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2. (12 total points,...
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...
Please help! Please show all work! 2. (21 points. Suppose a firm's production function is given...
Please help! Please show all work!
2. (21 points. Suppose a firm's production function is given by Q = L 1/2*K12. The Marginal Product of Labor and the Marginal Product of Capital are given by: MPL = 72 L 1/2K1/2and MPK = 12L12K-1/2 a) Suppose the price of labor is w=18, and the price of capital is r=2. Derive the firm's total cost function. b) What is the firm's marginal cost? c) For this problem, you will sketch the graph...
For Question 1-4, use the following information: A firm's production function is gives as: q=3K0.6 L0.4 and its cost...
For Question 1-4, use the following information: A firm's production function is gives as: q=3K0.6 L0.4 and its cost minimizing choice of inputs is L=250 and K=400 1. What is the value of MRTS at the firm's cost minimizing choice of input? 2. If the wage that the firm's pay to hire one unit of labor is 10, what is the user cost of capital? (Graph questions) <--- (Really important - please give clear steps and explanation) 3. Write down...
15 09. 00 points) Suppose that a firm's cost per unit of labor (w) is $30 per day and its cost per a. Draw the isocost line for a total cost per day of s15,000. (Base case) and Draw the What...
15 09. 00 points) Suppose that a firm's cost per unit of labor (w) is $30 per day and its cost per a. Draw the isocost line for a total cost per day of s15,000. (Base case) and Draw the What are the maximum amount of K and L possibly used to produce 100 units? unit of capital (r) is $50 per day isoquant curve when this firm is producing efficiently, assuming output is 100 units b. If the price...
a. In the graph, draw an isoquant for a production process in which Land K are...
a. In the graph, draw an isoquant for a production process in which Land K are perfect one- for-one substitutes. b. Assume the wage rate is greater than the rental rate for capital. In the graph, draw the firm's cost minimizing isocost line as a dashed line. c. Clearly indicate what the cost minimizing amount of labor L* and capital K* would be. Capital (K) Labor (L)
Suppose a firm’s production function is given by Q = L1/2*K1/2. The Marginal Product of Labor...
Suppose a firm’s production function is given by Q = L1/2*K1/2. The Marginal Product of Labor and the Marginal Product of Capital are given by: MPL = ½ L-1/2K1/2and MPK = ½ L1/2K-1/2 a) Suppose the price of labor is w = 18, and the price of capital is r = 2. Derive the firm’s total cost function. b) What is the firm’s marginal cost? c) For this problem, you will sketch the graph of the firm’s isoquant for Q...
2. Assume that a firm needs to produce 500 units of output and it has ability...
2. Assume that a firm needs to produce 500 units of output and it has ability to choose how much capital and labor to use as inputs. Firm's production function and marginal products of factors are 2VL, and MPK 100L ых 100K . Use this information to answer the following questions. In your computations keep at least three decimal places. (a) If initial wage w is $12.50 and rental rate of capital, r, is $17.50, find the cost-minimizing labor- capital...
Question 7 rding to the production function: uses labor and machines to produce output according to...
Question 7 rding to the production function: uses labor and machines to produce output according to the where Lis ALK) = 41/212, ere is the number of units of labor used and K is the amount of capita or is $40 per unit and the cost of employing capital is $10 per unit. mount of capital employed. The cost (0): On the graph below, draw an isocost line for this firm that includes combin capital and labor that cost $400...
- 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...
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...
Please help! Please show all work!
2. (21 points. Suppose a firm's production function is given by Q = L 1/2*K12. The Marginal Product of Labor and the Marginal Product of Capital are given by: MPL = 72 L 1/2K1/2and MPK = 12L12K-1/2 a) Suppose the price of labor is w=18, and the price of capital is r=2. Derive the firm's total cost function. b) What is the firm's marginal cost? c) For this problem, you will sketch the graph...
15 09. 00 points) Suppose that a firm's cost per unit of labor (w) is $30 per day and its cost per a. Draw the isocost line for a total cost per day of s15,000. (Base case) and Draw the What are the maximum amount of K and L possibly used to produce 100 units? unit of capital (r) is $50 per day isoquant curve when this firm is producing efficiently, assuming output is 100 units b. If the price...
a. In the graph, draw an isoquant for a production process in which Land K are perfect one- for-one substitutes. b. Assume the wage rate is greater than the rental rate for capital. In the graph, draw the firm's cost minimizing isocost line as a dashed line. c. Clearly indicate what the cost minimizing amount of labor L* and capital K* would be. Capital (K) Labor (L)
2. Assume that a firm needs to produce 500 units of output and it has ability to choose how much capital and labor to use as inputs. Firm's production function and marginal products of factors are 2VL, and MPK 100L ых 100K . Use this information to answer the following questions. In your computations keep at least three decimal places. (a) If initial wage w is $12.50 and rental rate of capital, r, is $17.50, find the cost-minimizing labor- capital...
Question 7 rding to the production function: uses labor and machines to produce output according to the where Lis ALK) = 41/212, ere is the number of units of labor used and K is the amount of capita or is $40 per unit and the cost of employing capital is $10 per unit. mount of capital employed. The cost (0): On the graph below, draw an isocost line for this firm that includes combin capital and labor that cost $400...
- 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...
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