Question
In: Economics
TYPE OUT WORK PLEASE Alison lives in a small town where she plans to hire workers...
TYPE OUT WORK PLEASE
Alison lives in a small town where she plans to hire workers to help her make candy. Her production function for candy is q= 4LK^0.5
She begins producing with K = 4. The cost of capital is $50/unit. The wage depends on the amount of workers she employs. Specifically, w(L) = 10 + 2L.
1.Does Alison's production function exhibit diminishing marginal return to labor? Explain.
2.What kinds of returns to scale does Alison’s production function exhibit? Explain.
3.Derive Alison's short-run cost function.
4.Find Alison's Marginal Cost function. Explain what happens to Alison’s marginal cost as she increases the production of candy.
5.Does the relationship w/MPL = MC hold? Show this explicitly.
6.At what level of output does Alison’s average cost curve reach a minimum?
Solutions
Rahul Sunny answered 2 years agoRelated Solutions
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