62.Suppose the wage rate is $25 per hour and the rent on capital is $50 per hour. The equation for the isocost line is given by:

C = 75(L + K).

C = 75LK.

C = 25L + 50K.

C = 2K/L.

63.Abby's utility function is given by U = X²Y². For this utility function, MU_x = 2XY² and MU_y = 2X²Y. If good X costs $10 and good Y costs $5, then Abby will consume ____ times as many units of good Y as she does units of good X.

3

4

1/2

2

69.In a perfectly competitive market, each firm has a long-run total cost given by LTC = 100Q - 10Q² + 1/3Q³ and long-run marginal cost curve given by LMC = 100 - 20Q + Q². What is the market's long-run equilibrium price?

$25

$70

$8.50

$33