2. A firm produces a product with labor and capital. Its production function is described Q=L¹/2K¹/2. The price of labor is w = 1, while that of capital is r = 4. by (a) What is the cost-minimizing input bundle when Q = 60? (b) What is the cost-minimizing input bundle when Q = 30? (c) The desired output level falls from Q = 60 to Q = 30. What is the new long-run cost-minimizing input bundle? (d) In the short-run, K = 30 and cannot be changed. In this case, what is the optimal short-run labor input?

2. A firm produces a product with labor and capital. Its production function is described Q=L¹/2K¹/2. The price of labor is w = 1, while that of capital is r = 4. by (a) What is the cost-minimizing input bundle when Q = 60? (b) What is the cost-minimizing input bundle when Q = 30? (c) The desired output level falls from Q = 60 to Q = 30. What is the new long-run cost-minimizing input bundle? (d) In the short-run, K = 30 and cannot be changed. In this case, what is the optimal short-run labor input?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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