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A perfectly competitive firm hires its machines at a constant rental rate of r = 5 euros per unit and its workers at a constant wage rate of w = 4 euros per unit. It can also sell as much output as it wishes at the ruling market price of P = 40 euros. The firm's production function is given by: Q = K0.25 L0.5
where L is labour and K is capital.
(a) If the firm wishes to maximise profits, write down the constrained maximum problem that the firm faces.
(b) Determine the profit maximising levels of capital, labour and output.
In a simple economy, people consume only 2 goods, food and clothing. The market basket of goods used to compute the CPI has 50 units of food and 10 units of clothing.
Replicate the estimations in Table 2 on page 82 of Graddy (1995), but excluding the data of King Whiting.
kindly help in in doing the assignment
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