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Accounting,Business & Finance,Economics,Engineering,HR Management,Math Hide all
Teaching Since: Apr 2017
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Questions Answered: 12843
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  • MBA, Ph.D in Management
    Harvard university
    Feb-1997 - Aug-2003

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  • Professor
    Strayer University
    Jan-2007 - Present

Category > Economics Posted 22 Jun 2017 My Price 8.00

Problem 1:

Problem 1:
Suppose f(L; K) = K2 + LK + L1/2K1/2: Does this production function exhibit increasing,
decreasing or constant returns to scale? Show your work.
Problem 2:
Suppose f(L;K) = KL9 w = 1;r = 2: MPL = 9L8K;MPK = L9: How much labor and capital
should the firm hire if it wants to produce 10 units of output while minimizing its cost of
production? Show your work.
Problem 3:
Suppose f(L; K) = min{2K; 5L}: w = 1; r = 2500: Derive the cost function. Show your work
Problem 4:
Suppose we have a perfectly competitive market with price p. A typical firm, in the short run,
hasVC(q)=q+aq2 andF (Fixed cost). MC(q)=1+2aq:a is a constant such that a > 0:
a) Derive expressions for AVC and AC
b) What is the range of prices for which the firm would shut down, in the short run? Explain.
c) What is the short-run supply function for the firm?
d) Suppose p = 3: Calculate firm's profits as a function of a: Show your work.
e) How do profits calculated in part d change with a? Explain.
Problem 5:
Suppose there are n identical firms each having a supply function p = aq2. What is the market
supply function? Show your work.

Answers

SuperTutor
(15)
Status NEW Posted 22 Jun 2017 03:06 AM My Price 8.00

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