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Middle East Technical University Spring 2011 Department of Economics ECON 201 Erol Çakmak TA: Osman Değer ANSWER KEY FOR PROBLEM SET 5

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5.a) b) 6. a) When k = 10, 80 2 . 0 10 2 l l q . Marginal productivity = dq = 10 .4l = 0 dl , maximum at l = 25 2 2 q d = .4 , dl The total product curve is concave. .2 l = q / l = 10 l 80/l AP  To graph this curve: maximum at

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This note was uploaded on 03/22/2012 for the course ECON 201 taught by Professor Çakmak during the Fall '10 term at Middle East Technical University.

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problmset5answerkey - Middle East Technical University...

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