1EECM3714: INTRODUCTORY MATHEMATICAL ECONOMICSCLASS TEST 2: MARKS = 25; TIME = 50 MINUTESSTUDENT NUMBER: …………..…………INITIALS AND SURNAME:………………………………This is a closed book class test. This paper consists of 6 questions on 2 pagesINSTRUCTIONS•Answer all the questions. Write legibly and use ONLY black or blue ink, and ONLY write your FINALanswers in the spaces provided.•Remember to fill in your name and student number at the top of this question paper!•Round all answers to the nearest FOUR decimals.•ONLY hand in this question paper after completing the class test!1)KrustyCo produces and sells needles. Its production function is??𝑳?− ?. ??𝑳?a.Write down the average product of labour (APL) function for KrustyCo. [.1]…………………………………………………………………………………………………………..………………..b.Write down the marginal product of labour (MPL) function for KrustyCo. [1]…………………………………………………………………………………………………………………………….c.Write down the first-order condition for the maximisation of APL for KrustyCo. [1]……………………………………………………………………………………………………………………………
