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asput. A firm has the following production function. y=f(x) where y is the output and is...
A competitive firm uses a single input x to produce its output y. The firm’s production...
A competitive firm uses a single input x to produce its output y. The firm’s production function is given by y = x3/2 for quantities of x between 0 and 4. For quantities of a greater than 4, the firm’s output is y = 4 + x. If the price of the output y is $1 and the price of the input x is $3, how much x should the firm use to maximize its profit? answer is 0.
9) A firm has the long run production function y 4x1/4x24 and sells output at a...
9) A firm has the long run production function y 4x1/4x24 and sells output at a fixed price of S6 per unit. The cost of one unit of z is 1 dollar and unit two costs 3 dollars per unit. What is the short run profit maximizing value of if input two is fixed at 7 units in the short run? (pick the closest) a.5 units 10 units c.20 units d.30 units e.40 units 10) The profit maximizing level of...
Consider the production function y= x^(1/2). However, assume that, for political reasons, it is not feasible...
Consider the production function y= x^(1/2). However, assume that, for political reasons, it is not feasible to hire fewer then one unit of input. Thus, assume x>= 1. (a) Show that the inverse production function x(y) is convex. (b) The price of y is p= 10. Find the firm's marginal product MP(x) and average product AP(x). (c) Find the firm's value of marginal product VMP(x) and value of average product VAP(x). (d) Find the firm's input demand curve x*(w). (e)...
Consider the production function y = x2 for for x > 1. (a)Derive and graph the...
Consider the production function y = x2 for for x > 1. (a)Derive and graph the marginal product MP and average product AP curves. (b)If the price of the input is w = 1, find total cost C(y); also find marginal cost MC and average cost AC. Draw the latter two curves on the same graph. (c)If the input price is w = 1, can you derive the supply curve for this competitive firm? Why or why not? With steps,...
7. (5 points) There are two firms X and Y. Firm X produces goods x and Firm Y produces goods y. T...
7. (5 points) There are two firms X and Y. Firm X produces goods x and Firm Y produces goods y. The unit price of x is $1 and the unit price of y is $2. Labor is the only input of production. The wage rate for workers in Firm X is $20 while the wage rate for workers in Firm Y is $15. The production function of the paper mill is However, since the paper mill drains chemical waste...
1. Imagine a firm has the following short-run production function: q=f(L,K) = K L – L?...
1. Imagine a firm has the following short-run production function: q=f(L,K) = K L – L? Assume K = 25. a. Fill in the following table. (First, find the total output from the production function, then find the marginal product by dividing the change in total output by change in labor.) Capital MPL Labor 7 Total Output 126 APL 18 25 12 25 25 25 25 25 10 11 12 13 14 15 25 25 25 b. How many units...
A firm uses two inputs x1 and x2 to produce output y. The production function is...
A firm uses two inputs x1 and x2 to produce
output y. The production function is given by f(x1, x2) = p
min{2x1, x2}. The price of input 1 is 1 and the price of input 2 is
2. The price of output is 10.
4. A firm uses two inputs 21 and 22 to produce output y. The production function is given by f(x1, x2) = V min{2x1, x2}. The price of input 1 is 1 and the price...
6. The profit function of a firm is (x,y) = px +qy-ar? - By?, where p...
6. The profit function of a firm is (x,y) = px +qy-ar? - By?, where p and q are the prices per unit and ar? + By are the costs of producing and selling x units of the first good and y units of the other. The constants are all positive. (a) Find the values of x and y that maximize profits. Denote them by x* and y'. Verify that the second-order conditions are satisfied. (1) Define (p, q) =...
Given the following truth table, where X, Y, and Z are input and W is output,...
Given the following truth table, where X, Y, and Z are input and
W is output, write the canonical expression and generate gate-level
logical circuit (draw the wire diagram).
Given the following truth table, where X, Y, and Z are input and W is output, write the canonical expression and generate gate-level logical circuit (draw the wire diagram). 0 01 0 0 100O 0 110 (0
You are given the following short-run production function for Superfast Hairdryers, Inc., where X is material...
You are given the following short-run production function for Superfast Hairdryers, Inc., where X is material inputs, and Q is output. Q = 10X - 0.25X2 Suppose the hair dryers are sold for $10 per unit to K-Mart. Also assume that the firm can obtain as much of the variable materials, input (X), as it needs at $20 per unit. i) Determine the Marginal Revenue Product (MRP) of materials. ii) Determine the Marginal Cost (MC) function. iii) Determine the optimal...
9) A firm has the long run production function y 4x1/4x24 and sells output at a fixed price of S6 per unit. The cost of one unit of z is 1 dollar and unit two costs 3 dollars per unit. What is the short run profit maximizing value of if input two is fixed at 7 units in the short run? (pick the closest) a.5 units 10 units c.20 units d.30 units e.40 units 10) The profit maximizing level of...
7. (5 points) There are two firms X and Y. Firm X produces goods x and Firm Y produces goods y. The unit price of x is $1 and the unit price of y is $2. Labor is the only input of production. The wage rate for workers in Firm X is $20 while the wage rate for workers in Firm Y is $15. The production function of the paper mill is However, since the paper mill drains chemical waste...
1. Imagine a firm has the following short-run production function: q=f(L,K) = K L – L? Assume K = 25. a. Fill in the following table. (First, find the total output from the production function, then find the marginal product by dividing the change in total output by change in labor.) Capital MPL Labor 7 Total Output 126 APL 18 25 12 25 25 25 25 25 10 11 12 13 14 15 25 25 25 b. How many units...
A firm uses two inputs x1 and x2 to produce
output y. The production function is given by f(x1, x2) = p
min{2x1, x2}. The price of input 1 is 1 and the price of input 2 is
2. The price of output is 10.
4. A firm uses two inputs 21 and 22 to produce output y. The production function is given by f(x1, x2) = V min{2x1, x2}. The price of input 1 is 1 and the price...
6. The profit function of a firm is (x,y) = px +qy-ar? - By?, where p and q are the prices per unit and ar? + By are the costs of producing and selling x units of the first good and y units of the other. The constants are all positive. (a) Find the values of x and y that maximize profits. Denote them by x* and y'. Verify that the second-order conditions are satisfied. (1) Define (p, q) =...
Given the following truth table, where X, Y, and Z are input and
W is output, write the canonical expression and generate gate-level
logical circuit (draw the wire diagram).
Given the following truth table, where X, Y, and Z are input and W is output, write the canonical expression and generate gate-level logical circuit (draw the wire diagram). 0 01 0 0 100O 0 110 (0
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