中级微观济学秋季学期作业第一套：生产函数与成本分析.pdfVIP

IntermediateMicro,Fall2017

ProblemSet1

DueonNov.20inclass

1.Supposetheproductionfunctionofafirmisf(x,x)min{ax,bx}wherea,b0.

1212

Letwandwbethefactorprices.Calculatethefirm’scostfunction.

12

2

2.Consideracostfunctionc(y)y+1.

(a)Drawthecostfunctioniny−pne.

(b)Calculatethisfirm’smarginalcostfunctionMC(y)andaveragecostfunctionAVC(y)

fory0.

(c)Drawmarginalcostcurveandaveragevariablecostcurveiny−pne.

(d)Calculatelim→MC(y)andlim→[c(y)−c(0)]/y.

y0y0

R

(e)ShowyMC(y)dyc(y)fory0.Illustrateyourresultsiny−pne.

0v

3.(Long-runandshort-runcosts)Considerafirmwhichcanproduceonesingleoutput(y)

outoftwokindsofinputs,labor(l)andcapital(k).Theproductionfunctionisf(l,k)

√

lk.Assumethatlaborinputcanbeadjustedintheshort-run,whilecapitalcanonly

beadjustedinthelong-run.Thepricesoflaborandcapitalarepl0andpk0

respectively.

(a)Assumeintheshort-run,capitalinvestmentk0isfixed.Writedownthefirm’s

short-runcostminimizationproblemifitcanonlychooselaborinputs.Calculate

s