PS4 Problem Set #4 x B Files X TA Review Sessic X A TA Review Sessic X | TA Review Sessic X 4 College2022-23 x DE Problem Set #4. X + X File | C:/Users/ilove/Downloads/Problem%20Set%20%234.pdf R . . PUT R/M C YT ) Email Social Dashboard 4\\ College2022-23 - G... TB ) iMPA TASA ] CS Q (1) dynamic poses -.. - ExPrep Portal > Other favorites =ByDraw | Read aloud + 1 of 2 | Q | CD Problem Set #4 o You are allowed to work in groups, but each student must write up his or her work independently; + please note on your answer sheet with whom you worked. Be sure to provide the reasoning behind your answer in order to receive full credit. The West Wing You are campaign manager for President Josiah Bartlet. President Bartlet's data team have discovered that the votes Bartlet will receive in his re-election bid, V (measured in millions), is a function of the number of advertisements, A, and the number of campaign rallies, R. Specifically, the find that V = AAR The price of a political advert is $100,000 and the price of a rally is $6,400,000. (a) What is the marginal product of a political advert? What is the marginal product of a campaign rally? (b) What is the rate of technical substitution between political adverts and campaign rallies? (c) What is the optimal ratio of political adverts to campaign rallies? (d) Suppose that President Bartlet needs 64 million votes to win re-election. How many political adverts should he run? How many campaign rallies should he hold? What is the total cost of the adverts and rallies? Leon Frankincense Edison Motors makes electric cars using two inputs robots P and labor / Suppose that the price 70" Q Search 99+ 2:11 PM R W P 3/25/2023 19PS4 Problem Set #4 x | Files X TA Review Sessic X B TA Review Sessic X | TA Review Sessic X 4 College2022-23 x or Problem Set #4 X + X File | C:/Users/ilove/Downloads/Problem%20Set%20%234.pdf R . . PUT R/M C YT ) Email Social Dashboard College2022-23 - G... TB ) iMPA TASA ] CS Q (1) dynamic poses -... |- ExPrep Portal > Other favorites EBVIV Draw | Read aloud + 1 of 2| 2 | 0 Leon Frankincense O Edison Motors makes electric cars using two inputs: robots, R, and labor, L. Suppose that the price of robots is v and the price of labor (the wage) is w. The number of cars Edison can produce is given + by the production function. y = RIL3 (a) Does Edison's production function exhibit increasing, decreasing, or constant returns to scale? Suppose that in the short run, the number of robots is fixed at 100. (b) What is the firm's short run cost function, C(y, w, v)? Suppose that v = 100 and w = 20. (c) What is the firm's short run marginal cost? Fixed cost? Average cost? (d) Plot the firm's short run marginal and average cost curves. 70" 99+ Q Search 9 O R W 2:11 PM P 3/25/2023 19