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1. Consider a flower shop that uses sunflowers (s) and daisies (d) to produce bouquets. The...
3. Consider a flower shop that uses sunflowers (s) and daisies (d) to produce bouquets. The...
3. Consider a flower shop that uses sunflowers (s) and daisies (d) to produce bouquets. The cost for a sunflower is Ps and the cost for a daisy is pd. The quantity of bouquets is q. The flower shop sees these flowers as perfect substitutes such that bouquets are produced as: F(s,d) 4s+2d (a) Suppose the delivery of sunflowers is delayed and are stuck with a certain number of sunflowers. In particular, they have s 40 sunflowers. Setup the short...
Consider a flower shop that uses sunflowers (s) and daisies (d) to produce bouquets. The cost...
Consider a flower shop that uses sunflowers (s) and daisies (d) to produce bouquets. The cost for a sunflower is P, and the cost for a daisy is pd. The quantity of bouquets is q. The flower shop sees these flowers as perfect substitutes such that bouquets are produced as: F(s. d) = 45+ 2d d) Let q = 200 and Pa = 1. Solve for the long run optimal amount of sunflowers s*(p) and daisies d" (p). (3 points)
Consider a flower shop that uses sunflowers (s) and daisies (d) to produce bouquets. The cost for a sunflower is P...
Consider a flower shop that uses sunflowers (s) and daisies (d) to produce bouquets. The cost for a sunflower is Ps and the cost for a daisy is Pd. The quantity of bouquets is q. The flower shop sees these flowers as perfect substitutes such that bouquets are produced as: F(s,d) = 4s+2d (e) If p, 1.5, what is the long run minimized cost? (2 points)
1. Suppose cars are produced using workers and machines as perfect complements. The production func- tion...
1. Suppose cars are produced using workers and machines as perfect complements. The production func- tion for producing cars is: F(K, L) = min(2K,5L) (a) Setup the short run cost minimization problem when K = 10. (2 points) (b) Solve for the short run optimal amount of labor Lsr() and short run minimized cost Csr(w,r,q). Circle your answer. (4 points) (c) Now suppose the car factory can freely choose capital (K) and labor (L). Setup the long run cost minimization...
4. Production of bikes requires 3 workens for every 2 machines, such that bikes are produced...
4. Production of bikes requires 3 workens for every 2 machines, such that bikes are produced according to F(K.L)-min 3K.2) (a) Setup the short run cost minimization problem when &6 (2 points) 5 (b) Solve for the short run optimal amount of labor Lsar(g) and short nun minimized cost Csr(wrg). (3 points) (e) Now suppose the bike shop can freely choose capital (K) and labor L Setup the long rn cost minimira tion problem. (2 points) (d) Solve for the...
4. Production of bikes requires 3 workers for every 2 machines, such that bikes are prodaced...
4. Production of bikes requires 3 workers for every 2 machines, such that bikes are prodaced according to F(K.L) min(3K, 2L) (a) Setup the short run cost minimization problem when R-6. (2 points) 5 (b) Solve for the short run optimal amount of labor Lsle) and short run minimized cost Csa(w,r.q). (3 points) (e) Now suppose the bike shop can freely choose capita! (K) and labor (L). Setup the long run cost minimiza- tion problem. (2 points) (d) Solve for...
5. Consider a firm with the production function F(K.L)= \/1/5 Tou will be solving the profit maximization for this...
5. Consider a firm with the production function F(K.L)= \/1/5 Tou will be solving the profit maximization for this form with both the two step and 1 step methods and provine that the final answers are identical. This big problem is broken up into the following smaller parts: (a) Setup and solve the long run cost minimization problem for the long run optimal amount of capital K'(..) and labor L'(w. ), and the long run minimized cost C"(w.ne). (Hint: reduce...
5. Consider a firm with the production function F(K,L) = (K^3/5)(L^1/5) (a) Setup and solve the...
5. Consider a firm with the production function F(K,L) = (K^3/5)(L^1/5) (a) Setup and solve the long run cost minimization problem for the long run optimal amount of capital K*(w,r,q) and labor L*(w,r,q), and the long run minimized cost C* (w,r,q). (Hint: reduce the cost function for the next part. (b) Setup and solve the profit maximization problem over quantity using the cost function you solved for in the previous part. Solve for the profit maximizing quantity q *(p,w,r), cost...
3. Consider a firm with the production function F(KL)=1/31/3 You will be solving the profit maximization...
3. Consider a firm with the production function F(KL)=1/31/3 You will be solving the profit maximization for this firm with both the two step and I step methods and proving that the final answers are identical. This big problem is broken up into the following smaller parts: (a) Setup and solve the long run cost minimization problem for the long run optimal amount of capital K*(w,,9) and labor L*(w,r.9), and the long run minimized cost C*(w, 5,9). (Hint: reduce the...
6. Suppose you have a job analyzing a perfectly competitive market. The aggregate demand is o p) = 98 - P and the...
6. Suppose you have a job analyzing a perfectly competitive market. The aggregate demand is o p) = 98 - P and the cost function for the firms is C(q) = 79 +35. Suppose all firms use the same cost function. (a) Setup and solve the profit maximization problem over quantity. Write the quantity an individual firm will produce as a function of the sale price. (3 points) (b) Solve for the price, quantity, and profits for each individual shop...
3. Consider a flower shop that uses sunflowers (s) and daisies (d) to produce bouquets. The cost for a sunflower is Ps and the cost for a daisy is pd. The quantity of bouquets is q. The flower shop sees these flowers as perfect substitutes such that bouquets are produced as: F(s,d) 4s+2d (a) Suppose the delivery of sunflowers is delayed and are stuck with a certain number of sunflowers. In particular, they have s 40 sunflowers. Setup the short...
Consider a flower shop that uses sunflowers (s) and daisies (d) to produce bouquets. The cost for a sunflower is P, and the cost for a daisy is pd. The quantity of bouquets is q. The flower shop sees these flowers as perfect substitutes such that bouquets are produced as: F(s. d) = 45+ 2d d) Let q = 200 and Pa = 1. Solve for the long run optimal amount of sunflowers s*(p) and daisies d" (p). (3 points)
Consider a flower shop that uses sunflowers (s) and daisies (d) to produce bouquets. The cost for a sunflower is Ps and the cost for a daisy is Pd. The quantity of bouquets is q. The flower shop sees these flowers as perfect substitutes such that bouquets are produced as: F(s,d) = 4s+2d (e) If p, 1.5, what is the long run minimized cost? (2 points)
1. Suppose cars are produced using workers and machines as perfect complements. The production func- tion for producing cars is: F(K, L) = min(2K,5L) (a) Setup the short run cost minimization problem when K = 10. (2 points) (b) Solve for the short run optimal amount of labor Lsr() and short run minimized cost Csr(w,r,q). Circle your answer. (4 points) (c) Now suppose the car factory can freely choose capital (K) and labor (L). Setup the long run cost minimization...
4. Production of bikes requires 3 workens for every 2 machines, such that bikes are produced according to F(K.L)-min 3K.2) (a) Setup the short run cost minimization problem when &6 (2 points) 5 (b) Solve for the short run optimal amount of labor Lsar(g) and short nun minimized cost Csr(wrg). (3 points) (e) Now suppose the bike shop can freely choose capital (K) and labor L Setup the long rn cost minimira tion problem. (2 points) (d) Solve for the...
4. Production of bikes requires 3 workers for every 2 machines, such that bikes are prodaced according to F(K.L) min(3K, 2L) (a) Setup the short run cost minimization problem when R-6. (2 points) 5 (b) Solve for the short run optimal amount of labor Lsle) and short run minimized cost Csa(w,r.q). (3 points) (e) Now suppose the bike shop can freely choose capita! (K) and labor (L). Setup the long run cost minimiza- tion problem. (2 points) (d) Solve for...
5. Consider a firm with the production function F(K.L)= \/1/5 Tou will be solving the profit maximization for this form with both the two step and 1 step methods and provine that the final answers are identical. This big problem is broken up into the following smaller parts: (a) Setup and solve the long run cost minimization problem for the long run optimal amount of capital K'(..) and labor L'(w. ), and the long run minimized cost C"(w.ne). (Hint: reduce...
3. Consider a firm with the production function F(KL)=1/31/3 You will be solving the profit maximization for this firm with both the two step and I step methods and proving that the final answers are identical. This big problem is broken up into the following smaller parts: (a) Setup and solve the long run cost minimization problem for the long run optimal amount of capital K*(w,,9) and labor L*(w,r.9), and the long run minimized cost C*(w, 5,9). (Hint: reduce the...
6. Suppose you have a job analyzing a perfectly competitive market. The aggregate demand is o p) = 98 - P and the cost function for the firms is C(q) = 79 +35. Suppose all firms use the same cost function. (a) Setup and solve the profit maximization problem over quantity. Write the quantity an individual firm will produce as a function of the sale price. (3 points) (b) Solve for the price, quantity, and profits for each individual shop...
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