Practice Midterm 2

Practice Midterm 2 - Econ3101 Section 003 Intermediate...

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Econ3101 - Section 003 Intermediate Microeconomics Xavier Vinyals-Mirabent * Department of Economics University of Minnesota. Midterm 2 will be on Thursday, April 7th, 2011. Practice Midterm 2. Included are a few practice problems to help you prepare for the second midterm exam. These problems cover material since the last midterm (e.g. cost minimization, profit maxi- mization and taxes), but do not cover the Monopoly (as it won’t be included in the exam). You are encouraged to also study the third problems set, the course notes and any relevant parts of the text book. Additionally I will be available as a resource, and I encourage you to come to my o ffi ce hours if you have any questions. As for the exam, calculators are allowed, rulers are allowed, and the use of pencil as opposed to pen is strongly encouraged. Warning: Many of the answers in the practice exam will have wacky decimal/fraction answers. Do not be discouraged! Understand the problems and how to solve them. Good luck studying! * Borrowed from Erick Sager with permission. 1
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1. Returns to Scale Recall the definition of Returns to Scale (e.g. for all λ > 1). For the following production func- tions, justify whether the production function is Constant, Increasing or Decreasing Returns to Scale. All credit for the answer will be based on your justification / proof. That is, without the
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