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Q.15. Given a set of five distinct real numbers, the ZONK of the set is defined to be the average of the maximum and the minimum numbers in the set. Given a set of ten distinct real numbers, the GRAND ZONK of the set is defined to be the maximum of the ZONKs of all possible subsets of five real numbers included in this set. What is the GRAND ZONK of the set consisting of the first ten positive integers?
(a) 7.5
(b) 5
(c) 2.5
(d) None of the above
Q.25 A price taking firm makes machine tools (Y) using labour (L) and capital (K) according to production function : Y = L^0.25 K^0.25. Labour can be hired only at the beginning of every month. Wage rate = rental rate of capital = 10.
given the above information, the short run (week) TVC of producing Y machine tools = 10 Y^4/K * where the amount of capital is fixed at K*. In the long run (month) when both inputs can be varied, the
TC= 20 y^2
a) At the beginning of the month of January, the firm is making long - run decisions given that the price of machine tools = 400. What is the long- run profit max no. of machine tools? How many units of L and K should the firm hire at the beginning of January?
b) Suppose at the beginning of the third week of January, the price of machine tools increases to 691.20. What is the new short run profit max. level of Y. How many extra unit of L will the firm hire for the rest of January?
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