Could you solve last 3 questions? Thank you (a) Suppose we have the following production function: Q = K + 10L. Confirm the technology isconstant returns to scale (CRS). Show your work and explain what it means. <(b) Suppose K and L are both variable (eg, we are in the long-run). Let r = $100 and w = $2000. Statethe firm's cost minimization problem. Show and explain using the isocost - isoquant figure. <(c) What is the marginal rate of technical substitution (MRTS) in this problem? What does theMRTS mean? Interpret it.<(d) What do we mean by an exit price? What is the exit price if r = $100 and w = $2000? Explain.<(e) Now suppose wages (w) falls. At what value of w will the firm switch from K into L? Use theisocost - isoquant figure to explain.<(f) Does a lower w change the exit-price? If so, how? Explain.

Cost minimization problem of producer: For the given output level the firm and per unit cost of…

(d) What do we mean by an exit price? What is the exit price if r = $100 and w = $2000? Explain. (e) Now suppose wages (w) falls. At what value of w will the firm switch from K into L? Use the isocost - isoquant figure to explain.< (f) Does a lower w change the exit-price? If so, how? Explain. <

(d) What do we mean by an exit price? What is the exit price if r = $100 and w = $2000? Explain. (e) Now suppose wages (w) falls. At what value of w will the firm switch from K into L? Use the isocost - isoquant figure to explain.< (f) Does a lower w change the exit-price? If so, how? Explain. <

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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