Business, 23.10.2019 03:00 dpchill5232

Suppose we now care about the long run decisions of a firm that has a production function of the form q = 4l 1/2 + k 1. calculate the mrts 2. do the isoquants of this production function have the diminishing mrts quality? why? 3. if wage is w and the price of capital r, write the tangency condition. 4. suppose w = 1 and r = 0.5 and the firm decides to produce 10 units of output. (a) what are the optimal choices of inputs for this firm? (b) what are the total costs? 5. at the same input prices, the firm chooses now to produce 20 units of output. (a) what are the optimal choices of inputs for this firm? (b) do you find something unusual what compared to the optimal choices for q = 10 in question 4a? (c) what are the total costs?

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Suppose we now care about the long run decisions of a firm that has a production function of the for...

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