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Please show all work in formulas.
Suppose that you have estimated the following output function where L is labor and K is capital:
Y = K1/2L1/2
You know that the current price of labor is $8 and capital cost is $150 per machine (capital).
You currently use 64 units of capital.
For a, the Output (Y) is 100.
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Illustrate what did society gain from having brand name chicken. Illustrate what did society lose.
Explain the impact of each of the following events on the market for union labor. Union-produced TV and radio commercials convince consumers to buy domestically manufactured clothing instead of imported clothing.
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