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ECON 5410 Lecture Notes - Lecture 1: Horse Length

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taupewalrus761
20 Apr 2020
School
Ohio State University
Department
Economics
Course
ECON 5410
Professor
Robertde Jong

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Document Summary

_ _j cci l) , e 2. { r 5 l s v o rrr lo. r ( wa q (l (c , :r. , ,, a . oul s , je wa e : (

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Related Questions

This is due today!! Thank you!!

Consider a firm with production function f(L, K)=2L+6K. Assume that capital is fixed at K=6. Then, the amount of labor necessary to produce q units is?

A Ā 

L(q,6)= q-12
B Ā 

L(q,6)= q/18-5
C Ā 

L(q,6)= q/2-18
D Ā 

L(q,6)= 3q/5-2
E Ā 

L(q,6)= q2/2-12

Consider a firm with production function f(L, K)= 4L2/3K1/3. Assume that capital is fixed at K=1. Assume also that the price of capital r=4 and the price of labor w=2. Then, the average cost of producing q units is?

A Ā 

AC(q)= 4/q+q1/2/4.
B Ā 

AC(q)= 2/q+1/4q1/3.
C Ā 

AC(q)= 2/3q+1/q1/3.
D Ā 

AC(q)= 1/3q+q1/2.
E Ā 

AC(q)=8/q+2q1/2.

Consider a firm with production function f(L, K)=3L1/3K2/3. Assume that capital is fixed at K=1. Assume also that the price of capital r=5 and the price of labor w=3. Then, the cost of producing q units is?

A Ā 

C(q)=3+q2/9.
B Ā 

C(q)=10+q3.
C Ā 

C(q)=5+q3/9.
D Ā 

C(q)=2/3+q2/3.
E Ā 

C(q)=1/3+q3/3.

19. At the point on the demand curve where Q = 10 and P=70, the elasticity of demand, expressed as a positive number, is: A) O B) 1 C) 1/5 D) 5 E) 1/7 F) 7 G) 5/7 H) 715 1) 35 J) 1/35 K) 10/7 L) 7/10 M) 40 N) 1/40 0) 12/7 P) 7/12 Q) 12/5 R) 5/12 S) 2/5 T) 5/2 U) 2 V) 1/2 W) 2/25 X) 25/2 Y) none of the above

20. At the point on the demand curve where Q = 16 and P = 40, the elasticity of demand, expressed as a positive number, is: A)0 B) 1 C) 1/5 D) 5 E) 1/7 F) 7 G) 5/7 H) 7/5 1) 35 J) 1/35 K) 10/7 L) 7/10 M) 40 N) 1/40 O) 12/7 P) 7/12 Q) 12/5 R) 5/12 S) 2/5 T) 5/2 U) 2 V) 1/2 W) 2/25 X) 25/2 Y) none of the above