ECON 3710 Study Guide - Final Guide: Risk Neutral, Utility, Production Function
Document Summary
Questions 1 and 2 have two types of questions. Part 1-type questions are worth 10 marks (50%) and part 2-type are also worth 10 marks (50%). Part 2-type questions are harder than part 1-type questions. Part 1-type are questions that the average student, who has worked hard, can easily answer and guarantee him/herself a decent mark in this course. Questions 3 and 4 have only part 1-type questions. Since only two questions have part 2-type questions, it follows that part 2- type questions have a weight of 0. 5(50) = 25% of the total mark. - Instructor: j. atsu amegashie: a firm has the production function q = k0. 25l0. 25, where k is capital, l is labor, and q is output. The price of capital is v = 4 and the price of labor is w = 4. [you may need this result: if y = z. Derive the firm"s short-run cost function if capital is fixed at k = 16.
