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The Cobb-Douglas production function takes the form Q= AKa L1-a (a=alpha) where Q is the amount of output, K is the amount of capital input, and L is the amount of labor input. Suppose that a firm faces a linear cost-of-inputs function C= wL + rK where C is the cost of inputs, w is the wage rate, and r is the rental rate on capital
(a) Set up a Lagrangian function reflecting the constrained optimization problem of obtaining the most output given a budget C to spend on inputs. Solve this for the optimal levels of capital and labor (Answer: K= (C. alpha)/r , L= C .(1-alpha)/ w )
(b) Set up a Lagrangian function reflecting the constrained optimization problem of spending the least amount on inputs given that the level of output must equal the amount Q. Solve this for the optimal levels of capital and labor. (Answer: K= Q/A .(alpha/ 1-alpha) ^ 1-alpha . (w/r) ^ 1-alpha , L = Q/A . (alpha/ 1-alpha) ^ -alpha . (w/r)^ - alpha
Find the equilibrium price and quantities for the case in which the two taxi companies engage in Cournot (quantity) competition. What profits will Big Ben Taxis and Whitehal
Rent Payment, Food, Utilities, and All Other. Your program should add the amounts, display the total, and compute and display the percentage for each category. Dollar amount
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The table above has the market demand schedule in an industry that has two firms in it. The marginal cost of this product is zero because these two firms have exclusive owne
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A firm has two production plants where they produce the same product. The cost function at plant #1 is A) If the firm wants to produce Q total units of output, what fraction
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