Micro-Econ Quiz 3 - EXERCISE: UNIT Ill / S . NAM! _ 1....

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Unformatted text preview: EXERCISE: UNIT Ill / S . NAM! _ 1. State the pnnciple of duality and how In applies to production and cost analysis in economics. WWWW W gm“ “a” WU) rodu n5 00m ' c . mm W. W Obboufpbtf' wgtidn (103L pagans to W. ~WfDC/TWMPW WWW) CQSW produofl' m wJLUCS - 2. Draw a marginal product and marginal cost curve (on different axes. of course) that do not demonstrate the assumption that specialization of labor effects production. A61 a/Q i't'ncv m L Q mp M3. Define marginai cost and marginal product. ‘ marginal (5091mm W Show w unit produde W93... 351 MWMQ mated: to emit W adamwj 10m Mammal) wmw‘r/ Wségou 01M” . mam am MI ‘W HM Mall: 5% flaw-I- 4. In the graph below please complete the following: ATC. AVG, MC. Hint: Be sure to make sure the minimum points and inflection points all fine up ploperly. TL i ...
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Micro-Econ Quiz 3 - EXERCISE: UNIT Ill / S . NAM! _ 1....

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