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Crew Brew produces a popular brand of beer in its mini-brewery located on a small river in Kentucky. It uses a special formula, combined with the fresh water from the local stream, to produce a drink popular with local folks and tourists who visit during the summer fishing season, and autumn deer hunting season. The production function of Crew follows the formula: Q = 50K + 50L, where Q = barrels of beer, K = units of capital, and L = units of labor.
a) Assume that capital can be purchased for $8 per unit, and labor costs $6 per unit. What is the optimal combination of inputs for the firm to employ?
b) Assume that the cost of inputs changes to $7 for a unit of capital, and $9 for a unit of labor. What is the new optimal combination of inputs?
c) Explain the results of a. and b.
Describe why the profits of such firms tend to increase when there is the excess supply of the inputs they employ in their production process.
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Developing countries in the "Global South" turned to socialism in the past as a means to solve their economic problems.
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