Evaluate the relationship between the short-run and long-run cost curves  of a profit-maximising firm in neoclassical microeconomic theory  focusing on their assumptions.”

Behavioral economics is the field of economics that........... explores economic decision making using findings from experimental psychology. studies the impact of educational attainment on earnings. explores the impact of inflation on unemployment. attempts to explain macroeconomics using microeconomic foundations.

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sitier the production model studied in Chapter 4. Final output in the economy is pro- duced using capital K and labor L. The production function is: Y = ĀK'/³L^/5 Assume that the supply of all inputs are exogenous and equal to L and K. Perfectly compet- itive firms are price-takers and choose how much capital and labor to demand by maximizing profits. Let w and r denote the wage and rental rate of one unit of labor and capital respec- tively. (a) What are the 5 endogenous variables in this model? Also list the exogenous variables and the parameters and provide a brief explanation of each. (b) Show the first order conditions for labor and capital. Explain the intuition for why these conditions are optimal for a firm. Are there diminishing returns to these inputs in this model? ( (c) Show that the solution for output per capita can be written as y = Ak/5. Observed GDP per capita is 3 in this economy. Capital per person is 32. If Ā = 1, what does this model predict for GDP per person?…

Given the following