Answer to Question #285936 in Economics for Kate

Question

Find the APL, APK, MPL and MPK for the following production functions i) Q = AK LB ii) Q = 16K4/24% iii) In question (i) above express MPL in terms of B, Q, and L and MPK in terms of a, Q, and K

a) Demonstrate the Euler's theorem for the following production functions Hint: K20 += nQ ag al ak i) Q = AKU ii) Q = AKL b) Consider the following bivariate utility function 3 U(x,y) = 25x3y} y i) Find the MU, and MU, ii) From the results, find the MRS between the two goods

A discriminating monopolist producing a single product is faced with the following two demand functions from each of the two markets Pa = 25 - 2Q. 3 P2 = 40 - 502 The monopolist has the following total cost function C = 60+4Q i) Q = Q1 + Q2 Find the profit-maximizing levels of outputs and prices In the absence of price discrimination, what would be the profit-maximizing levels of output and price? ii)

Answer 1

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