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Question: Consider a firm with the production function f (k, l) = 4l^(1/2) + 6k^(2/3) who faces input prices w = 3 and v = 6.
1 Is the production function concave? Does it exhibit decreasing returns to scale? Prove your answers.
2 Formulate the firm's (long-run) cost minimization problem. Do you agree that contingent input demands must be strictly positive whenever q > 0? Prove and explain your answer. Use the tangency condition to derive a relationship between k and l. Depict the firm's expansion path in a figure.
Solve the firm's (long-run) cost minimization problem [Hint: you may recognize that you can write a key condition as a quadratic equation]. Are the contingent input demands concave or convex in q? Prove your answer. Is the cost function concave or convex in q? Explain your answer and how it relates to your answer to 2.1. Can you tell whether marginal costs or average costs are higher? Explain your answer
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ECON MISC George Mason University If Harper's total costs are given by TCH = 200 + 2QH+ 0.25QH2, what total quantity will be produced by the fringe firms
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A production function is given by F(K,L) =2L(K)^1/2 (note output q= F(K,L)). In the short run K=25, and r =5, and wages are given by w. Derive the average cost, the marginal costs, and the total cost of this production function. Does it possess the p..
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Satellites A and B are in the same circular orbit of radius r. B is 1800 ahead of A. Calculate the semimajor axis of a phasing orbit in which A will rendezvous with B after just one revolution in the phasing orbit.
Sonya used to sell real estate and earn $25,000 a year, however now she sells greeting cards. Normal profit for the retailers of greeting cards is $14,000. Sonya utilized 4,000 of her savings to start her business.
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