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Economics (463)
ECON 2G03 (14)
Midterm

# Test 1 Full Solutions.pdf

2 Pages
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School
Department
Economics
Course
ECON 2G03
Professor
Hannah Holmes
Semester
Spring

Description
Solutions to 2G03 Spring Test 11 If input 1 is 20 and you can buy 75 if you only buy input one TC20751500 2 1500403750 3 15 input 1 means you need 45 input 2 to be on the yo isoquant TC1520453750198750 4 If you spend all 1500 on input 2 now you can buy 90 units if you only buy input 2 New isocost with new tangency at 20 input 1 35 input 2 5 Need an isocost with the new slope tangent to y1 isoquant Draw it Tangency at input 135 and input 253 6 Using the values from 5 and the current prices TC3520166753158350 1313327 w1w28w2w28 Set z2z18 so z28z1 Then yz18z1 so z1y2328 z28y2 For y128 z24096 323232 9 TCw1z1w2z28w2y2w28
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