30 Apr Question: 2011. 1. 11 [12096] 1. A firm has two plants with cost functions G)-/2 and :)-4y,. What is the co…
2011. 1. 11 [12096] 1. A firm has two plants with cost functions G)-/2 and :)-4y,. What is the cost function for this technology? (10%) 2. Suppose the single-output technology with a production function is given by a. Derive the conditional factor demand functions. (6%) b. Derive the cost function. (5%) c. Suppose that the price of increases. What is the marginal effect on x,? (4%) 3. Every doctor in Coconino County uses disposable tongue depressors to examine patients, and also must keep exactly one X-ray machine in his office. The tongue depressors cost $1 each and the X-ray machine can be rented for $30,000 per year county is considering a plan to provide each doctor with free tongue depressors. An altemative plan would provide each doctor with a free X-ray machine. Suppose that medicine is a competitive industry in Coconino County. a. What is the short-run effect of each plan, both for the town as a whole and at each individual doctor’s, office? (8%) b. If the technology of medicine is coestant returns to scale, then what is the long-nan effect of each plan, both for the town as a whole and at each individual doctor’s office? (8%) c. If the technology of modicine is decreasing returms to scale, then what is the LG 30
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