Reference no: EM132200820
Question: PLEASE PROVIDE STEP BY STEP SOLUTIONS
1a) For each of the following production functions (a-c) an swer the following questions (i-v):
i) Calculate the marginal products MPL and MPK.
ii) Calculate M RTSL,K and determine if this is diminishing as good L increases.
iii) If Q0 = 64, w = 1 and r = 4, determine long-run costminimizing combination of labor and capital and the associated total cost.
iv) If Q0 = 64,w=1 and r = 4,determine short- run cost minimizing combination of labor and capital and the associated total cost if the firm is stuck with K Ì„ = 1 unit of capital. (numbers may not be nice)
v) How much money is the firm losing by being stuckwith K = 1 in the short run.
(a) Q(L,K)= 4L1/2K1/2.
(b) Q(L,K) =16L2 +4K2.
(c) Q(L,K)=4LK+12K.
1b) For each of the following production functions (a and b) answer the following questions (i-iv). Find the following equations in terms of Q0, w and r.
i) Long-run capital and labor demand curve.
ii) Long-run total cost curve.
iii) Short-run capital and labor demand curve if the firm is stuck with L Ì„ = 2.
iv) Short-run total cost if the firm is stuck with L Ì„ = 2.
(a) Q(L,K) = 5LK.
(b) Q(L,K) = LK+3K.
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