4. Suppose that a firm in a perfectly competitive industry faces the following short-run cost
function: TC = 0.2q3 – 1oq2 + 30oq.
a. What will be the long-run equilibrium price and per firm quantity? (2 points)
b. The market demand is given by Qo = 1000 – P. How many total firms will there be at the
long-run equilibrium? (1 point)
c. If a negative demand shock causes the market demand to decrease to
QD = 800 – 2P, how will the individual firms and constant cost industry in general respond to
the negative demand shock in the short run and the long run? (3points)
d. How would the industry response be different if it were a decreasing cost industry? (4pts)
5. For the cost function C = q’8 v” w” demonstrate whether the following statements are true
I. The function exhibits decreasing average cost. (3pts)
II. The function is homogeneous of degree 1 in v and w. (3pts)
III. The elasticity of marginal cost with respect to v exceeds the elasticity with respect to w.
6. What does the marginal rate of technical substitution (MRTS) of labor for capital measure?
How does it relate to the underlying production function? Illustrate it in the K,L space. (5pts)
7. Can a production function exhibit increasing returns to scale along with diminishing marginal
productivities for all inputs? (5pts)
Endeavors to characterize post-innovation can come in a wide range of structures as various individuals have diverse thoughts with reference to what precisely the term implies. This being stated, the vast majority who participate in the open deliberation over innovation and postmodernism share an accord that postmodernism may be numerous things, yet it positively is connected with the development of mainstream culture in the late twentieth century in the West. At the end of the day, postmodernism can be viewed as another authentic minute, another sensibility, or another social style, yet pop culture can be referenced as the site on which these progressions can be most effortlessly found. Postmodernism is a point of view which tends to dismiss a significant number of the acknowledged estimations of innovation. It includes a reinterpretation of sexual orientation parts and the differenced customarily connected to them. It takes a more worldwide point of view in its perspective of ethnic and national refinements, and rejects generalizations of assorted types. In the meantime, it grasps the idea of sentimentality in workmanship (film, TV, publicizing) and uses numerous referencing (among different systems) to convey on an assortment of emblematic levels. This article will inquire about the idea of postmodernism and apply it to a collection of film, TV, or promoting material. It should the emphasis on a solitary case and examine it as run of the mill of postmodern aesthetic frame. From this article it will be certain that postmodernism speaks to an obscuring of the limits between levels of culture, and The Simpsons is a run of the mill case of postmodernist masterful shape. It was the late 1950s and mid 1960s that the development that we now come to know as postmodernism rose. In the expressions of Susan Sontag, a pundit of American culture, it accompanied the rise of "another sensibility", and this includes an obscuring of the refinement amongst "high" and "low" culture. Anyway, the refinement turns out to be less significant. The post-present day new sensibility did not take after similarly as the social elitism of innovation. Despite the fact that innovation appears to have a vital place in mainstream culture, it is set apart by a huge doubt of everything prominent. It was those things that were related with world class culture that were acknowledged under innovation. Culture was what might be promptly acknowledged into an exhibition hall, it was what had a homologous association with the elitism that is inborn in class society. This means the drive towards post innovation in the late 1960s was related with the developing assault on the elitism of innovation. The rise of postmodernism flagged a refusal of "the immense gap… a talk which demands the clear cut qualification between high workmanship and mass culture," also, "to an expansive degree, it is by the separation we have gone from this awesome gap between mass culture and innovation that we can quantify our own particular social post advancement." A decent early case of the new flood of post-current pop culture can be found in the American and British pop workmanship development of the 1960s as it dismissed the division between high culture and mainstream culture. This can be said to be "postmodernism's first social blossoming." One of pop craftsmanship's first noticeable scholar, Lawrence Alloway clarifies that "the zone of contact was mass delivered urban culture: films, publicizing, sci-fi, popular music. We felt none of the abhorrence of business culture standard among educated people, however acknowledged it as a reality, talked about it in detail, and devoured it energetically." This acknowledgment of the new development of postmodernism enabled individuals to treat mainstream culture in the domain of genuine craftsmanship, and not a moment level of culture. At the point when seen from this viewpoint, postmodernism initially left a refusal by the distinctive ages to comply with the unmitigated surenesses of high innovation. It came to be thought of as unthinkable to keep on maintaining an outright refinement amongst high and mainstream culture. This was exceptionally clear in the way that craftsmanship and well known music combined. A decent case of this can be found in the way Peter Blake composed the title page of the Beatles' Sergeant Pepper's Lonely Hearts Club Band and the way Andy Warhol planned the front of the Rolling Stone's collection Sticky Fingers. By the center of the 1980s, the post-present day new sensibility had moved toward becoming profoundly engrained into pop culture, and for somewhere in the range of, motivation to lose hope. The postmodern condition is one that is set apart by an emergency in the situation of information in Western social orders. This served to give intelligent people less prominence as the "foundation" ceaselessly lost its believability. Iain Chambers contends this point from an alternate point of view. He says the level headed discussion over postmodernism can to some extent be comprehended as "the indication of the troublesome ingression of pop culture, its feel and cozy conceivable outcomes, into a formerly favored area. Hypothesis and scholarly talks are defied by the more extensive, unsystemized, prominent systems of social generation and learning. The scholarly's benefit to clarify and appropriate information is undermined." Another social scholar, Angela McRobbie concurs with this as she considers it to be "the appearing of those whose voices were generally muffled by the (innovator) metanarratives of dominance, which were thus both man centric and radical." She set forth the contention that postmodernism has emancipated another order of savvy people who talk from the edges from a point of view of contrast, including ethnic, class, sex and sexual inclination contrasts. These are the general population whom she alludes to as "the new age of erudite people." A comparative point is made by Kobena Mercer as she considers postmodernism to be halfway an unacknowledged reaction to the developing characters and voices of those individuals who have risen up out of the edges, and this opens another method for seeing and comprehension. Hyperrealism can be said to be a part of postmodernism. In the circle of the hyperreal, the genuine and the fanciful consistently come into contact with each other. Reproductions start to be experienced as something that is more genuine than genuine itself. The proof for this contention can be seen all through our Western culture. For instance, we live in a general public where individuals compose letters to the characters they see on TV, asking them out on dates, and offering them spots to live. This can be known as the disintegration of TV into life, or the disintegration of life into TV. It was said by John Fiske that postmodern media, dislike it once provided, "auxiliary portrayals of reality: they influence and deliver the truth that they intercede." Additionally, Fiske contends that those occasions in our lives that 'matter' must be synonymous with media occasions. The capture of O.J. Simpson was a decent case of this. As the news of his story unfurled, individuals in the territory hurried to his home with the goal that they could be a piece of the news cycle. They needed to be vaguely live individuals and media individuals. This is a trait of the postmodern time. These individuals knew that the media was not only revealing of coursing the news, they were making it. Subsequently, if individuals needed to be a piece of the news of this occasion, it was not adequate to be there on the scene, to really be a piece of this occasion, they must be on TV. This is a demonstration of the way that in the hyperreal universe of the postmodern, the qualification between a genuine occasion and its media portrayal loses its refinement. Frederic James who is an American faultfinder of culture as is knowledgeable in postmodernism contends that it is a culture of pastiche. To him, postmodern culture is "a world in which elaborate advancement is never again conceivable, all that is left is to copy dead styles, to talk through veils and with the voices of the styles in the nonexistent exhibition hall." Postmodernism is a culture that is assembled from a wide range of spots it can be said to be "a culture of citations." Our social generation is the outcome of other social creation. "Postmodern social writings don't simply cite different societies, other authentic minutes, they arbitrarily tear apart them to the point where any feeling of basic or chronicled remove stops to exist - there is just pastiche." This pattern of the pastiche is discernible in both the group of film and TV. It can be found in the 'wistfulness film' that is obvious in both TV and film. A few motion pictures that would fall into this classification of the postmodern wistfulness film would be Back to the Future as it looks to reproduce the air and expressive idiosyncrasies of America in the 1950s. Different movies like Raiders of the Lost Ark, Robin Hood and Lord of the Rings demonstration comparatively as they prompt a feeling of account convictions of the past. Along these lines, "the sentimentality film either recovers and speaks to specific styles of survey the past." These movies look to make social myths and generalizations about the past. They offer "false authenticity: films about different movies, portrayals of different portrayals." As this investigation of postmodernism in pop culture advances, it is valuable to apply it to a solitary case, and afterward examine it as commonplace of postmodernist masterful shape. The Simpsons is a stupendously mainstream show of the lat two decades and it spoke to the principal prime time energized arrangement since the Flintstones. Since its origin, this show has risen as a social wonder. It is a direct result of this massive achievement that The Simpsons speaks to a commendable question of concentrate for social commentators. There is almost certainly that this TV arrangement can be put in the classification of the postmodern. The greater part of the logical gadgets that are synonymous with postmodern hypothesis are available in The Simpsons: pastiche, citation, intertextuality and reflexivity. The Simpsons, in light of the way it utilizes reflexivity and>GET ANSWER