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![1 Currently = him produce 32 units of o. 6=kL (Put k=16] = 32/16. 32 = 16L Currently fim produces 32 units of a with K-16 and](http://img.homeworklib.com/questions/8543ce60-6f2e-11ea-b549-9bf4b2bef4c9.png?x-oss-process=image/resize,w_560)
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VILPELLO P IU points) 4. A firm produces an output with the production function Q=KL, where...
dont need a big answer . Lulu owns a firm that produces leggings. The production function...
dont need a big answer
. Lulu owns a firm that produces leggings. The production function is given by Q = 2VKVL, so that MPL VK Vī VI and MPK Q is Lulu's VK output, K is capital, Lis labor, and MP is the marginal product. The wage (w) rate per worker (L) is $40 per day and rental rate (r) per unit of capital (K) is $10 per day. Lulu currently hires 4 workers and rents 9 machines to...
Derive the cost function associated with the production function in questions 2 is C(q) = 4...
Derive the cost function associated with the production function
in questions 2 is C(q) = 4 + 2q and in questions 3 is
C=wL+rK=1*8+2*4=16. The cost function is of the general form C(Q) =
xQ. What is the value of x?
2. The inverse market demand function is given by P()-20 q. Would consumers prefer to face a monopolist in this market with a cost function given by C(g)4+ 2q, or a perfectly competitive firm with a cost function given...
A firm has the following production function Q= √KL Where Q is output per week and...
A firm has the following production function Q= √KL Where Q is output per week and K and L are units of capital and labor per week. If rental price of capital v= 100 per week and the wages w = 400 per week obtain the quantity of K and L that min the cost for Q = 10.
Lulu currently hires 4 workers and rents 9 machines to produce 12 leggings. Is Lulu minimizing...
Lulu currently hires 4 workers and rents 9 machines to produce
12 leggings. Is Lulu minimizing her costs? How do you know?
Lulu owns a firm that produces leggings. The production function is given by Q = 2VKVL, so that MPL VK VI and MPk = VL Q is Lulu's VK output, K is capital, L is labor, and MP is the marginal product. The wage (w)rate per worker (L) is $40 per day and rental rate (r) per unit...
A firm has a production function q = KL, where q is the quantity of output,...
A firm has a production function q = KL, where q is the quantity of output, K is the amount of capital and L is the amount of labor. a) Does this production function exhibit increasing, decreasing or constant returns to scale? b) Does the long-run cost function exhibit economies of scale or diseconomies of scale? c) Is the LR Average Cost curve increasing or decreasing with q?
Imagine that your firm has a production function given by Q = 2 KL, where K...
Imagine that your firm has a production function given by Q = 2 KL, where K is capital and L is labor. If capital rents for $100 per unit per day, labor can be hired for $200 per unit per day, and the firm is minimizing costs, a. What is the total cost of producing q units of output? b. What is the average cost of producing q units of output? c. What is the marginal of producing q units...
• Assume a firm' production function is Q = KL Assume price of capital is r= 1, and price of labor is w = 2 • How m...
• Assume a firm' production function is Q = KL Assume price of capital is r= 1, and price of labor is w = 2 • How many units of capital and labor is need to produce Q=200 in cheapest way? O Show your logic using cost minimization condition, and Analyze it graphically Hint: First, you should use the definition of MP and MPK and calculate them
The production function of the Auto parts firm is given by Q-5L-L, where Q is the...
The production function of the Auto parts firm is given by Q-5L-L, where Q is the units of output and L is the number of labor hours. Each output sells for 100 dollars per unit. The human resources manager estimates that the marginal cost of hiring an extra worker is 50 dollars. How many labor hours should this firm hire? Hint: MPL=5-2 L 1) 2) A frim's production function is given by Q(L)-6L, where Q measures output and L is...
QUESTION 6 1 poin Production. A firm uses capital and labour to produce output according to...
QUESTION 6 1 poin Production. A firm uses capital and labour to produce output according to the following production function: q(KL)=KL. It pays $15 per hour for using capital and hires labour at $20 per hour. Select all that applies: a. The long run output expansion path for this firm is a straight line Marginal rate of technical substitution is given by MRTSu" SLK 2L O C. This production function exhibits constant return to scale. O d. Assume that the...
A firm applies a production technology to produce units of output (q) according to the production...
A firm applies a production technology to produce units of output (q) according to the production function q = 20 x L^.5 x K^.5 , where L is a variable input and K is a fixed input. Assume K = 100 in the short run. solve for the short-run average product of labor (AP L) and the marginal product of labor (MP L) functions. If L = 100, what are the numerical values of AP L and MP L?
dont need a big answer
. Lulu owns a firm that produces leggings. The production function is given by Q = 2VKVL, so that MPL VK Vī VI and MPK Q is Lulu's VK output, K is capital, Lis labor, and MP is the marginal product. The wage (w) rate per worker (L) is $40 per day and rental rate (r) per unit of capital (K) is $10 per day. Lulu currently hires 4 workers and rents 9 machines to...
Derive the cost function associated with the production function
in questions 2 is C(q) = 4 + 2q and in questions 3 is
C=wL+rK=1*8+2*4=16. The cost function is of the general form C(Q) =
xQ. What is the value of x?
2. The inverse market demand function is given by P()-20 q. Would consumers prefer to face a monopolist in this market with a cost function given by C(g)4+ 2q, or a perfectly competitive firm with a cost function given...
Lulu currently hires 4 workers and rents 9 machines to produce
12 leggings. Is Lulu minimizing her costs? How do you know?
Lulu owns a firm that produces leggings. The production function is given by Q = 2VKVL, so that MPL VK VI and MPk = VL Q is Lulu's VK output, K is capital, L is labor, and MP is the marginal product. The wage (w)rate per worker (L) is $40 per day and rental rate (r) per unit...
• Assume a firm' production function is Q = KL Assume price of capital is r= 1, and price of labor is w = 2 • How many units of capital and labor is need to produce Q=200 in cheapest way? O Show your logic using cost minimization condition, and Analyze it graphically Hint: First, you should use the definition of MP and MPK and calculate them
The production function of the Auto parts firm is given by Q-5L-L, where Q is the units of output and L is the number of labor hours. Each output sells for 100 dollars per unit. The human resources manager estimates that the marginal cost of hiring an extra worker is 50 dollars. How many labor hours should this firm hire? Hint: MPL=5-2 L 1) 2) A frim's production function is given by Q(L)-6L, where Q measures output and L is...
QUESTION 6 1 poin Production. A firm uses capital and labour to produce output according to the following production function: q(KL)=KL. It pays $15 per hour for using capital and hires labour at $20 per hour. Select all that applies: a. The long run output expansion path for this firm is a straight line Marginal rate of technical substitution is given by MRTSu" SLK 2L O C. This production function exhibits constant return to scale. O d. Assume that the...
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