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Final

EXAM PRACTICE QUESTIONS 14

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Department
Economics
Course
ECO200Y5
Professor
Robert Barber
Semester
Summer

Description
TUTORIAL 15MONDAYJULY 28 2014 4PM5PM QUESTION 144p 507 The Robotics Corporation produces cuddly toys using only computer12 driven robots The quantity of toys T produced per year is given by T10Rwhere R is the number of robots used during each year of productiona If the market price of robots is 2000 the real interest rate is 005 and the depreciations rate on robots is 010 what is the firms implicit rental rate for robot useb What is the firms total cost function for production of Tc If cuddly toys sell for 60 how many will this firm choose to produce 2Hint If Total CostkT then calculus shows that Marginal Cost2kTd How many robots will the firm employ for the yearQUESTION 145p 507 Acme Landfill Company is considering the purchase of 10 better trash collection trucks Each truck costs 50000 and will last 7 years The firm
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