of each unit of blue ice is $2000. The capital costs $10 per unit per hour total a. Find the profit function. b. How many hours will Walter employ Jesse, if he is maximizing profits. c. Now consider the long run in which Walter can choose how much capital i according to the production function: Q(E,K)=(K4)(E!2). Find the optim capital and labor to use in the long run. Find the optimal amount of employment and capital in the long run using th mix of capital and labor from part c. Hint: Write out the new profit function

of each unit of blue ice is $2000. The capital costs $10 per unit per hour total a. Find the profit function. b. How many hours will Walter employ Jesse, if he is maximizing profits. c. Now consider the long run in which Walter can choose how much capital i according to the production function: Q(E,K)=(K4)(E!2). Find the optim capital and labor to use in the long run. Find the optimal amount of employment and capital in the long run using th mix of capital and labor from part c. Hint: Write out the new profit function

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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