Reference no: EM131067832
There are 2 firms in the market and each of them plans the production as Q = K1/3L1/3, where K is capital and L labor. Given K=8, capital rental rate R=0.5, and wage W=8, answer the following questions if the market demand function is Q = (P+2)1/2
1. What is the supply relation by a firm?
2. What is the labor demand relation by a firm?
3. Can you derive the variable cost of a firm?
4. What is the total cost of a firm?
5. What is the cost of producing more units of good?
6. In equilibrium, what is the supply function of a firm?
7. What is the total supply function of the economy?
8. What is the equilibrium price for goods?
9. What is the equilibrium quantity of goods?
10. How much labor will a firm demand?
11. What is the revenue of a firm?
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What is the supply relation by a firm
: There are 2 firms in the market and each of them plans the production as Q = K1/3L1/3, where K is capital and L labor. Given K=8, capital rental rate R=0.5, and wage W=8, answer the following questions if the market demand function is Q = (P+2)1/2
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