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Final

EXAM PRACTICE QUESTIONS 4

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Department
Economics
Course
ECO200Y5
Professor
Robert Barber
Semester
Summer

Description
TUTORIAL 5WEDNESDAY JUNE 4 20144PM5PMQUESTION 62Frisbees are produced according to the production functions q2KL where qOutput of Frisbees per hour KCapital input per hour and LLabour input per houra If K10 how much L is needed to produced 100 Frisbees per hourb If K25 how much L is needed to produced 100 Frisbees per hourc Graph the q100 isoquant Indicate the points on that isoquant defined in part a and part b What is the RTS along the isoquant Explain why the RTS is the same at every point on the isoquantd Graph the q50 and q200 isoquants for this production function also Describe the shape of the entire isoquant mape Suppose technical progress resulted in the production function for Frisbees becoming q
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