A firm has a Cobb-Douglas production function q = f(K, L) = KaL-a where K =...

 

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A firm has a Cobb-Douglas production function q = f(K, L) = KaL-a where K = K = 10,000, w = 20, r = 0.01, a = 0.5 1. Compute total quantity in terms of labor (SR total product relation) 2. Determine the labor requirement relation 3. Compute the cost function in terms of quantity 4. Compute the supply curve of this firm 5. Assume the number of firms in the industry is 50, then, compute the market supply function 6. Find the elasticity of supply 7. For this demand function: Qd = 15,000-100p, compute the equilibrium price and market quantity 8. Compute the level of employment of a firm 9. Find the profit of a firm A firm has a Cobb-Douglas production function q = f(K, L) = KaL-a where K = K = 10,000, w = 20, r = 0.01, a = 0.5 1. Compute total quantity in terms of labor (SR total product relation) 2. Determine the labor requirement relation 3. Compute the cost function in terms of quantity 4. Compute the supply curve of this firm 5. Assume the number of firms in the industry is 50, then, compute the market supply function 6. Find the elasticity of supply 7. For this demand function: Qd = 15,000-100p, compute the equilibrium price and market quantity 8. Compute the level of employment of a firm 9. Find the profit of a firm

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1 Compute total quantity in terms of labor SR total product relation The CobbDouglas production function is given as q fK L Ka L1a Substituting the gi... View the full answer