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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: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.
Some commentators have argued that the failure of the “Super committee” is good thing for the economy? Do you agree?
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"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"
Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
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