1) Educational production

a) Write down your personal production function for this course; g (l,t,e,s) [0,100] where ?

l [0,11] is the number of lectures you attend/watch,

t [0,11] is the number of tutorials you attend/watch,

e [0,80] is the effort hours you put into doing individual assignments, and

s [0,20] is your individual effort hours in doing the group assignment.

For simplicity, assume the start-up pitch group assignment grade only depends on your individual effort ?.

Use the function you provide in 1a to answer questions 1b, 1c and 1d.

b) What is the value of g (0,0,0,0) (i.e., what mark do you get for doing nothing at all)?

c) What is the value of g (11, 11, 80, 20) (i.e., what mark do you get for studying as hard as

possible?

d) Does your production function exhibit increasing, decreasing or constant returns to scale (at

all or some output levels)? Explain.

Thank you