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Return to Question 1 above and now calculate and plot the AP and MP curves.
Question 1
Suppose you are told by a production engineer that the relationship between output Q on the one hand and input, in the form of labour (L), on the other is Q = 5 √ L. Capital is fixed, so we are operating in the short run.
(a) Compute the output that can be produced in this firm using 1 through 9 units of labour by substituting these numbers into the production function.
(b) Draw the resulting T P curve to scale, relating output to labour.
(c) Inspect your graph to see that it displays diminishing MP.
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Suppose David spends his income (I) on two goods, x and y, whose market prices are px and py, respectively. His preferences are represented by the utility function u(x; y) = lnx + 2lny (MUx = 1=x;MUy = 2=y). a. Derive his demand functions for x and..
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