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    Harvard university
    Feb-1997 - Aug-2003

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    Strayer University
    Jan-2007 - Present

Category > Economics Posted 22 Jun 2017 My Price 6.00

Homework 4

Homework 4 due date June 14
Stundet’s Name:
Total Points: 100
Problem 1 (20 points):
Suppose f (L; K) = K 2 + LK + L1=2 K 1=2 : Does this production function
exhibit increasing, decreasing or constant returns to scale? Show your work.
Problem 2 (20 points):
Suppose f (L; K) = KL9 w = 1; r = 2: M P L = 9L8 K; M P K = L9 : How
much labor and capital should the …rm hire if it wants to produce 10 units of
output while minimizing its cost of production? Show your work. Problem 3 (20 points):
Suppose f (L; K) = minf2K; 5Lg: w = 1; r = 2500: Derive the cost function.
Show your work Problem 4 (25 points):
Suppose we have a perfectly competitive market with price p. A typical …rm
has V C(q) = q + aq 2 and F (…xed cost). M C(q) = 1 + 2aq: a is a constant such
that a > 0:
a) (5 points) Derive expressions for AV C and AC
b) (5 points) What is the range of prices for which the …rm would shut down?
Explain.
c) (5 points) What is the supply function for the …rm?
d) (8 points) Suppose p = 3: Calculate …rm’s pro…ts as a function of a: Show
your work.
e) (2 points) How do pro…ts calculated in part d change with a? Explain.
Problem 5 (15 points):
Suppose there are n identical …rms each having a supply function p = aq 2 .
What is the market supply function? Show your work.
: 1

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SuperTutor
(15)
Status NEW Posted 22 Jun 2017 04:06 AM My Price 6.00

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