Assume that a firm faces the following production, Ask an Expert

Economics

Assume that a firm faces the following production function-

q(L,K) = L^(1/4) * K^(3/4)

a) Derive the Iso-quant curve for this firm.

b) Derive the Expansion path for the firm if w=1 and r=3.

c) Derive the short term cost function for a give level of k = 3.

d) Derive the long run cost function if w=1 and r=3

e) What is the optimal capital and labor if you want to produce 500 units of output?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91835054

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