Maurice Tutor

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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 02 Feb 2018 My Price 4.00

Cobb–Douglas combinati

Consider a firm that produces output using a Cobb–Douglas combination of capital and labor: Y = KαL1−α, 0 < α="">< 1.="" suppose="" that="" the="" firm’s="" price="" is="" fixed="" in="" the="" short="" run;="" thus="" it="" takes="" both="" the="" price="" of="" its="" product,="" p,="" and="" the="" quantity,="" y,="" as="" given.="" input="" markets="" are="" competitive;="" thus="" the="" firm="" takes="" the="" wage,="" w,="" and="" the="" rental="" price="" of="" capital,="">K, as given.

(a) What is the firm’s choice of L given P, Y, W, and K?

(b) Given this choice of L, what are profits as a function of P, Y, W, and K?

(c) Find the first-order condition for the profit-maximizing choice of K. Is the second-order condition satisfied?

(d) Solve the first-order condition in part (c) for K as a function of P, Y, W, and rK. How, if at all, do changes in each of these variables affect K?

Answers

Maurice Tutor
(5)
Status NEW Posted 02 Feb 2018 09:02 PM My Price 4.00

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