. A firm producing two goods (X and Y) has the following cost (C) function: Cost:...
. A firm producing two goods (X and Y) has the following cost (C) function: Cost: C =5X 2 +2XY+3Y2 +800 Production quota: X+Y=39 What are the values of X and Y that minimizes cost subject to the firm’s production quota?
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. A firm producing two goods (X and Y) has the following cost
(C) function: Cost:...
Chapter 15, Section 15.3, Question 037 A company manufactures x units of one item and y...
Chapter 15, Section 15.3, Question 037 A company manufactures x units of one item and y units of another. The total cost in dollars, C, of producing these two items is approximated by the function C = 5x² + 2xy + 3y2 + 800. (a) If the production quota for the total number of items (both types combined) is 33, find the minimum production cost. The minimum production cost is C = $ Number (b) Estimate the additional production cost...
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...
B. A firm produces and sells two commodities. By selling x tons of the first commodity...
B. A firm produces and sells two commodities. By selling x tons of the first commodity the firm gets a price per ton given by p = 96 – 4x. By selling y tons of the other commodity the price per ton is given by q = 84 – 2y. The total cost of producing and selling x tons of the first commodity and y tons of the second is given by C(x, y) = 2x2 + 2xy + y2....
(1 point) A company manufactures x units of one item and y units of another. The...
(1 point) A company manufactures x units of one item and y units of another. The total cost in dollars, C, of producing these two items is approximated by the function C = 3x² + 2xy + 2y2 + 500. (a) If the production quota for the total number of items (both types combined) is 30, find the minimum production cost. cost = (b) Estimate the additional production cost or savings if the production quota is raised to 31 or...
Keep c(y) = 200−10y+ 0.5y^2 as the cost function of the firm. a) What is the...
Keep c(y) = 200−10y+ 0.5y^2 as the cost function of the firm. a) What is the average cost of producing y units of output? b) What, therefore, will be the optimum output in the long run (y*LR)? c) What is the average cost at the optimum output? d) What is the long run market price, p*LR? e) What is the firm’s total revenue in the long run? f) What is the firm’s total cost in the long run?
A monopolist firm has the cost function c(y)=3y2 The market demand for the monopolist's product is...
A monopolist firm has the cost function c(y)=3y2 The market demand for the monopolist's product is given by D(p=10 – 0.5p What are the firm's profits?
1. [Multi-product Firm’s Profit Maximization] Find (i) the profit maximizing output levels x and y and...
1. [Multi-product Firm’s Profit Maximization] Find (i) the profit maximizing output levels x and y and (ii) the maximum profit for a firm producing two goods x and y with the profit function π(x, y) = 86x−2x2 −2xy−4y2 +120y−200.
Question 2. (a) Suppose there is a firm producing two goods. The profit function π is...
Question 2. (a) Suppose there is a firm producing two goods. The profit function π is function of Q1 and Q2 Find Qi and Q2 to maximize total profit. Use the sccond-order conditions to verify that profits are maximized for these extreme values. What is the maximum of the profit π
Question 5 (20 marks) (a) i) A firm has production function y - f(x,z) -ax+Bz, for...
Question 5 (20 marks) (a) i) A firm has production function y - f(x,z) -ax+Bz, for y 2 0, where y is output, and x, z the factors of production. Are the returns to scale constant, increasing or decreasing? Explain your answer. (3 marks) ii) Consider the production function: f(x1,2)2 where a is a positive parame- ter. Indicate for which values of a the returns to scale in production are increasing Explain your answer. (3 marks) iii) A firm has...
A firm has cost function C = 12 - 24Q + 36Q2. The firm is producing...
A firm has cost function C = 12 - 24Q + 36Q2. The firm is producing 6 units of output Calculate values for these: a) total cost b) total fixed cost c) total variable cost d) average total cost e) average fixed cost average variable cost g) marginal cost (Clearly label each answer and show all calculations that you do, or you will receive no credit for your answers.)
Chapter 15, Section 15.3, Question 037 A company manufactures x units of one item and y units of another. The total cost in dollars, C, of producing these two items is approximated by the function C = 5x² + 2xy + 3y2 + 800. (a) If the production quota for the total number of items (both types combined) is 33, find the minimum production cost. The minimum production cost is C = $ Number (b) Estimate the additional production cost...
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...
B. A firm produces and sells two commodities. By selling x tons of the first commodity the firm gets a price per ton given by p = 96 – 4x. By selling y tons of the other commodity the price per ton is given by q = 84 – 2y. The total cost of producing and selling x tons of the first commodity and y tons of the second is given by C(x, y) = 2x2 + 2xy + y2....
(1 point) A company manufactures x units of one item and y units of another. The total cost in dollars, C, of producing these two items is approximated by the function C = 3x² + 2xy + 2y2 + 500. (a) If the production quota for the total number of items (both types combined) is 30, find the minimum production cost. cost = (b) Estimate the additional production cost or savings if the production quota is raised to 31 or...
A monopolist firm has the cost function c(y)=3y2 The market demand for the monopolist's product is given by D(p=10 – 0.5p What are the firm's profits?
Question 2. (a) Suppose there is a firm producing two goods. The profit function π is function of Q1 and Q2 Find Qi and Q2 to maximize total profit. Use the sccond-order conditions to verify that profits are maximized for these extreme values. What is the maximum of the profit π
Question 5 (20 marks) (a) i) A firm has production function y - f(x,z) -ax+Bz, for y 2 0, where y is output, and x, z the factors of production. Are the returns to scale constant, increasing or decreasing? Explain your answer. (3 marks) ii) Consider the production function: f(x1,2)2 where a is a positive parame- ter. Indicate for which values of a the returns to scale in production are increasing Explain your answer. (3 marks) iii) A firm has...
A firm has cost function C = 12 - 24Q + 36Q2. The firm is producing 6 units of output Calculate values for these: a) total cost b) total fixed cost c) total variable cost d) average total cost e) average fixed cost average variable cost g) marginal cost (Clearly label each answer and show all calculations that you do, or you will receive no credit for your answers.)
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