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A price taking firm chooses its inputs to maximize long-run profits. Labor and capital are substitutes in production and both exhibit decreasing returns to scale, q(L, K) = L^(1/2) + K^(1/2) . The output price is 100 and the price of each of the inputs is 10.
(a) Set up the firm’s profit function and provide the two conditions for profit maximization. (b) Find the profit maximizing levels of capital and labor. (c) How does a change in labor change the optimal choice of capital?
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We manufacturer automobiles given the production function q = 5KL where q is the number of autos assembled per eight-hour shift, K is the number of robots used on the assembly line (capital) and L is the number of workers hired per hour (labor). If w..
If columns (1) and (3) of the demand data shown above are this firm's demand schedule, Illustrate what and how much will be the profit-maximizing level of output for the firm.
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Suppose that you buy, and one year later sell, a foreign (British) bond under the following circumstances
Which of the following did Phillips discover?
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