Econ Question - MicroEconomics

[Kobe]

So I'm looking at the question here and I can't figure out how its the right answer? I think I might be doing it wrong


35. Refer to Table 8-2. CLICK HERE TO VIEW THE TABLE If capital costs $6 per unit and labour costs $4 per unit, which production method minimizes the cost of producing 1000 toys per day? Topic: 8.1a. profit maximization and cost minimization


The Answer is

D) Method E

http://img90.imageshack.us/img90/975/tablept4.jpg

But how?

I'm doing MPk X $6 (capital) +
and also Mpl X $4 (Labour)
Method A 300 + 16 = 316
Method B 270 + 32 = 302
Method C 240 + 48 = 288
Method D 210 + 64 = 274
Method E 180 + 80 = 260
Method F 150 + 96 = 246
Method G 120 + 112 = 232


thanks


Edit: just figured it out.. WOW

[Skyline_Addict]

good work :)

That's 201, right?

[Kobe]

yup 201.. well we call in 2201 but same thing...

I have a couple more, Im gunna ask my buddy if he knows how to do it, if not I will post it here


Thanks

[TVG]

Why isn't the lowest number (method G) right?

[Neil4Speed]

I hear 2201 is actually a challanging course at Mt.Royal, unlike UofC, where it was a learn the night before the exam course.

[Kobe]

Originally posted by TVG
Why isn't the lowest number (method G) right?

Becuase its
(MPk/P) = (MPl/P)
(30/6) = (20/4)



Final On Monday, yah this class has been challenging, prob the hardest class I have taken

[Dope Dealer]

2201 is not too bad, but the final is pretty hard (failed the final, but finished with a B+).. Make sure you know prisoner's dilemma, depending on your teacher. The multiple choice is killer on those tests, I think most of the questions are straight from TLM.

I found 2203 to be harder though.

[Kobe]

Originally posted by Dope Dealer
2201 is not too bad, but the final is pretty hard (failed the final, but finished with a B+).. Make sure you know prisoner's dilemma, depending on your teacher. The multiple choice is killer on those tests, I think most of the questions are straight from TLM.

I found 2203 to be harder though.

Was Prisoners Dilema on the TLM MC? Cuase we never covered it in class, our last chapter, was chapter 12, but I did not study Prisoner Dilemma... Ahh crap

Yah the MC is all suppose to be from the TLM, and than we have some long answer, which hopefully isn't going to be like the last test, where we had to draw a graph he showed us in class, that had 6 points, and it wasn't in the textbook

:banghead: :banghead:

[Dope Dealer]

Oh, maybe you guy's won't cover Prisoners Dilemma in the final... It might depend on the teacher, we learned it like 2 weeks before end of semester... that was last year though. I dont think there is any Prisoners Dilemma M/C, its just a long answer question.. but if you didn't learn it, I wouldn't worry about it then.. Who is your professor?

[rawsensation]

whoo's your prof? i have ponsko :( hopefully i'll do good on the final

[Kobe]

Originally posted by rawsensation
whoo's your prof? i have ponsko :( hopefully i'll do good on the final

Same, his a prick, what time do you have the class?

I think our Long answer is going to be on creating a monolopy graph.. then finding TC, CS, PS, VC. Profit..

Or any kind of company, and finding all that stuff out

[rawsensation]

i got class at 3:30 - 4:50 what about you?\

how'd you find the final

[Kobe]

The final wasn't to bad actually, We had 2 long answer questions, one was with the budget line for 20 marks and one with a monopoly for 20 marks...


I had it from 1230 - 150, how did you find the final? Did you get a chance to write an extra essay on the Corporation because Ponsko never came to class for like 1 1/2 weeks?


O yah, the last 4 or 5 MC are going to be Omited for us, because we never covered chapter 16/17 :)

[Sailz]

Lol doing the same exam at UBC tomorrow....

[Gainsbarre]

Originally posted by Sailz
Lol doing the same exam at UBC tomorrow....

Lol, well, uh...I have a micro final next Monday, except it's ECON 657 at the U of C. I wrote the ECON 201 (introductory micro) final six years ago.

Anybody with Prisoner's Dilemma (or similar) questions? Game theory is one of my favourite branches of economics (yes, sometimes I think about game theory in my free time...)

[Sailz]

Originally posted by Gainsbarre


Lol, well, uh...I have a micro final next Monday, except it's ECON 657 at the U of C. I wrote the ECON 201 (introductory micro) final six years ago.

Anybody with Prisoner's Dilemma (or similar) questions? Game theory is one of my favourite branches of economics (yes, sometimes I think about game theory in my free time...)

Oh I assumed that Econ 201 would be intermediate microeconomic analysis....my bad.

[Kobe]

Originally posted by Gainsbarre


Lol, well, uh...I have a micro final next Monday, except it's ECON 657 at the U of C. I wrote the ECON 201 (introductory micro) final six years ago.

Anybody with Prisoner's Dilemma (or similar) questions? Game theory is one of my favourite branches of economics (yes, sometimes I think about game theory in my free time...)

We had nothing on game theory or Prisoner's Dilemma, we talked about Game Theory, it actually seemed interesting, but we never got into it..

GL