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Question 5: Suppose that the production technology is fully characterized by the Cobb-Douglas production function q = f (L,K) = ALαKβ with α+β < 1 and A,α,and β all greater than zero. MPL = AαLα-1Kβ and MPK = AβLαKβ-1 . (a) Does this production process have increasing, decreasing or constant returns to scale? (b) Set up the cost minimization problem and solve for the conditional labor and capital demands. (c) Derive the cost function and simplify the function as much as you can. Question 3. A manufacturing firm's production function is Q = KL + K +L. For this production function, MPL = K + 1 and MPK = L + 1. Suppose that the price r of capital services is equal to 1, and let w denote price of the labour services. If the firm is required to produce 5 units of output, for what values of w would a cost-minimizing firm use a) only labour? b) only capital? c) both labour and capital?
Corporations such as McDonalds may be partially responsible for health issues such as obesity, but how much of the responsibility goes to the US Dept. of Agriculture, which has subsidized the production of cheap and nutritionally empty foods
at what point is average total cost minimized? ltbrgt ltbrgt240 ltbrgt113.3333333 ltbrgt73.3333333 ltbrgt54
How to write an assignment on money and banking topic- newyork money market (college assignment-UG)
Give an example of how you would use this information to set the price for your product in the market place and explain one factor in detail about how shifting demand and supply curves makes market demand estimation difficult
the supply and demand schedules for tickets to basketball games in town of oakwood are given in the table below.price
If prices rise, people's income from selling goods increases. However, the growth of real GDP ignores this gain. Given this information, why do economists prefer real GDP as a measure of economic well-being
you know the water park will increase the traffic flow in the streets around the water park. there are both businesses
All other factors held constant, what would be the effect on the demand for money (M1) of each of the following situations. Explain the rationale behind your responses.
Supporter of free market systems discuss that free enterprise leads to more efficient production and better response to changing customers preferences.
explain how a 0.5 adjustment in domestic interest rates would affect international investment flows. determine if
a corporation purchased a machine for 60000 five years ago. it had an estimated life of 10 years and an estimated
Outsourcing A. What is outsourcing Give examples of outsourcing in the manufacturing and services industries. Explain the examples. What is the difference between outsourcing and off shoring
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