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Suppose a firm's production function is given by f (L ,K) =5 (LK)1/2 , where L denotes the use of labor and K denotes the use of capital. Letting w denote the price of labor and r the price of capital, suppose that w = $6, and r = $48. Answer the following question for this firm
a) Derive the conditional input demand functions for both labor and capital.
b) What is the equation for the firm's cost function?
c) Derive the expressions for the marginal and average cost functions , and illustrate them together graphically.
d) Write an expression for the firm's long-run supply function and depict it on your graph.
question on 4 different graphs illustrate what happens to equilibrium price and quantity in the market for orange juice
most spells of unemployment are short and most unemployment observed at any given time is long term. how can this
Briefly explain the meaning of MRTS for this production function and what is elasticity of substitution when the capital-labour ratio changes from 1/10 to 1/30?
How important to a company's success is community involvement? Is it truly necessary or just encouraged? What does the company you work for (or one where you were previously employed) do for the community? Is this an attractive company for others in ..
Draw an AD/AS graph and a money market graph side-by-side. For the money market, use an upward sloping money supply curve and assume that the equilibrium interest rate in the money market is 5%.
Fill in the blanks for each price-quantity combination listed in the following table. Now graph this relationship, making sure to label each axis. What relationship have you depicted?Price Quantity Price Elasticity Total Revenue
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What is isoquants and at what point an isoquants are economically efficient?
1 suppose x is a discrete variable that has the following probability density functiona calculate the cumulative
Why might some people claim that the breakfast cereal industry is monopolistically competitive but that the automobile industry is an oligopoly? In both cases, about eight to ten firms dominate the industry.
1which of the following is the best example of an automatic stabilizer?a welfare paymentsb foreign aidc defense
suppose that the reserve requirement ratio is 5 and that the fed uses open market operations by selling 100 million
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