[Solution] A firm’s production function is: Q = K 1/2 L 1/2 and the demand for its output is: Q = 300-10P. If the firm’s wage rate is $10/hour and capital
Question: A firm’s production function is: Q = K 1/2 L 1/2 and the demand for its output is: Q = 300-10P.
- If the firm’s wage rate is $10/hour and capital rental rate is $2.50/hour, what is its optimal output, inputs, price, and profit?
- If now the wage rate rises to $22.50, what will be its output, inputs, price, and profit?
- Explain this change in terms of output and factor substitution effects .
- Are these normal or inferior inputs?
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(All Steps) A firm in a perfectly competitive industry has this
(See Steps) Solve the following differential equations t (d^2 x)/(d
![[All Steps] Suppose that u_1 and u_2](/images/solutions/MC-solution-library-40605.jpg "[All Steps] Suppose that u_1 and u_2 are linearly independent")
[All Steps] Suppose that u_1 and u_2 are linearly independent
![[Solved] Use Laplace transform and the convolution](/images/solutions/MC-solution-library-40606.jpg "[Solved] Use Laplace transform and the convolution theorem to")
[Solved] Use Laplace transform and the convolution theorem to
(Steps Shown) Solve the following differential equations t (d^2 x)/(d
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