Question
1. Calculators: The production function for a firm in the business of calculator assembly is given...
1. Calculators: The production function for a firm in the business of calculator assembly is given by q=vi, where q denotes finished calculator output and I 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 w per 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, 9(p, w)? (d) What is this firm's demand for labor function, (p, w)?
Answers
q=8 = 42 Total cost = col = we b) Profit= Pq - wqe c) TCE ah a mc= d (TC) = 2wq da O Р: Mc -) - 22 9- & 2w MP. = de = 1 L Demand mee = w - L. = w 317 318 31. Р 2w 2
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