What is the constraint equation

1. A firm’s production function is , where Ldenotes the size of the workforce. Find the value of MPLin the case when: (a) L=1, (b) L=10, (c) L=100, (d) L=1000 Does the law of diminishing marginal productivity apply to this particular function?   2. Show that the price elasticity of demand is constant for demand functions of the form   where A and n are positive constants.   3. The demand and total cost functions of a good arerespectively and     a) Find expressions for TR, (profit) , MR, and MC in terms of Q. b) Solve the equation   and hence determine the value of Q which maximizes profit. c) Verify that, at the point of maximum profit, MR=MC.   4. The cost of building an office complex, x floors high, in a prime location in Accra is made up of three components:   (a) GH¢10 million for the land (b) GH¢1/4 million per floor (c) Specialized costs of GH¢10000x per floor.   How many floors should the office complex contain if the average cost per floor is to be minimized?   5. The supply…

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Suppose that a monopolist offers two different products with demand functions P1 = 56 – 4q1 P2 48 – 292 The monopolist's joint cost function is C(q1, 92) qỉ + 5q192 + q? %3D