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    This is a 30 minute, 20 point quiz for an intermediate microeconomics course. It contains 3 questions - the first asks the student to determine if a production function exhibits constant, increasing, or decreasing returns to scale. The second question has 3 parts - it asks the student to determine the returns to scale of another production function, examine if it has increasing or decreasing marginal product for each input, and calculate the marginal rate of technical substitution.

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    This is a 30 minute, 20 point quiz for an intermediate microeconomics course. It contains 3 questions - the first asks the student to determine if a production function exhibits constant, increasing, or decreasing returns to scale. The second question has 3 parts - it asks the student to determine the returns to scale of another production function, examine if it has increasing or decreasing marginal product for each input, and calculate the marginal rate of technical substitution.

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    Download as DOCX, PDF, TXT or read online from Scribd
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    7 views1 page

    Untitled

    Uploaded by

    Devilish Lucifer
    This is a 30 minute, 20 point quiz for an intermediate microeconomics course. It contains 3 questions - the first asks the student to determine if a production function exhibits constant, increasing, or decreasing returns to scale. The second question has 3 parts - it asks the student to determine the returns to scale of another production function, examine if it has increasing or decreasing marginal product for each input, and calculate the marginal rate of technical substitution.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    ECO-201: Intermediate Microeconomics

    Section 1
    Quiz 4
    Time Allowed: 30 minutes
    Maximum Marks: 20 marks

    1. Consider the production function f(x1,x2) = 4x11/2 x21/3 . Does this exhibit constant,
    increasing, or decreasing returns to scale? Show all working. (5 marks)

    2. Consider the production function f(x1,x2)= x10.7 x20.4.


    a) Does this exhibit constant, increasing, or decreasing returns to scale? Show all
    working. (5 marks)
    b) Does this exhibit decreasing or increasing marginal product in input x1 and input x2?
    Show all working. (5 marks)
    c) Calculate the marginal rate of technical substitution. (5 marks)

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