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Question: Suppose a market with the following production function F(K, L) = (K - 1) 1 4L 1 4 . Consider the wage w = 1 and the capital return r = 4. Suppose in the short run K = 2.
a) What is the demand for labor in the short run?
b) Calculate the cost function, marginal costs and average costs.
c) write the supply function. Consider the possible close of the firm in the short run. Draw a graph with your results.
d) Let analyze the long run case. Calculate the MRTS. Explain what it represents.
e) Calculate the demand for both production factors.
f) Calculate the cost function and average costs. What type of scale economies does it have?
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4. Why do producers have more interest in government regulation than consumers do? a. Compare and contrast the public-interest and special-interest theories of economic regulation. What is the capture theory of regulation? b. Which theory of regulati..
If the product price is $4 per unit and the price of the factor of production is $80 per unit, the profit-maximizing quantity of the factor is____ unit(s).
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qd 15 - 10 p 1.5 adv 0.4 px 2 i5.23 2.29 0.525 1.75 1.5r2 0.65n 120f 35.25standard error of y estimate 0.565qd
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What would be some recommendations for MNCs operating in less developed countries (LDC) to promote a mutually beneficial, long-term, constructive relationship based on CSR and interdependence with the LDC?
Suppose a firm's production function is: q=(K 1/2+L 1/2) 2 and that wage rate is w= $8 and the rental rate is r=$4. Find the firm's marginal rate of technical substitution.
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