{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-21T06:10:11-04:00", "answer_date": "2024-06-21 06:10:11", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "3408585", "url": "\/study-help\/questions\/1-points-35-consider-a-firm-with-the-following-production-3408585", "question_creation_date_js": "2024-06-21T06:10:11-04:00", "question_creation_date": "Jun 21, 2024 06:10 AM", "meta_title": "[Solved] 1. (POINTS: 35) Consider a firm with the | SolutionInn", "meta_description": "Answer of - 1. (POINTS: 35) Consider a firm with the following production function: F(K, L) = VKL This firm's acts competitively, | SolutionInn", "meta_keywords": "1,points,35,firm,production,function,k,l,vkl,s,acts,competitively", "question_title_h1": "1. (POINTS: 35) Consider a firm with the following production function: F(K, L) = VKL This firm's acts competitively, and the prices are w for", "question_title": "1. (POINTS: 35) Consider a firm with the following production function: F(K,", "question_title_for_js_snippet": "1 (POINTS 35) Consider a firm with the following production function F(K, L) VKL This firm's acts competitively, and the prices are w for 1 unit of labor hired, r for 1 unit of capital rented, p for 1 unit of output sold (a) (Points 3) Set this firm's cost minimization problem, assuming it needs to produce at least q units of output Answer (b) (Points 7) Derive the long run capital and labor choices for this firm Answer (c) (Points 3) What is the firm's minimized cost function Answer (d) (Points 2) If the minimal level of output to be produced were to increase, what would happen with the firm's cost (assume there is no change in the input prices) Derive an equation that can captures that, than explain the intuition Answer e Points 2 Set up this rm's general prot maximization setup Answer if (Points 3 Solve the prot maximization problem for this rm using the twostep approach maximization over quantity Note start by clearly identifying howr you modify the general prot maximization setup above before solving the", "question_description": "\"image\"image\"image
\"image\"image\"image<\/div><\/div><\/div><\/figure> 1. (POINTS: 35) Consider a firm with the following production function: F(K, L) = VKL This firm's acts competitively, and the prices are w for 1 unit of labor hired, r for 1 unit of capital rented, p for 1 unit of output sold. (a) (Points: 3) Set this firm's cost minimization problem, assuming it needs to produce at least q units of output. Answer: (b) (Points: 7) Derive the long run capital and labor choices for this firm. Answer:(c) (Points: 3) What is the firm's minimized cost function? Answer: (d) (Points: 2) If the minimal level of output to be produced were to increase, what would happen with the firm's cost (assume there is no change in the input prices). Derive an equation that can captures that, than explain the intuition. Answer:{e} {Points: 2} Set up this rm's general prot maximization setup. Answer: if} (Points: 3] Solve the prot maximization problem for this rm using the twostep approach {maximization over quantity}. Note. start by clearly identifying howr you modify the general prot maximization setup above before solving the", "transcribed_text": "", "related_book": { "title": "Using Financial Accounting Information The Alternative to Debits and Credits", "isbn": "978-0-538-4527, 0-538-45274-9, 978-1133161646", "edition": "7th Edition", "authors": "Gary A. Porter, Curtis L. Norton", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/79.jpg", "uri": "\/textbooks\/using-financial-accounting-information-the-alternative-to-debits-and-credits-7th-edition-79", "see_more_uri": "" }, "free_related_book": { "isbn": "1580255256", "uri": "\/textbooks\/sas-graph-software-reference-version-8-1st-edition-978-1580255257-214446", "name": "Sas\/Graph Software Reference Version 8", "edition": "1st Edition" }, "question_posted": "2024-06-21 06:10:11", "see_more_questions_link": "\/study-help\/questions\/business-finance-2024-September-21", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/the-point-marked-b-try-newtons-method-graphically-for-two-steps", "description": "The point marked B. 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