ECON 2G03 Study Guide - Midterm Guide: Marginal Revenue, Pencil, Production Function
7 Jan 2014
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10:30 11:20 (50 minutes) during scheduled class time. Answer all questions on the scan sheet using hb pencil. Hand in the scan and this sheet separately. **if you feel that none of the answer options are correct, feel free to choose option e. Choose the one alternative that best completes the statement or answers the question: suppose the total cost to produce quantity q is tc(q) = 250 + q2/10. The production function for any firm is y = min(z1,z2). The long-run cost function for any firm is: y*(w1 + w2)/2, y*(w1 + w2), y*w1 if w1 < w2, y*min(w1,w2), the market demand is given by p = 108 - 2. 5q. Page 3 of 4: andrew"s demand for fish is: qa=12-3p. Betty"s demand for fish is: qb=16-4p and cathy"s demand for fish is: qc=20-5p. Q is the number of pounds of fish and p is the price of fish per pound.
