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A firm has a production function given by Q=10K^0.25L^0.25. Suppose that each unit of capital costs R and each unit of labor costs W.
a. Derive the long run demands for capital and labor.
b. Derive the total cost curve for this firm.
c. Derive the long-run average costs change with increases in output? explain
e. Confirm that the value of the Lagrange multiplier you get from the cost minimization problem in part (a) is equal to the marginal cost curve you found in part (c)
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Which of the following is not a valid point in debating the merits of increasing government expenditures or cutting taxes during a recession?
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Can we say confidently whether good X is a normal good or an inferior good.
Either design will serve equally well and will involve the same material and manufacturing costs excluding the lathe as well as drilling operations.
Suppose that demand for a product is given by Q=1000-P. Supply of the product is given by Q=2P. There is a positive consumption externality from this product, in the amount of $5 per unit. What quantity of the good is consumed under the private marke..
Your selected organization must be submitted for instructor approval. Identify the market structure in which this organization competes. Clearly indicate why the market structure was decided upon and how this market structure differentiates from the ..
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