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Please help me solve no2 and no3 these two problems as soon as possible. Thank you!
2. UCIM—CAFFEINATED produces coffee according to the following tech—nology: q = 200l1/2, where q denotes the quantity of coffee (in cups)produced and l denotes the quantity of labor (hours) employed. In eachof the two following scenarios, calculate the ﬁrm’s proﬁt—maximizinglevel of employment, I and output, (1, as well as the ﬁrm’s proﬁts, 7r.Round to two decimal places. [40 points; 20 each] (a) UCIM—CAFFEINATED is a price taker in both the product market,with p = $3 per cup, and in the labor market, with the hourlywage rate given by w = $15. (b) While a price taker in the product market with p = $3 per cupof coffee, UCIM—CAFFEINATED is the sole demander of labor—i.e., a mon0psonist. Assume that the inverse supply of the labor is10(1) 2 83—0l’ How do these solutions compare with those in part (a)? Econ 1053: ﬁnal exam 2 3. Consider a small community of 10 identical individuals who consume aprivate consumption good (x) and a public good (z)—namely, securityor protection. Each individual’s preferences are deﬁned over the twogoods as follows: U,- = 6:0, + 3J2 The cost of producing z is cz(z) =400 + 2 while the cost of producing a: is cm(x) : 100 + 4x. [40 points;20 each] (a) What would be the efficient provision of the public good in thiscommunity? (b) Find the market allocation guided by competitive equilibriumprices and identify the inefﬁciency of the “invisible hand.”
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