Draw the long-run conditional labor demand
Course:- Microeconomics
Reference No.:- EM13700090

Assignment Help >> Microeconomics

A firm’s production function is given by: f(L, k) = L^1/2 , where L is the only input into production and it is variable in both the short and long run. Draw the long-run conditional labor demand in (L,Q) space (in other words, with L on the x-axis)

Put your comment

Ask Question & Get Answers from Experts
Browse some more (Microeconomics) Materials
Use the IS-LM model to determine the effects of each of the following on the general equilibrium values of the real wage, employment, output, real interest rate, consumption,
Draw an "aggregate supply-aggregate demand" diagram that shows an economy suffering from high levels of unemployment. Show the effects of the following events on the Aggregate
Scarcity underlies the need for an economic system of any type. What is scarcity? Is it possible to ever eliminate scarcity? In what two ways could an economy try to eliminate
suppose that lin jun subscribes to the 88 yuan per month plan. (i) how much calling time would she consume? (ii) what would be her total benefit? (iii) what would be her bu
These multiple choice questions related to Economics. The first question is about firms making normal profits in the long run would motivate new entrants into entering the i
The sample mean was 42,300 miles and the sample standard deviation was 7,500 miles. What is the 95% confidence interval estimate for the tread life of that entire model prod
In 2011, the price of peanuts was rising, which lead peanut butter sellers and peanut butter buyers to expect the price of peanut butter would rise in the future. Suppose the
MPL=100 MPK=500 PL=50 PK=10. Is the firm minimizing costs? If not, how should the firm adjust its input set? What is the willingness condition for cost minimization? What