ECON 2350 Study Guide - Midterm Guide: Marginal Product, Marginal Cost, Price Discrimination
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Note: this exam includes 15 multiple choice questions. Identify the choice that best completes the statement or answers to the question. Otherwise there is no mark for the question. You have 120 minutes to complete all of them and fill your answer on you scantron. Only a basic calculator is allowed during exam; no other electronic devices. (x, y) : a firm has the production function f(x, y) = 60x 4/5 y1/5. The slope of the firm"s isoquant at the point (40, 80) is (pick the closest one) a. 0. 25. b. c. d. e: a firm has the production function f(x1, x2) = x0. 60. 1x0. 30: the isoquant on which output is x2. 2: a firm has a production function whenever x > 0 and y > 0. When the amounts of both inputs are positive, this firm has a. decreasing returns to scale.
