Describing labor demand in this economy as a function

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Q. Consider the demand also supply of golf balls

Qd=90-2P-2T
Qs=-9+5P-2.5R
Where
R is Rubber
T is Titanium

If R=2 also T=10

Compute equilibrium price also quantity.

Compute price elasticity of demand also price elasticity of supply.

Compute cross price elasticity of demand.

Q. If an economy can be described by the Cobb Douglass Production function Y= K^(1/3)L^(2/3) also k=1000 also L=1000, Elucidate how can you derive an equation describing labor demand in this economy as a function of the real wage also capital stock?

Reference no: EM1320641

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