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1. A new shop has opened and has the following production function:
Q=E0..25 K0.5

The price of output is $P, the wage rate is $w, and the rental rate of capital is $r. Hint, "as a function" means an equation that only has the parameters listed ie as a function of P, w, r, means no E or K in the right hand side of the equation.

a. Find the short-run labor demand equation as a function of P, w, r and K.

b. Find the long-run labor demand equation as a function of P, w, and r.

c. Find the long-run capital demand equation as a function of P, w, and r.

d. Find the long run production function as a function of P, w, r.

e. Find the long-run the elasticity. You do not need to type this answer or the mathematics. Leave a blank spot on your answer sheet and hand prepare your math.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M939143

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