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A firm has production function q=2LK+K . The price of labor is w=1 and the price of capital is r=1. (L and Kdo not have to be integers.) a) Suppose in the short run, capital is fixed at K=5. What is the equation of the shortrun total cost curve? b) In the long run, what is the cost-minimizing input combination when the firm produces q=18? What is the level of total cost at this input choice? c) Suppose now w=8 and r=1. What is the long-run cost-minimizing input combination when the firm produces q=3? What is the level of total cost at this input choice? Suppose in the short run, capital is fixed at K=1. What is the level of total cost in the short run if the firm produces q=3?
How much will Jacob earn? What proportion of his annual salary will be economic rent? Why won't the advertising company for which Jacobs works be able to earn an economic profit?
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Compute the price elasticity of demand for paint and show your calculations. Decide whether the demand for paint is elastic, unitary elastic, or inelastic. Explain your reasoning and interpret your results.
question 1. a. using the data from table calculate the elasticity of demand and elasticity of supply at each price
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