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ECO 303: Intermediate Microeconomic Theory




Question;ECO 303: Intermediate Microeconomic TheoryProblem Set 7Due Date: April 14th (in the beginning of the recitation).Late submissions will not be accepted.Question 1In the context of?rm theory, de?ne:(i) short run(ii) long run(iii) diminishing marginal product(iv) returns to scaleQuestion 2Consider the production function f (x1, x2) = Axa xb. Find the marginal12products of factors 1 and 2.Question 3Find the Technical Rate of Substitution (TRS) for the production functionin Question 2.1Intermediate Microeconomic Theory ? Problem Set 7Question 4For what values of a + b does the production function in Question 2 presentsconstant returns to scale?


Paper#57184 | Written in 18-Jul-2015

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