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Final

EXAM PRACTICE QUESTIONS 12

3 Pages
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Department
Economics
Course Code
ECO200Y5
Professor
Robert Barber

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Description
TUTORIAL 13MONDAYJULY 21 2014 4PM5PM QUESTION 133p 476 Suppose there are a fixed number of 1000 identical firms in the perfectly competitive concrete pipe industry Each firm produces the same fraction of total market output and eachfirms production function for pipe is given by 12qKL and for this production function RTS L for KKLSuppose also that the market demand for concrete pipe is given byQ400000100000Pwhere Q is total concrete pipea If wv1 in what ratio will the typical firm use K and L What will be the longrun average and marginal cost of pipeb In the longrun equilibrium what will be the market equilibrium price and quantity for concrete price How much will each firm produce How much labour
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