Microeconomic Theory
Microeconomic Theory
12th Edition
ISBN: 9781337517942
Author: NICHOLSON
Publisher: Cengage
Question
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Chapter 2, Problem 2.1P

a.

To determine

The partial derivatives of the function f(x,y) .

a.

Expert Solution
Check Mark

Answer to Problem 2.1P

The partial derivatives of the function f(x,y) are

  fx=8x,fy=6y,2fx2=8,2fy2=6,2fxy=0

Explanation of Solution

Given information:

The function,

  f(x,y)=4x2+3y2

Since,

  f(x,y)=4x2+3y2

Partially differentiate with respect to x and y ,

  fx=x(4x2+3y2)=4×2x+0=8x

and

  fy=y(4x2+3y2)=0+3×2y=6y

Now

  2fx2=x(fx)=x(8x)=8×1=8

and

  2fy2=y(fy)=y(6y)=6×1=6

Also,

  2fxy=x(fy)=x(6y)=0

b.

To determine

The derivative dydx using the implicit function theorem.

b.

Expert Solution
Check Mark

Answer to Problem 2.1P

  dydx=8x6y

Explanation of Solution

Given information:

The function,

  f(x,y)=4x2+3y2

and

  f(x,y)=16

Since,

  f(x,y)=4x2+3y2

Then,

  16=4x2+3y2

Differentiate with respect to x ,

  0=4×2x+3×2ydydx8x+6ydydx=06ydydx=8xdydx=8x6y

c.

To determine

The value of dydx at x=1,y=2 .

c.

Expert Solution
Check Mark

Answer to Problem 2.1P

  dydx=23

Explanation of Solution

Since,

  dydx=8x6y

Substituting x=1,y=2 ,

  dydx=8×16×2

  dydx=812=23

d.

To determine

To draw:The graph of dydx=23 on the surface f(x,y)=4x2+3y2 .

d.

Expert Solution
Check Mark

Explanation of Solution

Since, dydx is the slope of the curve,

From the above part,

  dydx=83

So, draw the tangent plane on the surface

  f(x,y)=4x2+3y2

  Microeconomic Theory, Chapter 2, Problem 2.1P

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Tasks Exercise 1 Assess the following functions: 1. f(x)= x2+6x+2 2.f '(x)=10x-2x2+5 a. Find the stationary points. (5 marks) b. Determine whether the stationary point is a maximum or minimum. (5 marks) c. Draw the corresponding curves (5 marks)
Problem 2: The sales data over the last 10 years for the Acme Hardware Store are as follows: 2003 $230,000 2008 $526,000 2004 276,000 2009 605,000 2005 328,000 2010 690,000 2006 388,000 2011 779,000 2007 453,000 2012 873,000 1. Calculate the compound growth rate for the period of 2003 to 2012. 2. Based on your answer to part a, forecast sales for both 2013 and 2014. 3. Now calculate the compound growth rate for the period of 2007 to 2012. 1. Based on your answer to part e, forecast sales for both 2013 and 2014. 5. What is the major reason for the differences in your answers to parts b and d? If you were to make your own projections, what would you forecast? (Drawing a graph is very helpful.)
Exercise 4A firm has the following average cost: AC = 200 + 2Q – 36                                                                              Q Find the stationary point and determine if it is a maximum or a minimum.b. Find the marginal cost function.
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