Question: i need all parts of this question answered please In Course: EC202-_-__ : N X Take-home exam via F X EC202-5-FY TakeHom X My Dashboard
i need all parts of this question answered please

In Course: EC202-_-__ : N X Take-home exam via F X EC202-5-FY TakeHom X My Dashboard - Study X 2014ec202-5-fy.pdf x C Get Homework Help W X G how to screenshot on | X + C @ File | /Users/jubriladeribigbe/Downloads/EC202-5-FY%20TakeHome.pdf J EC202-5-FY 5. Answer all parts (a)-(e) of this question. Consider the following production function: Q = 3KLs, with marginal products given by MPL = 4+ and MPK = LY. Define the unit prices of L and K as w and r, respectively. Finally, assume that the firm takes the price of its product, p, as given and maximizes profits. (a) [4 marks] Imagine capital is fixed at Ko = 1 in the short run. What is the short-run cost function of the firm? Explain briefly. (b) [7 marks] What is the long-run cost function of the firm? (c) [3 marks] What is the long-run supply function of the firm? (d) [6 marks] What is the profit function of the firm? (e) [5 marks] Now suppose that set-up costs are fl. What is the shut down rule of the firm when r = w = 1? END OF SECTION A
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