MGEB02-ST21A.pdf

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Department
Economics for Management Studies
Course
MGEB02H3
Professor
Ata
Semester
Winter

Description
UNIVERSITY OF TORONTO SCARBOROUGH DEPARTMENT OF MANAGEMENT MGEB02 Price Theory A Mathematical Approach Sample Test2 Solution Instructor A MazaheriInstructions This is a closed book test only Calculator is allowedYou have 2 HoursGood LuckLast Name First NameID FOR MARKERS ONLYQ1 Q2 Q3 Q4 Total Marks EarnedMaximum 30 25 20 20 95 Marks Possible Page 1 of 16 Answer all following 4 questionsQuestion1 30 Points Answer the following Short Questionsa 5 Points Refer to the following figure a Find two marginal products for labour MPL and comment on them b Comment on returns to scaleExplain how you arrived at your conclusions4 90260 40 2 4 1Solutiona MPL is 20q20MPL11L 30q15MPL22L MPL is declining as expectedb Doubling the inputs from 22 to 44 will more than double the output from 40 to 90 Therefore the production exhibits increasing returns to scale or economies of scale Page 2 of 16
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