- Ann’s utility function is U = q1q2/ (q1 + q2). Find the slope of her indifference curve.
- Wolf’s utility function is U = aq1 0.5 + q2. Find the slope of the indifference curve
- Kip’s utility function is U (qc, qm) = (qc )0.5 + (qm) 0.5 Find the slope of the indifference curve
- A production function is q = 100 * min (L, 5K), where q is output per hour, L is the number of workers, and K is the number of machines.
a. Draw the isoquants for this production function.
b. Draw the total product of labor, average product of labor, and marginal product of labor curves for this production function for some fixed level of capital.
- Mr. Roche purchases a firm that produces widgets by employing machines and workers. Each machine requires exactly three workers to operate. Without three workers, the machine will not work, and any additional worker above three will just stand there doing nothing. When operated this way, the machine produces 30 widgets an hour. Draw some isoquants for this technology and determine the production function
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