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A paint manufacturing company has a production function Q = 2K + 2L^1/2.
a. Use the Lagrangian method to derive the input demand functions for L and K for an interior optimum.
b. What is the cost-minimizing input combination to produce 100 units of output if the firm faces input prices w= 1 and r =50? Draw an isoquant-isocost diagram and show your cost-minimizing bundle.
c. Verify that the firm's cost-minimizing input combination to produce Q = 100 involves no use of capital when r = 110 keeping w = $1. What is the amount of labor the firm would use in this situation?
d. In part ( c ), is MRTS equal to the input price ratio? If not, does it make sense that the equality is not satisfied at the optimal bundle?
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Suppose the economy is operating at potential GDP when it experiences an increase in export demand. How might the economy increase production of exports to meet this demand, given that the economy is already at full employment?
application barriers to entry and product homogeneity and their effectsbarriers to entry are forces that inhibit firms
Green et al.? (2005) estimate that the demand elasticity is minus−0.47 and the? long-run supply elasticity is 12.0 for almonds. The corresponding elasticities are minus−0.68 and 0.73 for cotton and minus−0.26 and 0.64 for processing tomatoes. if the ..
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