5-A businessman has the following production function Q=3K5L0.5and the factor prices are r=4 and w=2. The entrepreneur is interested in knowing: The type of economy of scale that the firm has. The rate of substitutability of the factors (the Marginal Rate of Technical Substitution or TMST). The expansion path of the firm. The optimal amount of labor and capital The equilibrium production.

6-A businessman has the following production function Q=K 5L 0.4and the factor prices are r=1 and w=1. The entrepreneur is interested in knowing: The type of economy of scale that the firm has. The rate of substitutability of the factors (the Marginal Rate of Technical Substitution or TMST). The expansion path of the firm. The optimal amount of labor and capital The equilibrium production.

4-Given the cost function CT=4Q3-10Q2+40Q+90 calculate

average fixed cost for the first 8 units produced

marginal cost average

variable cost average

total cost plot the cost functions

3-Given the cost function CT=10Q3-20Q2+200Q+40 calculate

average fixed cost for the first 10 units produced

marginal cost average

variable cost average

total cost plot

the cost functions

2-Given the production function Q=3L+190L2-8L3 we are asked to calculate:

the average product

the marginal product

the technical maximum

the technical optimum

1- Given the production function Q=35L-5L2-10 we are asked to calculate:

the average product

the marginal product

the technical maximum

the technical optimum