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For each of the following production functions, find the short-run (capital remains fixed) and long-run impact (capital adjusts) on wages (for both skilled and unskilled
For each of the following production functions, find the short-run (capital remains fixed) and long-run impact (capital adjusts) on wages (for both skilled and unskilled labor) if unskilled labor increases by 50% (from 64 to 96): (a) f(lu, ls, k) = 10l 1/2 s k 1/2 + 2l 1/2 u (b) f(lu, ls, k) = 4l 1/2 s k 1/4 l 1/4 u (c) f(lu, ls, k) = (2ls + k) 1/2 l 1/4 u
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