Consider a firm with the following production function: f(x1,x2) = If the input prices are 2 and 4 for xj and x2 resp, write down the cost function of the firm. [Write in the format C(y) = function of y] Answer: Suppose the firm with the above-mentioned technology operates in a competitive output market where the inverse demand function is given by D-'v) = 16 – 2y. Solve for the equilibrium quantity. [Hint: the supply function of a competitive firm is the MC curve.] Answer: If the producer with the above-mentioned technology instead were a monopolist facing the same demand function, the equilibrium would be given by_. Şelect one: О а. (р, Ф) - (6, 2.5) b. (p, q) = (8, 4) с. (р, 9) - (11,2.5) d. (p, q) = (6, 5) e. (p, q) = (11, 5) Now suppose producing in the market requires paying a Fixed R&D cost of K= 7.5. Which of the following statement would be true? [Hint: look at the profit for each type of firm.] Select one: a. Only a competitive firm would operate b. neither would operate c. Both would operate d. Only monopolist would operate

Dealer Advertising ($100s) Size (Acres) 1 23 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 428 183 534 1 9 O 894 15 15 23 28 34 37 38 46 49 50 54 58 59 60 60 60 64 66 1.1 42 2.2 2.1 1.6 1.9 1.8 1.5 1.6 2.1 PENER NG NENG 2.5 1.7 1.5 2.2 1.7 1.5 2.1 Use Excel to create a regression model relating customer traffic to advertising, size of the facility and location. For location, use Suburban as the base case. What do you predict customer traffic to be for a Urban location with advertising of $28 hundred and a facility size of 2.7 acres? O 501 Location Rural Urban Suburban Rural Urban Suburban Rural Rural Rural Suburban Rural Rural Urban Rural Suburban Rural Rural Urban Urban Rural Traffic 170 427 323 214 390 341 261 223 299 475 321 237 428 236 383 354 258 411 387 338 17 222223235 18 19 20 21 24 26 28 29

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At a price of $14, country 1 will     (a) offer for export 9 units of this product.     (b) seek to import 9 units of this product.     (c) choose not to trade.     (d) increase supply.     (e) offer for export 18 units of this product