Economics Homework Help
These questions are based on the subject microeconomic theory
(g) (2 points) Would the firm ever be willing to switch from using h(K, L) to usingf(K, L) with capital at 128 machines? Explain.- Continuing to use the three production functions: q = h(K, L) = K(1/3) L(1/3),q =g(K, L) = min{}K, {L}, and q = f(K, L) = K(1/4) [(3/4).(h) (6 points) What is the Long Run Cost curve for each of these when r = $4 andW = $16?(i) (6 points) What are the Long Run Average Cost here? How about the MarginalCost?(j) (4 points) Provide a convincing argument that a firm using with h(K, L) org(K, L) would select K* = 128 in the Long Run given P = $96, w = $16, andr = $4. (Hint: for h(K, L) try maximizing profits when K and L are adjustable.)CSScalathemwith man on Gagethedre are 50 identical consumers and 200 iden-tical firms. Each individual consumer has the following demand function for widgetsOP(P) = 100
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