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Consider a production function of three inputs, labour, capital and materials, given by Q = LKM. Let w = 5, r = 1, and m = 2, where m is the price per unit of materials. a) Suppose that the firm is required to produce Q units of output. Show how the cost-minimizing quantity of labour depends on the quantity Q. Show how the cost-minimizing quantity of capital depends on the quantity Q. Show how the cost-minimizing quantity of materials depends on the quantity Q. b) Find the equation of the firm's long-run total cost curve. c) Find the equation of the firm's long-run average cost curve. d) Suppose that the firm is required to produce Q units of output, but that its capital is fixed at a quantity of 50 units. Show how the cost-minimizing quantity of labour depends on the quantity Q. Show how the cost-minimizing quantity of materials depends on the quantity Q. e) Find the equation of the short-run total cost curve, when capital is fixed (at 50 units) and graph it along with the long-run total cost curve. f) Find the equation of the associated short-run average cost curve.
Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.
Some commentators have argued that the failure of the “Super committee” is good thing for the economy? Do you agree?
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Problem - Total Cost, Average Cost, Marginal Cost: - Complete the following table of costs for a firm. (Note: enter the figures in the MC column between outputs of 0 and 1, 1 and 2, 2 and 3, etc.)
Problem based on Oligopoly and demand curve, Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?
Explain the impact of external costs and external benefits on resource allocation; Why are public goods not produced in sufficient quantities by private markets? Which of the following are examples of public goods (or services)? Delete the incorrec..
Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..
Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:
Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..
"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"
Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
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