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Question Help The production function for the personal computers of DISK, Inc, is given by q-10K05105...
Suppose the production function for automobiles is ? = ?? where Q is the quantity of...
Suppose the production function for automobiles is ? = ?? where Q is the quantity of automobiles produced per year, L is the quantity of labor (man-hours) and K is the quantity of capital (machine hours). a) What is the total product (number of automobiles) if the firm uses 25 man hours and 2 machine hours? b) Sketch the isoquant corresponding to a quantity of Q=50. c) What is the general equation for the isoquant corresponding to any level of...
QUESTION 8 (13 points) A rice processing company estimates that it's production function is given by:...
QUESTION 8 (13 points) A rice processing company estimates that it's production function is given by: Q=F(L,K)= 2006 0.4 where L is the number of workers (labor) and K is units of capital. The wage rate of labor is RM40 and per unit while capital cost is RM50 per unit, and the total input budget is RM5,000. If the firm maximizes output subject to the budget constraint, determine: a. the optimum number of units of labor and capital to be...
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...
Priyanka's company has the production function Q=100K^0.5L^0.5, where Q measures output, K measures machine hours, and...
Priyanka's company has the production function Q=100K^0.5L^0.5, where Q measures output, K measures machine hours, and L measures labor hours. Suppose that the rental rate of capital is R=$30, the wage rate is W=$15, and the firm wants to produce 5,000units of output. Use the Lagrange method to find the optimal input mix. What the optimal level of K & L?
A firm’s production technology is given by the production function q = 0.25 LK where L...
A firm’s production technology is given by the production function q = 0.25 LK where L represents labor hours, K machine hours and q the amount of output. The market wage and rental rates are, w= $16 and r = $256. The firm is operating in the long run where it can adjust both inputs. (a) Suppose that the firm currently is using ten labor hours for each machine hour. Is it minimizing its long run total cost? If so...
A firm has a production function of Q=20K^.2*L^.8 where Q measures output, K represents machine hours,...
A firm has a production function of Q=20K^.2*L^.8 where Q measures output, K represents machine hours, and L measures labor hours. If the rental cost of capital (r) equals $15 the wage rate (w) equals $10, and the firm wants to produce 40,000 units of output, how much labor and capital should the firm use?
Aamir's company has the production function Q=8K^0.75L^0.25, where Q measures output, K measures machine hours, and...
Aamir's company has the production function Q=8K^0.75L^0.25, where Q measures output, K measures machine hours, and L measures labor hours. Suppose that the rental rate of capital is R=$120, the wage rate is W=$20, and the firm wants to produce 800 units of output. Use the Lagrange method to find the optimal input mix. What the optimal level of K?
2) Consider the following production function for shirts: q=13/4K1/4, where L is worker-hours, and K is...
2) Consider the following production function for shirts: q=13/4K1/4, where L is worker-hours, and K is sewing machine-hours. The cost of one hour of labor L is w The cost of renting a sewing machine for one hour is r. What type of returns to scale does this production function have? a) b) Compute the marginal product of labor L and marginal product of capital K. What is the marginal rate of technical substitution of labor for capital .e. how...
A firm’s production technology is given by the production function q 0.25 LK where L...
A firm’s production technology is given by the production function q 0.25 LK where L represents labor hours, K machine hours and q the amount of output. The market wage and rental rates are, w= $16 and r = $256. The firm is operating in the long run where it can adjust both inputs. Suppose that the firm currently is using ten labor hours for each machine hour. Is it minimizing its long run total cost? If so why...
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...
QUESTION 8 (13 points) A rice processing company estimates that it's production function is given by: Q=F(L,K)= 2006 0.4 where L is the number of workers (labor) and K is units of capital. The wage rate of labor is RM40 and per unit while capital cost is RM50 per unit, and the total input budget is RM5,000. If the firm maximizes output subject to the budget constraint, determine: a. the optimum number of units of labor and capital to be...
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...
2) Consider the following production function for shirts: q=13/4K1/4, where L is worker-hours, and K is sewing machine-hours. The cost of one hour of labor L is w The cost of renting a sewing machine for one hour is r. What type of returns to scale does this production function have? a) b) Compute the marginal product of labor L and marginal product of capital K. What is the marginal rate of technical substitution of labor for capital .e. how...
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