Econ 310-1 Winter 2008 PS4 with Answers

Econ 310-1 Winter 2008 PS4 with Answers - Economics 310-1...

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Economics 310-1 Problem Set 4 Winter 2008 1. Text 6.1 2. Text 6.4 3. Show, as we did for indifference curves, that the first four properties of isoquants are true. (That is, state why the property holds and then explain using any appropriate diagram(s).) 4. A. For each of the following production functions, graph the short-run total product curves assuming that K is fixed at K 0 = 2. i) Q = f(K,L) = 3K + 4L ii) Q = f(K,L) = KL 2 B. Do the production functions obey the law of diminishing returns? 5. Text 6.5 6. A firm has a production function given by the following table: UNITS of LABOR 1 2 3 4 5 K = 1 3 8 12 15 17 K = 2 10 15 19 22 24 K = 3 16 21 25 28 30 K = 4 20 25 28 30 31 A. Suppose that K is fixed at 2. Does this production function exhibit diminishing marginal productivity of labor? B. Does this production function exhibit constant returns to scale for all values of K and L? 7. Bart has two exams in the morning and three hours of study time left. He estimates the following schedule showing the extra points he’ll earn on each exam depending on how he
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Econ 310-1 Winter 2008 PS4 with Answers - Economics 310-1...

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