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4. A firm produces tomato sauce (s from tomatoes (t) with the production function s 3t+4....
red sauce canning company processes tomatoes Q2. Red Sauce Canning Company processes tomatoes into catsup, tomato...
red sauce canning company processes tomatoes
Q2. Red Sauce Canning Company processes tomatoes into catsup, tomato juice, and canned tomatoes. During the summer of 2017, the joint costs of processing the tomatoes were $420,000. There was no beginning or ending inventories for the summer. Production and sales value information for the summer is as follows: Sales Value at Separable Split-off Point Costs $6 per case Product Cases Selling Price Catsup Juice 100,000 150,000 200,000 $3.00 per case $28 per case...
Red Sauce Canning Company processes tomatoes into catsup, tomato juice, and canned tomatoes. During the summer...
Red Sauce Canning Company processes tomatoes into catsup, tomato juice, and canned tomatoes. During the summer of 2018, the joint costs of processing the tomatoes were $420,000. There was no beginning inventory for the summer. Production and sales information for the summer is as follows: Production(# Product of cases) Sales (# of cases) Sales Value at Splitoff Point Separable Costs Final Selling Price 80,000 $6 per case Catsup 100,000 120,000 Juice 150,000 $8 per case $3.00 per Catsup Premium $23...
Johnathon's household frequently purchases tomatoes from the local market. His demand for tomatoes is: Qd^J (p)=15-3p...
Johnathon's household frequently purchases tomatoes from the local market. His demand for tomatoes is: Qd^J (p)=15-3p A) When Jonathan went to the market last week the price of 1 tomato was $6. This week the price of 1 tomato is $2. What is Johnathans original and new consumer surplus? What is the change in consumer surplus? B) Johnathan lives with his sister, who also ears tomatoes. She has the following demand function: Qd^s (p)=24-3p If Jonathan and his sister are...
5. A firm produces widgets with production function: q-2vKL. In the short run, the firm's amount...
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...
8.13. A firm produces a product with labor and capital. Its production function is described by...
8.13. A firm produces a product with labor and capital. Its production function is described by Q = L + K. The marginal products associated with this production function are MPL = 1 and MPK = 1. Let w= 1 and r = 1 be the prices of labor and capital, respectively. a) Find the equation for the firm's long-run total cost curve as a function of quantity Q when the prices labor and capital are w = 1 and...
2. A firm produces a product with labor and capital. Its production function is described by...
2. A firm produces a product with labor and capital. Its production function is described by Q = L1/2K1/2 The price of labor is w = 1, while that of capital is r = 4. (a) What is the cost-minimizing input bundle when Q = 60? (b) What is the cost-minimizing input bundle when = 30? (c) The desired output level falls from -60 to Q = 30, what is the new long-run cost-minimizing input bundle? (d) In the short-run,...
4. The market for bushels of tomatoes is characterized by a demand function of the form...
4. The market for bushels of tomatoes is characterized by a demand function of the form Q-800-5P and a supply function of the form Q 500+ 5P, where P is the price per bushel. a) Determine the equilibrium values of the price per bushel and the number of bushels transacted. b) The government wishes to encourage tomato consumption and offers a subsidy at the rate of 20%. Explain how the subsidy is shared between producers and consumers and how the...
Consider a firm which produces according to the following production function just by using labor
Consider a firm which produces according to the following production function just by using labor f(L) = 4L^1/2 + k (a) Derive the short-run total cost, the short-run average cost, the shortrun marginal cost function of the firm under the assumption that capital is the fixed input. (b) Find short-run firm supply as a function of input prices, w and r, and output price, p.
4、5and 6 thanks 1. Let the production function beq(: capital, L: labor), the unit prices of...
4、5and 6 thanks
1. Let the production function beq(: capital, L: labor), the unit prices of capital and labor ba both SI 28 (a) Find the cost function. (b) If the firm with this production function is in a competitive market and the market price is $12, how many units of products should the firm produce? -6 2. (a) Let the cost function be C(ą)-F+mq (i) Is there economies of scale? (i) If market price is equal to margiial cost,...
Suppose the production function of a firm is given by q = L1/4K1/4. The prices of...
Suppose the production function of a firm is given by q = L1/4K1/4. The prices of labor and capital are given by w = $10 and r = $20, respectively. a) Write down the firm's cost minimization problem. b) What returns to scale does the production function exhibit? Explain c) What is the Marginal Rate of Technical Substitution (MRTS) between capital and labor? d) What is the optimal capital to labor ratio? Show your work. e) Derive the long run...
red sauce canning company processes tomatoes
Q2. Red Sauce Canning Company processes tomatoes into catsup, tomato juice, and canned tomatoes. During the summer of 2017, the joint costs of processing the tomatoes were $420,000. There was no beginning or ending inventories for the summer. Production and sales value information for the summer is as follows: Sales Value at Separable Split-off Point Costs $6 per case Product Cases Selling Price Catsup Juice 100,000 150,000 200,000 $3.00 per case $28 per case...
Red Sauce Canning Company processes tomatoes into catsup, tomato juice, and canned tomatoes. During the summer of 2018, the joint costs of processing the tomatoes were $420,000. There was no beginning inventory for the summer. Production and sales information for the summer is as follows: Production(# Product of cases) Sales (# of cases) Sales Value at Splitoff Point Separable Costs Final Selling Price 80,000 $6 per case Catsup 100,000 120,000 Juice 150,000 $8 per case $3.00 per Catsup Premium $23...
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...
8.13. A firm produces a product with labor and capital. Its production function is described by Q = L + K. The marginal products associated with this production function are MPL = 1 and MPK = 1. Let w= 1 and r = 1 be the prices of labor and capital, respectively. a) Find the equation for the firm's long-run total cost curve as a function of quantity Q when the prices labor and capital are w = 1 and...
2. A firm produces a product with labor and capital. Its production function is described by Q = L1/2K1/2 The price of labor is w = 1, while that of capital is r = 4. (a) What is the cost-minimizing input bundle when Q = 60? (b) What is the cost-minimizing input bundle when = 30? (c) The desired output level falls from -60 to Q = 30, what is the new long-run cost-minimizing input bundle? (d) In the short-run,...
4. The market for bushels of tomatoes is characterized by a demand function of the form Q-800-5P and a supply function of the form Q 500+ 5P, where P is the price per bushel. a) Determine the equilibrium values of the price per bushel and the number of bushels transacted. b) The government wishes to encourage tomato consumption and offers a subsidy at the rate of 20%. Explain how the subsidy is shared between producers and consumers and how the...
4、5and 6 thanks
1. Let the production function beq(: capital, L: labor), the unit prices of capital and labor ba both SI 28 (a) Find the cost function. (b) If the firm with this production function is in a competitive market and the market price is $12, how many units of products should the firm produce? -6 2. (a) Let the cost function be C(ą)-F+mq (i) Is there economies of scale? (i) If market price is equal to margiial cost,...
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