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ECO 301 Intermediate Microeconomics _ Week8_Homework_Problem_Answer

ECO 301 Intermediate Microeconomics _ Week8_Homework_Problem_Answer

ECO 301 Intermediate Microeconomics _ Week8_Homework_Problem_Answer

ECO 301 Intermediate Microeconomics _ Week8_Homework_Problem_Answer

ECO 301 Intermediate Microeconomics _ Week8_Homework_Problem_Answer

ECO 301 Intermediate Microeconomics _ Week8_Homework_Problem_Answer

ECO 301 Intermediate Microeconomics _ Week8_Homework_Problem_Answer

• Homework Problems:
o Chapter 13 – 13.2(a-b), 13.3(a-e), 13.4(a-d), 13.6(a-c)
o Chapter 14 – 14.2(a-d), 14.4(a-d), 14.6(a-d), 14.8(a-b), 14.10(a-d)

13.2 Ans:

a.

w = P * MPL = 0.01 * 5000 * sqrt(L) = 50 * sqrt(L)

Ld = 2500 / w2

………………………………………………………………

13.3 Ans:

a.
RTS ( L for K) = MPL/MPK

= ½ (K/L)1/2 / ½ (L/K)1/2 = K/L

……………………………………………………………..

13.6 a Ans:

a. Profit maximization requires that

MEL = MRPL

MRPL = 1000/100 – L/100

Chapter 14 – 14.2(a-d)

Ans:
a. Felix Indifference Curves are straight lines with slop

∆C1/∆C0 = -(1+δ)

14.6 Ans:
a. V = 100 t – 6t2 Proportional growth is = (100 -12t)/V

Value greatest would be when DV/dt = 0

12 t = 100 , t = 8.33

…………………………………………………………………………………………….

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