5) A firm producing hockey sticks has a production function given by F(L,K) = 2 LK...
A firm producing hockey sticks has a production function given by . In the short run, the firm's amount of capital equipment is fixed at K = 100. The rental rate for K is $1 and the wage rate for L is $4. a. What is the firm's fixed rate cost? b. What is the firm's total cost function, TC(Q)? 2LK
does this involve langragian method using CES production function? please solve as the answer posted isn't understandable. A firm producing hockey sticks has a production function given by q=2 ki, In the short run, the firm's amount of capital equipment is fixed at k = 100. The rental rate for kis y=$1, and the wage rate for l is w = $4. a. Calculate the firm's short-run total cost curve. Calculate the short-run average cost curve. b. What is the...
Please Help. Thank you very much. 3. A firm producing hockey sticks has a production function given by f(11, 12) = 21112 In the short run, the firm's amount of input two is fixed at Tz. 3.1 Calculate the firm's short-run total cost curve as a function of y, w1, W2, 72. 3.2 Suppose that I2 = 100, the price for input one is w1 = 4, and the price of input two is w2 = 1. Draw a graph...
1. The production function of a firm is f(1,k) = Vlk where l is labor and k is capital/machinery. a. In the short run, if the quantity of capital is fixed at 64, derive the short run total cost SC(q), average cost SAC(q), and marginal cost SMC(q) of this firm. Assume each input costs $1 per unit. At what output does the minimum of SAC(q) occur? b. If labor and capital cost r and w respectively, and the quantity of...
5. A firm produces widgets with production function: q-2vKL. In the short run, the firm's amount of capital is fixed at K = 100. The rental rate is v = 1 and the wage for L is w= 4. (a) Find the firm's short-run total cost curve (SRTC), short-run average cost curve (SRAC), and the short-run marginal cost (SMC) function. (b) Graph the firm's SAC and SMC using the following levels of production: q 25 and q= 100. (c) Find...
Please solve and show full work for a rating. Thank you. Plastic bags are great 2) The production of plastic bags is given by the production function q K is capital and L is labor. f(LK) s, where Short Run Production a. ) Find the expressions for the Marginal Product of Labor (MP) and Average Product of Labor (APL) in the Short Run, when K is fixed at 400. i) Derive L() in the Short Run, again with K fixed...
The firm's production function is given as f(LK) = 4L·5K0.5 and input prices are w = 4 and r = 16. In the short-run, the level of capital is fixed at K = 2 What is the firm's short-run marginal cost function? Wählen Sie eine Antwort: O a. 0.25q 32/q O b. 0.125q O c. 4 + 32/q O d. 0.25q
question 4 a and b please 4. Consider the production function y = LK/10, where L is labor and K is capital. (This is from Chapter 9, Exercise 4.) The factor prices are wi = 10 and wx = 100. Suppose the amount of capital, K, is fixed at 1 unit (a) Derive the short-run cost function (y). (b) Derive and graph the average total cost function ATC(y), the average variable cost function AVC(y), and the short-run marginal cost function...
The production function of producing computer software diskettes (Q) is given as: q=LK^1/2. The input K is fixed at 100. The price of K is $2 and the price of L is $50. The short run total cost function is: TC= ___+___*Q, where Q is the Level of ouput.
Suppose that a firm has a production function given by: ? = ?^?.???^?.? . The wage rate is $18 and the rental rate is $9. 12. Suppose that the firm has 4 units of capital in the short run. Find the short run total cost function. ________________________________ 13. Find the marginal product of labor (MPL) function. ________________________________ 14. Solve the optimization condition for K and write that equation. ________________________________ 15. Suppose the firm wants to minimize the cost of producing...