Homework Answers
Since Production function exhibits IRS (increasing returns to scale)
Then no profit Maximization exercise is possible, bcoz as we Increase inputs, profit continues to increase, since Diminishing returns is not reached.
So optimal amount produced rises, & it is considered infinite in case of IRS , so optimal L employed is also infinite .
So answer is 999
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12.6 Homework • Unanswered A firm's production function is x == k°.511.5. We have p=500,w=10 and...
12.5 Unanswered 2 attempts left A firm's production function is x = k0.541.5. We have p=500,w=10...
12.5 Unanswered 2 attempts left A firm's production function is x = k0.541.5. We have p=500,w=10 and r=10. In the short-run if capital is fixed at k=27, how much labor does the firm hire to produce 27 units of output? Enter a number only, round to two decimal places. If the answer is op enter 999. If the answer is a range (any range) e.g. [0,2] enter 111. Type your response 12.6 Unanswered 2 attempts left A firm's production function...
12.1 Unanswered. 2 attempts left A firm's production function is x = k0.520.5. We have w=12and...
12.1 Unanswered. 2 attempts left A firm's production function is x = k0.520.5. We have w=12and r=3. Capital is fixed at k=80. The firm's short run supply function is given by x=Ap where p is market price is A is a constant. What is A? Enter a number only, round to two decimal places. Enter a number only, round to two decimal places. If the answer is oo enter 999. If the answer is a range (any range) e.g. (0,2]...
13.1 Homework. Unanswered A firm's production function is x = k0.220.6. We have p=100,w=18 and r=18....
13.1 Homework. Unanswered A firm's production function is x = k0.220.6. We have p=100,w=18 and r=18. What is long-run firm output when the government imposes a tax of 11.1% on the market price that the firm has to pay (An an intuition exercise, compare this to similar exercises in last week's homework). Enter a number only, round to two decimal places. If the answer is o enter 999. If the answer is a range (any range) e.g. (0,2] enter 111....
13.10 Homework. Unanswered Consider a perfectly competitive market with the usual assumptions where w=8,r=10. We have...
13.10 Homework. Unanswered Consider a perfectly competitive market with the usual assumptions where w=8,r=10. We have two types of firms in the market. Type A firms have production function x=2k+l and Type B have production function x=k+21. We have an unlimited number of each type of firms but the amount of capital each firm can hire is limited to 10 units. Demand is given by Xd = 200 – 2p. What is the number of firms in the long-run? Enter...
A firm's production function isx = k0-220.6. We have p=100,w=18 and r=18. What is long-run firm...
A firm's production function isx = k0-220.6. We have p=100,w=18 and r=18. What is long-run firm output when the government imposes a tax of 11.1% on labor that the firm has to pay (i.e. the cost of labor to the firm is 1.111*w).Round to the nearest integer.
9. Suppose the firm's production function is given by f(K,L) min (K",L" (a) For what values...
9. Suppose the firm's production function is given by f(K,L) min (K",L" (a) For what values of a will the firm exhibit decreasing returns to scale? Constant returns to scale? Increasing returns to scale? (b) Derive the long-run cost function and the optimal input choices. (c) Suppose the capital is fixed at R = 10,000 and a =. Assuming that the firm wants to produce less than 100 units, derive 10. Consider the production function: f(K, L) = KLi. Let...
6. Cost Minimization Homework . Due in a day Perfect Complements Homework. Unanswered Fill in the...
6. Cost Minimization Homework . Due in a day Perfect Complements Homework. Unanswered Fill in the Blanks Suppose a firm with production function q =m K} faces input prices w=1, -2, and wants to produce qu20 units of output. If this firm is cost-minimizing, it will hire units of labor, units of capital, and will incur a total cost of Unanswered Please select an answer to submit Sbmit [ Fullscreen lecture7 (2).pdf lecture8.pdf A lecture 9.pdf Show All
Econ 10A: Problem Set 9 (1) A firm's production function is P(L, K) 2LV2K. Find the...
Econ 10A: Problem Set 9 (1) A firm's production function is P(L, K) 2LV2K. Find the long-run profit-maximizing values of Land K when the wage for labor is w $10, the rental rate for capital is r $20, and the price of output is p $40.
9. Suppose the firm's production function is given by f(K,L) = min (Kº,L"} (a) For what values of a will the firm e...
9. Suppose the firm's production function is given by f(K,L) = min (Kº,L"} (a) For what values of a will the firm exhibit decreasing returns to scale? Constant returns to scale? Increasing returns to scale? (b) Derive the long-run cost function and the optimal input choices. (c) Suppose the capital is fixed at K = 10,000 and a = 1. Assuming that the firm wants to produce less than 100 units, derive 10. Consider the production function: f(K,L)=KLI. Let w...
11. Consider the production function: f(K,L)=K+L. Let w and r denote the price of labor and...
11. Consider the production function: f(K,L)=K+L. Let w and r denote the price of labor and capital, and let p denote the price of the output good. (a) Find the cost minimizing input bundle and the cost function. (b) Find the profit maximizing output level and the profit function. 12. Consider a firm with production function f(K,L) = K +L. (a) Suppose that capital level is currently fixed at K = 10. Find the short term production cost function for...
12.5 Unanswered 2 attempts left A firm's production function is x = k0.541.5. We have p=500,w=10 and r=10. In the short-run if capital is fixed at k=27, how much labor does the firm hire to produce 27 units of output? Enter a number only, round to two decimal places. If the answer is op enter 999. If the answer is a range (any range) e.g. [0,2] enter 111. Type your response 12.6 Unanswered 2 attempts left A firm's production function...
12.1 Unanswered. 2 attempts left A firm's production function is x = k0.520.5. We have w=12and r=3. Capital is fixed at k=80. The firm's short run supply function is given by x=Ap where p is market price is A is a constant. What is A? Enter a number only, round to two decimal places. Enter a number only, round to two decimal places. If the answer is oo enter 999. If the answer is a range (any range) e.g. (0,2]...
13.1 Homework. Unanswered A firm's production function is x = k0.220.6. We have p=100,w=18 and r=18. What is long-run firm output when the government imposes a tax of 11.1% on the market price that the firm has to pay (An an intuition exercise, compare this to similar exercises in last week's homework). Enter a number only, round to two decimal places. If the answer is o enter 999. If the answer is a range (any range) e.g. (0,2] enter 111....
13.10 Homework. Unanswered Consider a perfectly competitive market with the usual assumptions where w=8,r=10. We have two types of firms in the market. Type A firms have production function x=2k+l and Type B have production function x=k+21. We have an unlimited number of each type of firms but the amount of capital each firm can hire is limited to 10 units. Demand is given by Xd = 200 – 2p. What is the number of firms in the long-run? Enter...
A firm's production function isx = k0-220.6. We have p=100,w=18 and r=18. What is long-run firm output when the government imposes a tax of 11.1% on labor that the firm has to pay (i.e. the cost of labor to the firm is 1.111*w).Round to the nearest integer.
9. Suppose the firm's production function is given by f(K,L) min (K",L" (a) For what values of a will the firm exhibit decreasing returns to scale? Constant returns to scale? Increasing returns to scale? (b) Derive the long-run cost function and the optimal input choices. (c) Suppose the capital is fixed at R = 10,000 and a =. Assuming that the firm wants to produce less than 100 units, derive 10. Consider the production function: f(K, L) = KLi. Let...
6. Cost Minimization Homework . Due in a day Perfect Complements Homework. Unanswered Fill in the Blanks Suppose a firm with production function q =m K} faces input prices w=1, -2, and wants to produce qu20 units of output. If this firm is cost-minimizing, it will hire units of labor, units of capital, and will incur a total cost of Unanswered Please select an answer to submit Sbmit [ Fullscreen lecture7 (2).pdf lecture8.pdf A lecture 9.pdf Show All
Econ 10A: Problem Set 9 (1) A firm's production function is P(L, K) 2LV2K. Find the long-run profit-maximizing values of Land K when the wage for labor is w $10, the rental rate for capital is r $20, and the price of output is p $40.
9. Suppose the firm's production function is given by f(K,L) = min (Kº,L"} (a) For what values of a will the firm exhibit decreasing returns to scale? Constant returns to scale? Increasing returns to scale? (b) Derive the long-run cost function and the optimal input choices. (c) Suppose the capital is fixed at K = 10,000 and a = 1. Assuming that the firm wants to produce less than 100 units, derive 10. Consider the production function: f(K,L)=KLI. Let w...
11. Consider the production function: f(K,L)=K+L. Let w and r denote the price of labor and capital, and let p denote the price of the output good. (a) Find the cost minimizing input bundle and the cost function. (b) Find the profit maximizing output level and the profit function. 12. Consider a firm with production function f(K,L) = K +L. (a) Suppose that capital level is currently fixed at K = 10. Find the short term production cost function for...
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