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Labor Economics
1. Derive the labor demand functions that are associated with the two production functions...
1. Suppose that a firm's production function of output Q is a function of only two...
1. Suppose that a firm's production function of output Q is a function of only two inputs, labor (L) and capital (K) and can be written Q = 25LK. Letting the wage rate for labor be w and the rental rate of capital be r, the equation for the firm's demand for capital would be: wQ A) K = 25r B) K = C) K- 25r wQ rQ 25w 25w rQ 25wQ D) E) KE
Derive the cost function associated with the production function in questions 2 is C(q) = 4...
Derive the cost function associated with the production function
in questions 2 is C(q) = 4 + 2q and in questions 3 is
C=wL+rK=1*8+2*4=16. The cost function is of the general form C(Q) =
xQ. What is the value of x?
2. The inverse market demand function is given by P()-20 q. Would consumers prefer to face a monopolist in this market with a cost function given by C(g)4+ 2q, or a perfectly competitive firm with a cost function given...
Problem #3: Long-Run Labor Demand and Factor Substitutability Suppose there are two inputs in the production...
Problem #3: Long-Run Labor Demand and Factor Substitutability Suppose there are two inputs in the production function, labor (L) and capital (K), which can be combined to produce Y units of output according to the following production function: 7. Suppose the firm can choose whatever combination of capital (K) and labor (L) it wants to produce 600 units. Suppose the price of capital is S1,000 per machine per week. What combination of inputs (K and L) will the firm use...
1. Below are production functions that turn capital (K) and labor (L) into output. For cach of th...
1. Below are production functions that turn capital (K) and labor (L) into output. For cach of the production functions below, state and PROVE whether it is Constant/Increasing/or Decreasing Returns to scale. That is, you want to see how production changes when you increase all inputs (K,L, (M)) by a factor of a, where a > 1: (3 points each) (a) F(K,L)-KİLİ+2K +3L (b) F(K, L)=min/4K, 2L1+20 (d) F(K,L,M) KL3M
1. Below are production functions that turn capital (K) and...
A monopolist has a production function 27 (L-2)(K+1) Q(L,K) where L, Kis the amount of labor...
A monopolist has a production function 27 (L-2)(K+1) Q(L,K) where L, Kis the amount of labor and capital. The wage rate is denoted by w and the rental rate of capital is denoted by r. The inverse demand function the monopolist is faced with is given by P = 12- 3Q where P is the market price and Q is the quantity sold. 13. Write down the optimization problem of the monopolist. 14. Write down the first order condition(s) 15....
Problem #3: Long-Run Labor Demand and Factor Substitutability Suppose there are two inputs in the production...
Problem #3: Long-Run Labor Demand and Factor Substitutability Suppose there are two inputs in the production function, labor (L) and capital (K), which carn be combined to produce Y units of out put according to the following production function: Y-30K+10L The firm wants to produce 600 units of out put 1. Draw the isoquant that corresponds to that level of production (600 units) in a graph that has L on the horizontal axis and K on the vertical axis 2....
(1) A firm has the following production technology: F(LK)-4LIKİ. (a) Derive the conditional labor demand in...
(1) A firm has the following production technology: F(LK)-4LIKİ. (a) Derive the conditional labor demand in the short run, IS (Q, w,r, R) (b) Derive unconditional labor demand in short run, 15 (p,w,r,R (c) In two sentences or less explain your answers in (a) and (b) differ
For each of the following production functions, determine whether returns to scale are decreasing , constant,...
For each of the following production functions, determine whether returns to scale are decreasing , constant, or increasing when capital and labor inputs are increased from K = L = 1 to K = L = 2 Q = 25K0.5 L0.5 Q = 2K + 3L + 4KL Q = 100 + 3K + 2L
Question 4 Consider the production process with 2 inputs and 1 output. The production function is...
Question 4 Consider the production process with 2 inputs and 1 output. The production function is given by y The input prices are w and w2 respectively. Consider the case of long run where both factors are variable. The output price is denoted as p. (Please leave the numbers in decimals or fractions.) 1/3 1/3 (a) First, consider the profit maximization problem directly. Derive the input demand functions and output function in terms of input prices w, and output price...
1. Consider the following production function: Y = A min{2N, K} (1) where A measures productivity,...
1. Consider the following production function: Y = A min{2N, K} (1) where A measures productivity, N is labor employed by the firm, and K is capital. The firm chooses labor and capital, taking productivity as given. Labor can be purchased at a constant wage, W, and capital at a constant rate, R. (a) Derive the cost function C = C(W,R,Y) for the firm. (b) Show that costs decrease in productivity, A. (c) Consider two companies with cost functions Yị...
1. Suppose that a firm's production function of output Q is a function of only two inputs, labor (L) and capital (K) and can be written Q = 25LK. Letting the wage rate for labor be w and the rental rate of capital be r, the equation for the firm's demand for capital would be: wQ A) K = 25r B) K = C) K- 25r wQ rQ 25w 25w rQ 25wQ D) E) KE
Derive the cost function associated with the production function
in questions 2 is C(q) = 4 + 2q and in questions 3 is
C=wL+rK=1*8+2*4=16. The cost function is of the general form C(Q) =
xQ. What is the value of x?
2. The inverse market demand function is given by P()-20 q. Would consumers prefer to face a monopolist in this market with a cost function given by C(g)4+ 2q, or a perfectly competitive firm with a cost function given...
Problem #3: Long-Run Labor Demand and Factor Substitutability Suppose there are two inputs in the production function, labor (L) and capital (K), which can be combined to produce Y units of output according to the following production function: 7. Suppose the firm can choose whatever combination of capital (K) and labor (L) it wants to produce 600 units. Suppose the price of capital is S1,000 per machine per week. What combination of inputs (K and L) will the firm use...
1. Below are production functions that turn capital (K) and labor (L) into output. For cach of the production functions below, state and PROVE whether it is Constant/Increasing/or Decreasing Returns to scale. That is, you want to see how production changes when you increase all inputs (K,L, (M)) by a factor of a, where a > 1: (3 points each) (a) F(K,L)-KİLİ+2K +3L (b) F(K, L)=min/4K, 2L1+20 (d) F(K,L,M) KL3M
1. Below are production functions that turn capital (K) and...
A monopolist has a production function 27 (L-2)(K+1) Q(L,K) where L, Kis the amount of labor and capital. The wage rate is denoted by w and the rental rate of capital is denoted by r. The inverse demand function the monopolist is faced with is given by P = 12- 3Q where P is the market price and Q is the quantity sold. 13. Write down the optimization problem of the monopolist. 14. Write down the first order condition(s) 15....
Problem #3: Long-Run Labor Demand and Factor Substitutability Suppose there are two inputs in the production function, labor (L) and capital (K), which carn be combined to produce Y units of out put according to the following production function: Y-30K+10L The firm wants to produce 600 units of out put 1. Draw the isoquant that corresponds to that level of production (600 units) in a graph that has L on the horizontal axis and K on the vertical axis 2....
(1) A firm has the following production technology: F(LK)-4LIKİ. (a) Derive the conditional labor demand in the short run, IS (Q, w,r, R) (b) Derive unconditional labor demand in short run, 15 (p,w,r,R (c) In two sentences or less explain your answers in (a) and (b) differ
Question 4 Consider the production process with 2 inputs and 1 output. The production function is given by y The input prices are w and w2 respectively. Consider the case of long run where both factors are variable. The output price is denoted as p. (Please leave the numbers in decimals or fractions.) 1/3 1/3 (a) First, consider the profit maximization problem directly. Derive the input demand functions and output function in terms of input prices w, and output price...
1. Consider the following production function: Y = A min{2N, K} (1) where A measures productivity, N is labor employed by the firm, and K is capital. The firm chooses labor and capital, taking productivity as given. Labor can be purchased at a constant wage, W, and capital at a constant rate, R. (a) Derive the cost function C = C(W,R,Y) for the firm. (b) Show that costs decrease in productivity, A. (c) Consider two companies with cost functions Yị...
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