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CHAPTER 10:
Cost Functions
ANSWER: b
ANSWER: c
10.3 In order to minimize the cost of a particular level of output, a firm should produce where
v
b. the RTS (of L for K) = .
w
© 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly
accessible website, in whole or in part.
Chapter 10: Cost Functions 39
w
c. the RTS (of L for K) =
v
v
d. the MRS = .
w
ANSWER: c
b. cost-minimizing input choices for all possible output levels for when input rental
rates expand along with production.
c. cost-minimizing input choices for all possible output levels for a fixed set of input
prices.
ANSWER: c
a. is a straight line through the origin with a slope greater than one if w > v.
b. is a straight line through the origin with a slope less than one if w < v .
c. is a straight line through the origin though its slope cannot be determined by w
and v alone.
ANSWER: c
10.6. A firm whose production function displays increasing returns to scale will have a total
cost curve that is
© 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly
accessible website, in whole or in part.
40 Chapter 10: Cost Functions
ANSWER: b
10.7 A linear total cost curve which passes through the origin implies that
ANSWER: c
10.8 As long as marginal cost is below average cost, average cost will be
a. falling.
b. rising.
c. constant.
ANSWER: a
a. both average total costs and average variable costs will be falling.
b. average total costs will be falling but average costs may be rising or falling.
d. average total costs are falling but average fixed costs may be rising.
ANSWER: a
© 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly
accessible website, in whole or in part.
Chapter 10: Cost Functions 41
10.10 The average fixed cost curve always has a negative slope because
ANSWER: d
b. the underlying nature of the firm's production function when all inputs are able to
be varied.
d. the way in which the firm's expansion path reacts to changes in the rental rate on
capital.
ANSWER: b
a. marginal costs are constant but the average cost curve has a U-shape.
ANSWER: b
b. are usually greater than or equal to its short-run costs except in the case of
diminishing returns to scale.
d. are usually less than or equal to its short-run costs except in the case of
diminishing returns to scale.
ANSWER: c
10.14 An increase in the wage rate will have a greater effect on average costs
a. the larger the proportion labor costs are of total costs and the easier it is to
substitute capital for labor.
b. the larger the proportion labor costs are of total costs and the harder it is to
substitute capital for labor.
ANSWER: b
b. not affect the production function, but may shift cost curves.
c. shift a firm's production function and alter its marginal revenue curve.
d. shift a firm's production function and cause more capital (and less labor) to be
hired.
ANSWER: a
10.16 The Cobb-Douglas production function q = k .5 l .75 yields the cost function C =
(where B is a constant).
a. Bq v1 2 w3 4 .
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accessible website, in whole or in part.
Chapter 10: Cost Functions 43
5/4
b. Bq v1 2 w3 4 .
4/5
c. Bq v1/2 w3/4 .
4/5
d. Bq v 2/5 w3/5 .
ANSWER: d
.8
10.17 For the cost function C = q v .4 w.6 consider the following statements:
a. None is true.
c. Only I is true.
ANSWER: d
ANSWER: a
10.19 The input demand functions that can be derived from cost functions are referred to as
“contingent” demand functions because the functions:
© 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly
accessible website, in whole or in part.
44 Chapter 10: Cost Functions
ANSWER: b
ANSWER: b
© 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly
accessible website, in whole or in part.
Exploring the Variety of Random
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The Project Gutenberg eBook of The
Centenary Garland
This ebook is for the use of anyone anywhere in the United States
and most other parts of the world at no cost and with almost no
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Language: English
William P. Nimmo.
1871.
PREFATORY NOTE,
BY THE EDITOR.
T
HE enthusiasm with which Scotsmen and others have hailed
the proposal to celebrate in public demonstration the
Centenary of Sir Walter Scott's birth, has suggested the
publication of this little work. The Memoir includes some
interesting particulars omitted by preceding biographers; while a
history of the Scott Monument at Edinburgh has been prepared from
original materials. The illustrations are printed on stone by Messrs
Schenck & M'Farlane, from steel plates by artists of eminence. The
spirited etchings by Mr George Cruikshank will be especially
welcomed by the numerous admirers of that distinguished artist. It
has been the Editor's aim to produce a souvenir worthy of the
occasion, and he is inclined to believe that his intentions have been
in some measure realised.
CHARLES ROGERS.
Snowdoun Villa,
Lewisham, Kent,
June 1871.
CONTENTS
MEMOIR.
THE CENTENARY GARLAND.
WAVERLEY.
GUY MANNERING.
THE ANTIQUARY.
ROB ROY,
OLD MORTALITY.
A LEGEND OF MONTROSE,
THE BLACK DWARF,
THE HEART OF MID-LOTHIAN.
THE BRIDE OF LAMMERMOOR.
IVANHOE.
THE MONASTERY.
THE ABBOT.
KENILWORTH.
THE PIRATE.
FORTUNES OF NIGEL
PEVERIL OF THE PEAK.
QUENTIN DURWARD.
ST RONAN'S WELL
RED GAUNTLET.
THE BETROTHED.
THE HIGHLAND WIDOW.
THE TALISMAN.
WOODSTOCK.
THE FAIR MAID OF PERTH.
ANNE OF GEIERSTEIN.
THE SURGEON'S DAUGHTER.
COUNT ROBERT OF PARIS.
MEMOIR.
Enlarge
O
N the 15th of August 1771, at Edinburgh, it is believed, Sir
Walter Scott was born, but his birth does not seem to have
been entered in any Register. The Scots Magazine recorded
only births in families of distinction, and Edinburgh
newspapers had not yet begun to notify domestic changes. The Kirk-
session Registers of the capital were indeed well kept, but parents
who claimed for their children baptism in the Established Church
were those only who systematically enrolled the names of their
offspring in the Presbyterian Records. The father of the great
novelist, Walter Scott, Writer to the Signet, was a member of the
Scottish Episcopal Church, in which, doubtless, his children were
baptized. He therefore ignored the Presbyterian registers; yet it is
sufficiently singular that, albeit a man of business of good capacity,
he was not careful to secure elsewhere a record of his children's
births.
Sir Walter was born in a house which has long ago disappeared; it
stood at the head of the College Wynd, and was removed to make
room for the northern front of the University buildings. On his
father's side he was descended from the Scotts of Harden, the elder
branch of the great Border sept of that name. In his personal
aspects he much resembled his paternal ancestry, his features being
of the Saxon type, rugged, massive, heavy,-almost stolid. Through
his paternal grandmother, he traced an old lineage in the Haliburtons
of Newmains, a considerable family of Berwickshire landowners. Of
the Haliburtons he printed for family use a volume of "Memorials,"
and he rejoiced, through his descent from that sept, to possess a
right of sepulture in Dryburgh Abbey. On his mother's side, his
progenitors were likewise respectable; his maternal grandfather, Dr
John Rutherford, was Professor of the Practice of Physic in
Edinburgh University, and his mother's brother, Dr Daniel Rutherford,
an eminent chemist, occupied the Chair of Botany. His mother
possessed a vigorous intellect, which she had successfully cultivated.
Of a family of twelve, six of whom survived infancy, Walter alone
evinced the possession of genius. Born a healthy child, he became
exposed to serious peril by being intrusted to a consumptive nurse.
When under two years old, he was seized with an illness which
impaired the use of his right limb, a misfortune which continued
during his life. With the view of restoring his strength, he was placed
with his paternal grandfather, Robert Scott, who rented the farm of
Sandyknowe, near Smailholm Tower, Roxburghshire. At Sandyknowe,
he narrowly escaped destruction through the violence of a servant
who had become insane; but he had afterwards to congratulate
himself on having formed an early acquaintance with rural scenes.
No advantage arising to his lameness, he was, in his fourth year,
removed to Bath, where he remained some time without
experiencing benefit from the thermal waters. The three following
years were chiefly spent at Sandyknowe. In his eighth year he
returned to Edinburgh, with his mind largely stored with Border
legends derived from his grandmother, a person of romantic humour
and sprightly intelligence. At this period, Pope's translation of Homer,
and the songs of Ramsay's "Evergreen," were his favourite studies;
he took delight in reading aloud the more striking passages. In 1779
he was sent to the High School, where he had the advantage of
being taught by Mr Luke Fraser, an able scholar, and Dr Adam, the
erudite Rector. His scholastic progress was not equal to his talents;
he was devoted to romance, and experienced greater pleasure in a
country ramble, than in giving due attention to the business of the
class-room. As he became older, his love of miscellaneous literature
amounted to a passion; and as his memory was singularly retentive,
he accumulated a store of knowledge.
On the completion of his High School attendances, he was sent to
reside with relatives at Kelso; and in this interesting locality his early
attachment to legendary lore experienced a revival. Returning to
Edinburgh, he, in October 1783, entered the University. Here his
progress was even less marked than it had been at school. Mr
Dalzell, the Professor of Greek, spoke of his hopeless incapacity. The
Professor survived to make reparation for prophesying so rashly.
The aspirations of the future poet turned to a military life; but his
lameness interposed a barrier. At length he adopted a profession
suitable to his physical capabilities; in his fourteenth year he entered
into indentures with his father.
To confinement at the desk, irksome to one of his peculiar tastes,
he was reconciled by the consideration that his fees enabled him to
add to his library.
Rapid growth in a constitution which continued delicate till his
fifteenth year, led to his bursting a blood-vessel. While precluded
from active duty, being closely confined to his bed, and not allowed
to exert himself by speaking, he was yet permitted to read, a
privilege of which he largely availed himself. To complete his
recovery, he was recommended exercise on horseback; and in
obeying his physician, he gratified his own inclinations by visiting
localities famous in history or tradition. When his health was
restored, he engaged in the study of law, which he did seriously.
After passing the requisite examinations, he was on the 10th July
1792, called to the Bar. At the age of twelve he had composed some
verses for his preceptor, Dr Adam; but he seems in early life to have
written little poetry, while his prose compositions lacked force of
thought and ease of diction. As an advocate his manner was not
very attractive, and both suitors and their agents had obtained the
notion, not quite unfounded, that the young barrister was more
inclined to literary than legal pursuits. Scott was not unconscious of
the popular judgment, and began to dream of independence in other
spheres. He thought of marriage. He courted unsuccessfully Miss
Williamina Stuart, whose mother had been his own mother's early
friend, and who was personally an heiress. She refused him, and
with a heart stung by disappointment, and ready to seek relief on
the first fitting opportunity, he at the rising of the Court in July 1797,
joined a little party of friends in a tour to Cumberland. Not long after,
a charming brunette at Gilsland Spa arrested his fancy and stole his
affection. She was an attractive young Frenchwoman, a ward of Lord
Downshire, and under the temporary protection of a respected
English clergyman. After a short acquaintance Scott proposed and
was accepted. He was married in St Mary's Church, Carlisle, on the
24th December 1797. With less haste he might have married more
advantageously. As it was, he was now free from any apprehension
about the means of living, for his wife, Charlotte Charpentier,
possessed an annuity of £200. His own finances were materially
increased in 1800, when he became Sheriff of Selkirkshire, with a
salary of £300.
While in his father's office Scott had studied French and Italian,
and made himself familiar with the writings of Tasso and Ariosto.
Afterwards he obtained an acquaintance with German ballad poetry,
through the translations of Mr Lewis. In 1796, he made his début as
an author, by publishing translations of "Lenoré" and "The Wild
Huntsman" of Bürger. The attempt was unsuccessful. A second time
he essayed his skill as a translator, by publishing in 1799, an English
version of Goethe's "Goetz of Berlichingen." It was better received,
but his fame was destined to rest on a more substantial basis than
on the art of translation.
The ballads and songs of the south of Scotland, preserved among
the peasantry, had at an early period occupied his attention. He now
made excursions to Liddesdale in quest of these interesting remains;
and the fruits of his research, along with much curious information,
he gave to the world in 1802, in two octavo volumes, entitled
"Minstrelsy of the Scottish Border."' He afterwards added a third
volume, consisting of imitations of ancient ballads, composed by
himself and others. These volumes were issued from the printing
press of his early friend, James Ballantyne of Kelso, who had already
begun to indicate his skill as a typographer.
In 1804, he published from the Auchinleck Manuscript, the ancient
metrical tale of "Sir Tristrem." In an introduction, he endeavoured to
show that it was composed by Thomas of Ercildoune, better known
as the Rhymer. "The Lay of the Last Minstrel," a ballad poem,
appeared from his pen in 1805, and obtaining an extensive
circulation, procured for him poetical fame and an immediate profit
of £600.
Scott's prosperity rose with his reputation. In 1806 he was
appointed a principal clerk in the Court of Session, an office which
afterwards yielded him £1200 per annum. To literary work he
henceforth dedicated the intervals of leisure. In 1808 he produced
"Marmion," his second great poem, which brought him £1000, and
materially increased his fame. During the same year he edited the
works of Dryden, in eighteen volumes. In 1809 he edited the "State
Papers and Letters of Sir Ralph Sadler," and became a contributor to
the "Edinburgh Annual Register," conducted by Southey. "The Lady
of the Lake," the most happily-conceived of his poetical works,
appeared in 1810; "Don Roderick," in 1811; "Rokeby," in 1813; and
"The Lord of the Isles," in 1814. "Harold the Dauntless," and "The
Bridal of Triermain," appeared subsequently.
After the publication of "Marmion," Mr Alexander Gibson Hunter of
Blackness, partner in the publishing house of Constable & Co., a
gentleman of superior culture, entreated the author to dedicate his
talents to prose fiction, with the prediction that he would in this
department attain an eminence unrivalled in literature.* Scott did
not readily accept the proffered counsel; he dreaded that by sailing
in unexplored waters he might make shipwreck of his poetical
laurels. A prose tale which he had commenced in 1805, was on this
account laid aside; and when it was again taken up and completed,
and under the title of "Waverley" given to the world, it was without
the authors name. This was in 1814, when Sir Walter was in his 43rd
year. "Waverley" sold slowly at first, but after some favourable
criticisms the demand steadily increased till twelve thousand copies
were put into circulation. Having attained such an earnest of success
as a writer of fiction, he chose in this department to maintain his
original incognito, abundantly content to rest his personal distinction
on his celebrity as a poet. The author of "Waverley" accordingly soon
passed into "The Great Unknown;" and the rapidity with which this
mysterious character produced a succession of entertaining
romances became one of the marvels of the age; while attempts to
withdraw the curtain which concealed his individuality proved
comparatively unavailing. Each year gave birth to one-often two-
novels, of a class infinitely superior to the romances of the past age,
and all having reference to the manners and customs of the most
interesting and chivalrous periods of Scottish or British history.
Subsequent to the publication of "Guy Mannering" and "The
Antiquary," in 1815 and 1816, and as an expedient to sustain public
interest, a series of novels was commenced, under the title of "Tales
of my Landlord," these being professedly written by a different
author; but this resort was afterwards abandoned. Every romance by
the author of "Waverley" awakened renewed enthusiasm, and
commanded a universal circulation throughout Britain and America.
In 1814 Scott published an edition of Swift's works in nineteen
octavo volumes. For some years after his marriage he occupied a
cottage at Lasswade; in 1804 he removed to Ashestiel, a mansion
situated on the banks of the Tweed, near Innerleithen, where for
several years he continued to reside during the vacation of the
Court. His ruling desire was, to acquire an ample demesne, and thus
to realise in his own person, and by his representatives, somewhat
of the territorial importance of those old barons, whose wassails and
feuds he delighted to celebrate. To attain such a distinction he was
prepared to incur many sacrifices; nor in comparison did he value
the highest literary honours. In 1811 he purchased, on the south
bank of the Tweed, near Melrose, the little farm of Clarty Hole, the
first portion of that estate which under the name of Abbotsford has
become indelibly associated with his name. The soil was wet and
unpromising, but by a course of agricultural appliances the place
began to display considerable amenities. The mansion, a curious
amalgamation of different styles of Scottish manorial architecture,
was partly built in 1811, and gradually extended with the increasing
emoluments of the owner. By successive purchases the Abbotsford
property was increased till the rental amounted to about £700 a
year, a return not too great for an expenditure of at least £50,000.