I am confused on these questions Suppose also that we are now in the Long-Run, and that the firm has decided to still producethe same Q* as in Problem 1. That is, the firm decides to set Q = 160.7. If the firm wants to cost minimize, what must be the ratio of K to L that they employgiven the prices in this market?8. Suppose that the firm wants to produce Q* = 160. What is its cost-minimizing choice ofK & L? Problem 1: Short-Run Profit MaximizationConsider a firm that uses both capital (K) and labour (L) to produce a final product (Q) that itsells at the market price $5. The firm buys Labour at a cost of $4 per unit and capital at a cost of$10 per unit. The firm is a price-taker for all prices with the following production function:Q = 4K¹//2L²¹/2This production function implies the following:[¹/₂K¹/₂MPK = 2-K¹/₂L¹/₂Suppose also that the firm currently has 16 units of capital (K = 16) in the Short-Run.MPL = 2-

In the long run there is no fixed cost. Hence the firm is able to minimize its cost by choosing that…

Suppose also that we are now in the Long-Run, and that the firm has decided to still produce the same Q* as in Problem 1. That is, the firm decides to set Q = 160. 7. If the firm wants to cost minimize, what must be the ratio of K to L that they employ given the prices in this market? 8. Suppose that the firm wants to produce Q* = 160. What is its cost-minimizing choice of K & L?

Suppose also that we are now in the Long-Run, and that the firm has decided to still produce the same Q* as in Problem 1. That is, the firm decides to set Q = 160. 7. If the firm wants to cost minimize, what must be the ratio of K to L that they employ given the prices in this market? 8. Suppose that the firm wants to produce Q* = 160. What is its cost-minimizing choice of K & L?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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