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The production function for doors is given by: Q=(K^(a))(L^(1-a)). The wage is equal to 1 and the price of capital is equal to 5. Consider first the short-run decisions of the firm Microhard (simply fix the level of capital at K).
a) Write down the cost minimization problem that Microhard has to solve in the short run.
b) Find the contingent demand function for labor and the corresponding short-run total cost function.
c) Find the short run-average cost and the short-run marginal cost of labor. Now consider long-run decisions, where we are free to choose the optimal amount of labor and capital.
d) Write down the cost minimization problem that Microhard has to solve in the long run.
e) Find out the contingent demand function for labor and capital and the corresponding total cost function.
f) Find the long-run average cost and the long-run marginal cost of both inputs.
Using the method of Lagrange multipliers to derive Sharifah's demand for brownies and espressos. Explain how many brownies and espressos will Sharifah consume.
If the manager of impact industries decides to produce 240 units, illustrate what will the long-run total cost also long-run average cost of producing 180 units.
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Your paper should be written using a word-processing program, likely Microsoft Word otherwise a Word-compatible program.
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illustrate what happens to economic output and inflation and explain why these changes take place.
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Elucidate how do your previous answers change in the special case where money demand does not depend on the expected rate of inflation
Merit goods have received considerable attention. Can concerts and other publicly provided services be rationalized using these ideas.
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