The production function for a firm in the business of calculator assembly is given by q=2√1, whereq…


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The production function for a firm in the business of calculator assembly is given by q=2√1, whereq… 2 answers below » The production function for a firm in the business of calculator assembly is given by q=2√1, whereq denotes finished calculator output and l denotes hours of labor input. The firm is a price taker both for calculators (which sell for P) and for workers (which can be hired at a wage rate of wper hour). a. What is the total cost function for this firm? b. What is the profit function for this firm? c. What is the supply function for assembled calculators [q(P, W)]? d. What is this firm’s demand for labor function [l(P,w)]? e. Describe intuitively why these functions have the form they do. Aug 29 2014 04:51 PM

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