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Question 5: Suppose that the production technology is fully characterized by the Cobb-Douglas production function q = f (L,K) = ALαKβ with α+β < 1 and A,α,and β all greater than zero. MPL = AαLα-1Kβ and MPK = AβLαKβ-1 . (a) Does this production process have increasing, decreasing or constant returns to scale? (b) Set up the cost minimization problem and solve for the conditional labor and capital demands. (c) Derive the cost function and simplify the function as much as you can. Question 3. A manufacturing firm's production function is Q = KL + K +L. For this production function, MPL = K + 1 and MPK = L + 1. Suppose that the price r of capital services is equal to 1, and let w denote price of the labour services. If the firm is required to produce 5 units of output, for what values of w would a cost-minimizing firm use a) only labour? b) only capital? c) both labour and capital?
"Perfect Competition" Please responds to the following: Examine a perfectly competitive firm that you have recently purchased a product from, focusing specifically on how it relates to the characteristics of the market.
q1. how many hours will a person allocate to leisure activities if her indifference curves between consumption and
part-1what is the difference between average total cost and average variable cost?part-2michelle slatalla new york
in the early part of the last decade there was an overproduction of coffee. the price dropped so low that producers
why have soft drink firms chosen to use aluminum cans over glass bottles to fill its contents? how does the recycling
A television station is planning the sale of promotional DVDs. It can have DVDs manufactured by one of two suppliers. Supplier A will charge the station a set-up fees of $1,200 plus $2 for each DVD.
Begin by explaining fiscal policy.
How does the amount of unemployment created by an increase in the minimum wage depend on the elasticity of labor demand Do you think an increase in the minimum wage will have a greater unemployment effect in the fast-food industry
1. marginal revenue product is defined as the change in total revenue that results from the employment of an additional
What is the difference between elastic and inelastic demand. Please be precise. If a restaurant increases its price of coffee from $ 1.00 to $ 1.20 and quantity demanded falls from 100 cups to 80 cups. How can I compute the price elasticity of dema..
the total output and price produced in an oligopoly market characterized by a dominant firm and a fringe. SF represents the supply curve of the fringe, D is the market demand curve, DRES represents the residual demand curve of the dominant firm.
Which of the following correctly characterizes the shape of a production-possibilities curve? A) A straight line indicating the law of increasing opportunity costs applies
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