2. The production function for a firm in the business of calculator assembly is given by = 2(k)1/3, where q denotes fini

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2 The Production Function For A Firm In The Business Of Calculator Assembly Is Given By 2 K 1 3 Where Q Denotes Fini 1 (41.42 KiB) Viewed 47 times

2. The production function for a firm in the business of calculator assembly is given by = 2(k)1/3, where q denotes finished calculator output and k denotes a particular input. The firm is a price-taker both for calculators (which sell for P) and fork (which can be hired at a rental rate of v per hour). a. What is the total cost function (C) for this firm? b. What is the supply function (i.e., MC) for assembled calculators [q(P, v)]? c. What is the profit function (T) for this firm? d. What is this firm's demand function for k [k(P, v)]? e. Describe intuitively why the above functions (C, MC, a, k) have the form they do.