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Videos & Activities 2. Consider a firm with technology that can be represented by the following...
2. Consider a firm with technology that can be represented by the following production function: Input...
2. Consider a firm with technology that can be represented by the following production function: Input 1 costs wi >0 per unit and input 2 costs w2 >0 per unit. (a) Draw the isoquant associated with an output of 4. Make sure to label any inter- cepts and slopes. (b) Find the firm's long-run cost function.
NEED ANSWERS OF PART (f,g,h,j) Problem 2 [21 marks] Consider a firm that uses two inputs. The quantity used of input 1...
NEED ANSWERS OF PART (f,g,h,j)
Problem 2 [21 marks] Consider a firm that uses two inputs. The quantity used of input 1 is denoted by x, and the quantity used of input 2 is denoted by x2. The firm produces and sells one good using the production function f(x1, x2)-4x053x25. The final good is sold at price P $10. The prices of inputs 1 and 2 are w$2 and w2 $3, respectively. The markets for the final good and both...
2. (12 total points) Suppose a firm can use either Capital (K) or Labor (L) in...
2. (12 total points) Suppose a firm can use either Capital (K) or Labor (L) in a production process. The firm's production function is given by Q = 5L + 15K. The price of Capital is $20 per unit and the price of Labor is $8 per unit. a) (4 points) What is the firm's Total Cost function? TC(Q)= b) (8 points) Suppose the firm is producing 30 units of output (Q = 30). Using a graph, draw the firm's...
Suppose a firm can use either Capital (K) or Labor (L) in a production process. The...
Suppose a firm can use either Capital (K) or Labor (L) in a production process. The firms Production function is given by Q = 5L + 15K. The price of Capital is $20 per unit and the price of Labor is $8 per unit. a) (4 points) What is the firm’s Total Cost function? TC(Q) = ____________________________ b) (8 points) Suppose the firm is producing 30 units of output (Q = 30). Using a graph, draw the firm’s isoquant for...
2. Consider a firm producing pizza with production function q = KL, that faces input prices...
2. Consider a firm producing pizza with production function q = KL, that faces input prices w= $10 and r = $100 for labor and capital, respectively. a. Derive the isoquant equation. Find the isoquant of an output q = 1. Draw it in a figure with l in the horizontal axis and k in the vertical axis. b. Does this firm's production exhibit increasing, decreasing or constant returns to scale? Briefly explain c. Find the labor demand, and the...
Please Help. Thank you very much. 1. A firm can buy inputs one and two at...
Please Help. Thank you very much.
1. A firm can buy inputs one and two at prices w and w2, and sells the resulting output in at a market price p. The production function is f(11,12)= + 5 1.1 Form the cost-minimization problem for this firm, find the contingent demand functions, and find the cost function for the firm. Using this cost function, maxi- mize py-C(wi, W2, y). 1.2 Formulate the profit maximization problem for this firm using the the...
- Julia operates a cost-minimizing firm that produces a single output using labor (L) and capital...
- Julia operates a cost-minimizing firm that produces a single output using labor (L) and capital (K). The firm's production function is Q f(L, K) = min{L, K}}. The per-unit price of labor is w = 1 and the per-unit price of capital is r = 1. Recently, the government imposed a tax on Julia's firm: For each unit of labor that Julia employs, she must pay a tax of £t to the government. (a) Graph the Q unit of...
5. Let the firm's production function be given by y 1+2. Note that the inputs r1...
5. Let the firm's production function be given by y 1+2. Note that the inputs r1 and 2 are perfect substitutes in this production process. Suppose wi 2 and w2 1 (a) Derive the conditional factor/input demands and use them to find the long-run cost function for this firm. (b) For these factor prices, derive the firm's long-run supply curve. (c) For these factor prices graph the firm's long-run supply curve. (d) Suppose the price of the second input, w2,...
Please help! Show all work and label answers clearly please! Thank you! 2. (12 total points,...
Please help! Show all work and label answers clearly please!
Thank you!
2. (12 total points, Suppose a firm can use either Capital (K) or Labor (L) in a production process. The firm's production function is given by Q = 5L + 15K. The price of Capital is $20 per unit and the price of Labor is $8 per unit. a) (4 points) What is the firm's Total Cost function? TC(Q) = b) (8 points) Suppose the firm is producing...
1. A plant's production function is Q = (L4/2 + K1/2)2. The price of labor is $10 per unit, and the price of capital is...
1. A plant's production function is Q = (L4/2 + K1/2)2. The price of labor is $10 per unit, and the price of capital is $30 per unit. In the short-run, capital is fixed at 9 units. The plant has a production quota of 1600 units of output that it must meet. a. Calculate the short-run minimum cost of producing 1600 units of output. (5 points) b. Assuming that the plant still meets its production quota, how much will it...
2. Consider a firm with technology that can be represented by the following production function: Input 1 costs wi >0 per unit and input 2 costs w2 >0 per unit. (a) Draw the isoquant associated with an output of 4. Make sure to label any inter- cepts and slopes. (b) Find the firm's long-run cost function.
NEED ANSWERS OF PART (f,g,h,j)
Problem 2 [21 marks] Consider a firm that uses two inputs. The quantity used of input 1 is denoted by x, and the quantity used of input 2 is denoted by x2. The firm produces and sells one good using the production function f(x1, x2)-4x053x25. The final good is sold at price P $10. The prices of inputs 1 and 2 are w$2 and w2 $3, respectively. The markets for the final good and both...
2. (12 total points) Suppose a firm can use either Capital (K) or Labor (L) in a production process. The firm's production function is given by Q = 5L + 15K. The price of Capital is $20 per unit and the price of Labor is $8 per unit. a) (4 points) What is the firm's Total Cost function? TC(Q)= b) (8 points) Suppose the firm is producing 30 units of output (Q = 30). Using a graph, draw the firm's...
2. Consider a firm producing pizza with production function q = KL, that faces input prices w= $10 and r = $100 for labor and capital, respectively. a. Derive the isoquant equation. Find the isoquant of an output q = 1. Draw it in a figure with l in the horizontal axis and k in the vertical axis. b. Does this firm's production exhibit increasing, decreasing or constant returns to scale? Briefly explain c. Find the labor demand, and the...
Please Help. Thank you very much.
1. A firm can buy inputs one and two at prices w and w2, and sells the resulting output in at a market price p. The production function is f(11,12)= + 5 1.1 Form the cost-minimization problem for this firm, find the contingent demand functions, and find the cost function for the firm. Using this cost function, maxi- mize py-C(wi, W2, y). 1.2 Formulate the profit maximization problem for this firm using the the...
- Julia operates a cost-minimizing firm that produces a single output using labor (L) and capital (K). The firm's production function is Q f(L, K) = min{L, K}}. The per-unit price of labor is w = 1 and the per-unit price of capital is r = 1. Recently, the government imposed a tax on Julia's firm: For each unit of labor that Julia employs, she must pay a tax of £t to the government. (a) Graph the Q unit of...
5. Let the firm's production function be given by y 1+2. Note that the inputs r1 and 2 are perfect substitutes in this production process. Suppose wi 2 and w2 1 (a) Derive the conditional factor/input demands and use them to find the long-run cost function for this firm. (b) For these factor prices, derive the firm's long-run supply curve. (c) For these factor prices graph the firm's long-run supply curve. (d) Suppose the price of the second input, w2,...
Please help! Show all work and label answers clearly please!
Thank you!
2. (12 total points, Suppose a firm can use either Capital (K) or Labor (L) in a production process. The firm's production function is given by Q = 5L + 15K. The price of Capital is $20 per unit and the price of Labor is $8 per unit. a) (4 points) What is the firm's Total Cost function? TC(Q) = b) (8 points) Suppose the firm is producing...
1. A plant's production function is Q = (L4/2 + K1/2)2. The price of labor is $10 per unit, and the price of capital is $30 per unit. In the short-run, capital is fixed at 9 units. The plant has a production quota of 1600 units of output that it must meet. a. Calculate the short-run minimum cost of producing 1600 units of output. (5 points) b. Assuming that the plant still meets its production quota, how much will it...
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