p = 3 . With K 9 , K in the long run? Why?
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PS9tex - Intermediate Microeconomics, Winter 2008...

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