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Suppose a firm produces output using the technology Q=K1/3 L2/3 Find
a. The long run cost function
b. The short run cost function if capital is stuck at 10 units.
c. The profit maximizing level of output as a function of the price of the good, wages, rental rate on capital, the amount of capital, and some other numbers.

  • econ -

    Jon -- I think you'll find that when you post multiple questions without giving your ideas about possible answers, that the teachers on this board will ignore you.

    We don't DO homework, but we'll work with you to help YOU find the answers.

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