Consider a local landscaping firm that employs laborers to mow lawns. A laborer can not mow...
Consider a local landscaping firm that employs laborers to mow lawns. A laborer can not mow lawns without a lawnmower, and the lawnmower can not mow lawns without the laborer. It follows that:
labor and capital are imperfect substitutes, and the landscaper's isqouants are convex
labor and capital are imperfect substitutes, and the landscaper's isqouants are L-shaped
labor and capital are perfect substitutes, and the landscaper's isqouants are convex
labor and capital are complements, and the landscaper's isqouants are linear
labor and capital are complements, and the landscaper's isqouants are convex
labor and capital are perfect substitutes, and the landscaper's isqouants are linear
labor and capital are imperfect substitutes, and the landscaper's isqouants are linear
labor and capital are complements, and the landscaper's isqouants are L-shaped
labor and capital are perfect substitutes, and the landscaper's isqouants are L-shaped
Homework Answers
Ans.- labor and capital are complements, and the landscaper's isqouants are L-shaped
It is given that laborer can not mow lawns without a lawnmower, and the lawnmower can not mow lawns without the laborer so laborer and lawnmowers complement each other. Hence, labor and capital are complements and isoquant in the case of complement inputs are L-shaped.
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Consider a local landscaping firm that employs laborers to mow
lawns. A laborer can not mow...
Complete parts A-C. Show work. 1. The "firm's problem" in a 2 input Cobb-Douglas world can be expressed as follows:...
Complete parts A-C. Show work.
1. The "firm's problem" in a 2 input Cobb-Douglas world can be expressed as follows: min C(L,K) = wL + rK s.t. Qo= L°K® Where a, B, w, r, & Qo are positive and assumed constant. Using this information, please answer the following questions. a. Find this Labor and Capital demand functions for this firm. Show all work. (3 pts) b. Using your results from part "a.", show that the curvature of C(Q) depends on...
1. Consider a firm in the short run, when capital is fixed and the only variable...
1. Consider a firm in the short run, when capital is fixed and the only variable input is labor. For simplicity, we will simply ignore capital. In this situation, suppose that the firm’s production function is given by Q = f(L) = αL – (1/2)L2 , where Q represents the quantity of output produced, L represents the amount of labor employed, and the parameter α is a positive constant. a. Derive this firm’s marginal product of labor function? Under what...
7. Assume that the long-run production function can be expressed as Q-SKL? Where Q is quantity...
7. Assume that the long-run production function can be expressed as Q-SKL? Where Q is quantity of output, K is the quantity of capital and L is the quantity of labor. If capital is fixed at 10 units in the short run then the short-run production function is: Q=10KL b. Q=50KL? Q=10L? d. 0=50L Q=500KL 8. For a linear total cost function: a. MC will be downward sloping b. MC = AVC c. AVC is upward sloping and linear d....
2. Consider the following four consumers (C1,C2,C3,C4) with the following utility functions: Consumer Utility Function C1...
2. Consider the following four consumers (C1,C2,C3,C4) with the following utility functions: Consumer Utility Function C1 u(x,y) = 2x+2y C2 u(x,y) = x^3/4y^1/4 C3 u(x,y) = min(x,y) C4 u(x,y) = min(4x,3y) On the appropriate graph, draw each consumer’s indifference curves through the following points: (2,2), (4,4), (6,6) and (8,8), AND label the utility level of each curve. Hint: Each grid should have 4 curves on it representing the same preferences but with different utility levels. 3. In the following parts,...
2. Consider a mass m moving in R3 without friction. It is fasten tightly at one...
2. Consider a mass m moving in R3 without friction. It is fasten tightly at one end of a string with length 1 and can swing in any direction. In fact, it moves on a sphere, a subspace of R3 1 0 φ g 2.1 Use the spherical coordinates (1,0,) to derive the Lagrangian L(0,0,0,0) = T-U, namely the difference of kinetic energy T and potential energy U. (Note r = 1 is fixed.) 2.2 Calculate the Euler-Lagrange equations, namely...
Complete parts A-C. Show work.
1. The "firm's problem" in a 2 input Cobb-Douglas world can be expressed as follows: min C(L,K) = wL + rK s.t. Qo= L°K® Where a, B, w, r, & Qo are positive and assumed constant. Using this information, please answer the following questions. a. Find this Labor and Capital demand functions for this firm. Show all work. (3 pts) b. Using your results from part "a.", show that the curvature of C(Q) depends on...
7. Assume that the long-run production function can be expressed as Q-SKL? Where Q is quantity of output, K is the quantity of capital and L is the quantity of labor. If capital is fixed at 10 units in the short run then the short-run production function is: Q=10KL b. Q=50KL? Q=10L? d. 0=50L Q=500KL 8. For a linear total cost function: a. MC will be downward sloping b. MC = AVC c. AVC is upward sloping and linear d....
2. Consider a mass m moving in R3 without friction. It is fasten tightly at one end of a string with length 1 and can swing in any direction. In fact, it moves on a sphere, a subspace of R3 1 0 φ g 2.1 Use the spherical coordinates (1,0,) to derive the Lagrangian L(0,0,0,0) = T-U, namely the difference of kinetic energy T and potential energy U. (Note r = 1 is fixed.) 2.2 Calculate the Euler-Lagrange equations, namely...
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