ECO204Y5 Lecture Notes - Marginal Revenue, Monopsony, Production Function
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Due march 21st, 2011 at the start of lecture (lec 101: 10:10am, lec 201: 11:10am) Late homework will not be accepted for credit: true, false or uncertain. For each of the sections below, carefully read the statement and determine whether the statement is true, false or uncertain. In order to receive full credit for the problem, you must explain the reason for your answer. Answers that are given without an explanation will not receive any credit. If the demand for its product is p = 25-2q, and the firm"s short run (i. e. capital is fixed) production function is q=4l. Derive the first order condition and the firm"s demand for labor as a function of market wages: a firm located in los angeles makes jackets using a production function given by. Q=10l 0. 5l2, where q is the number of jackets produced per hour and l is the number of workers.
