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Housing Supply Assume that housing production is represented by A Y = 1 4K...
Housing Supply Assume that housing production is represented by A Y = 1 3 + 4L 4K L is land and K is capital. Cost...
Housing Supply Assume that housing production is represented by A Y = 1 3 + 4L 4K L is land and K is capital. Costs are given by C = rL + K where r is the price of m is income, and p is the price of housing In terms of r and A, what is the cost of producing a single unit of housing (i.e. by setting Y=1), c(r, A)? 3. Plot this unit-cost curve for A- 1...
Housing Supply Assume that housing production is represented by A Y = 1 3 4L+ 4K...
Housing Supply Assume that housing production is represented by A Y = 1 3 4L+ 4K L is land and K is capital. Costs are given by C = rL + K where r is the price of m is income, and p is the price of housing 1. What is the marginai poroduct of land in terms of output Y and land L?
G Housing Supply Assume that housing production is represented by Y = T + L is land and K is capital. Costs are given...
G Housing Supply Assume that housing production is represented by Y = T + L is land and K is capital. Costs are given by C=rL + K 7. Taking L = 1, what is the marginal cost of producing housing in terms of the amount produced, MC(Y, A)?
2. A firm has the production function y = 4LK. The marginal products are given by...
2. A firm has the production function y = 4LK. The marginal products are given by MPL = 4K and MPK = 4L. (a) Provide an expression for the long run total cost function. (b) Now suppose that wi = WK = 25. Write out the expression for the long run total cost curve, and plot it on a graph. (C) With wi = wK = 25, derive the long run average cost curve, and plot it on a graph....
2. A firm has the production function y = 4LK. The marginal products are given by...
2. A firm has the production function y = 4LK. The marginal products are given by MP = 4K and MPx = 4L. (a) Provide an expression for the long run total cost function. (b) Now suppose that wu = WK = 25. Write out the expression for the long run total cost curve, and plot it on a graph. (c) With WL = WK = 25, derive the long run average cost curve, and plot it on a graph....
4. Consider the production functions given below: a. Suppose that the production function faced by a...
4. Consider the production functions given below: a. Suppose that the production function faced by a milk producer is given by Q = 40.5 20.5 = 4VK VL, where MPx = 2K-0.5 20.5 = 2 and MP, = 2 K0.5L-05 = 2 * i. Do both labor and capital display diminishing marginal products in the short run? ii. Find the marginal rate of technical substitution for this production function. (Hint: The MRTS = 1) iii. Does this production function display...
question 4 a and b please 4. Consider the production function y = LK/10, where L...
question 4 a and b please
4. Consider the production function y = LK/10, where L is labor and K is capital. (This is from Chapter 9, Exercise 4.) The factor prices are wi = 10 and wx = 100. Suppose the amount of capital, K, is fixed at 1 unit (a) Derive the short-run cost function (y). (b) Derive and graph the average total cost function ATC(y), the average variable cost function AVC(y), and the short-run marginal cost function...
N-1 N=2 N-4 N-16 Table 3: Question 4, Part2 Question 4: The Aggregate Production Function (30...
N-1 N=2 N-4 N-16 Table 3: Question 4, Part2 Question 4: The Aggregate Production Function (30 Marks) This question focuses on labour productivity, labour demand, and generally on the production function. Assume that the Aggregate Production Function is represented by the following equation: Y stands for output, K stands for the capital stock, N stands for the number of people employed, L stands for the quantity of land used in production, and A stands for a measure of labour efficiency...
7. For the production function q= min(K, 4L) (a) Assume that capital K is fixed at...
7. For the production function q= min(K, 4L) (a) Assume that capital K is fixed at 100 units. Derive and plot Page 2 of . The total product function q(L) ii. The marginal product function MPL(L) ii. The average product function AP(L) (b) Suppose the price of labour w is $1 and the rental rate r is also $1. Derive and plot all cost functions; that is: i. Short run total cost. ii. Variable cost. iii. Fixed cost. iv. Short...
7. For the production function q min(K,4L ): (a) Assume that capital K is fixed at...
7. For the production function q min(K,4L ): (a) Assume that capital K is fixed at 100 units. Derive and plot: i, The total product function q(L) ii. The marginal product function MPL(L). iii. The average product function APL(L). (b) Suppose the price of labour w is $1 and the rental rate r is also $1. Derive and plot all cost functions; that is: i. Short run total cost. ii. Variable cost. iii. Fixed cost. iv. Short run average cost....
Housing Supply Assume that housing production is represented by A Y = 1 3 + 4L 4K L is land and K is capital. Costs are given by C = rL + K where r is the price of m is income, and p is the price of housing In terms of r and A, what is the cost of producing a single unit of housing (i.e. by setting Y=1), c(r, A)? 3. Plot this unit-cost curve for A- 1...
Housing Supply Assume that housing production is represented by A Y = 1 3 4L+ 4K L is land and K is capital. Costs are given by C = rL + K where r is the price of m is income, and p is the price of housing 1. What is the marginai poroduct of land in terms of output Y and land L?
G Housing Supply Assume that housing production is represented by Y = T + L is land and K is capital. Costs are given by C=rL + K 7. Taking L = 1, what is the marginal cost of producing housing in terms of the amount produced, MC(Y, A)?
2. A firm has the production function y = 4LK. The marginal products are given by MPL = 4K and MPK = 4L. (a) Provide an expression for the long run total cost function. (b) Now suppose that wi = WK = 25. Write out the expression for the long run total cost curve, and plot it on a graph. (C) With wi = wK = 25, derive the long run average cost curve, and plot it on a graph....
2. A firm has the production function y = 4LK. The marginal products are given by MP = 4K and MPx = 4L. (a) Provide an expression for the long run total cost function. (b) Now suppose that wu = WK = 25. Write out the expression for the long run total cost curve, and plot it on a graph. (c) With WL = WK = 25, derive the long run average cost curve, and plot it on a graph....
4. Consider the production functions given below: a. Suppose that the production function faced by a milk producer is given by Q = 40.5 20.5 = 4VK VL, where MPx = 2K-0.5 20.5 = 2 and MP, = 2 K0.5L-05 = 2 * i. Do both labor and capital display diminishing marginal products in the short run? ii. Find the marginal rate of technical substitution for this production function. (Hint: The MRTS = 1) iii. Does this production function display...
question 4 a and b please
4. Consider the production function y = LK/10, where L is labor and K is capital. (This is from Chapter 9, Exercise 4.) The factor prices are wi = 10 and wx = 100. Suppose the amount of capital, K, is fixed at 1 unit (a) Derive the short-run cost function (y). (b) Derive and graph the average total cost function ATC(y), the average variable cost function AVC(y), and the short-run marginal cost function...
N-1 N=2 N-4 N-16 Table 3: Question 4, Part2 Question 4: The Aggregate Production Function (30 Marks) This question focuses on labour productivity, labour demand, and generally on the production function. Assume that the Aggregate Production Function is represented by the following equation: Y stands for output, K stands for the capital stock, N stands for the number of people employed, L stands for the quantity of land used in production, and A stands for a measure of labour efficiency...
7. For the production function q= min(K, 4L) (a) Assume that capital K is fixed at 100 units. Derive and plot Page 2 of . The total product function q(L) ii. The marginal product function MPL(L) ii. The average product function AP(L) (b) Suppose the price of labour w is $1 and the rental rate r is also $1. Derive and plot all cost functions; that is: i. Short run total cost. ii. Variable cost. iii. Fixed cost. iv. Short...
7. For the production function q min(K,4L ): (a) Assume that capital K is fixed at 100 units. Derive and plot: i, The total product function q(L) ii. The marginal product function MPL(L). iii. The average product function APL(L). (b) Suppose the price of labour w is $1 and the rental rate r is also $1. Derive and plot all cost functions; that is: i. Short run total cost. ii. Variable cost. iii. Fixed cost. iv. Short run average cost....
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