Assignment
George produces computer software (user friendly). His firm's production function is Q = 1K + 2L, where Q is the programs, K is capital employed, and L is the labour used.
Part 1: Does the production function exhibit Constant, Increasing, or Decreasing returns to scale?
Part 2: If George uses only labour and want to produce Q = 10 ; he needs to use how many units of labour?
Part 3: If George uses only capital, and wants to produce Q = 30; he needs to use how many units of capital?
George produces computer software (user friendly). His firm's production function is Q = 1K + 2L, where Q is the programs, K is capital employed, and L is the labour used.
If George faces factor prices of Pk=3 and Pl =3, the cheapest way to produce Q = 50 is:
Part 1: By using how many units of capital?
Part 2: By using how many units of labour?
If George faces factor prices of Pk=5 and Pl=15, the cheapest way to produce Q = 50 is
Part 3: By using how many units of capital?
Part 4: By using how many units of labour?
Demand: P= 140 - 0.5 Q
Total Cost: TC= 1 Q 2
Part 1: Find the profit-Maximizing Q of the Monopoly
Part 2: Find the profit-Maximizing price of the Monopoly
Part 3: Find the Total Profit at the profit maximizing quantity
Part 4: Find the amount of consumer surplus at the profit maximizing quantity
Part 5: Find the deadweight loss at the profit maximizing quantity
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.