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![b) Foo (b) the equation quii) will be changed. to w+22K = 3301 [ Budget increased by $1] from ☺ & W 1) w=6K From Liv) (1)CGK)](http://img.homeworklib.com/questions/ad2a41a0-d376-11ea-a031-0bebaaff319f.png?x-oss-process=image/resize,w_560)
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Question 1 The quantity, q, of a product manufactured depends on the number of workers, W,...
suppose a firm has a cobb-douglas weekly production function q=f(l,k)=25l^.5k^.5, where l is the number of...
suppose a firm has a cobb-douglas weekly production function q=f(l,k)=25l^.5k^.5, where l is the number of workers and k is units of capital.mrtslk is k/l. the wage rate is $900 per week, and a unit of capital costs $400 per week. what is the least cost input combination for producing 675 units of output?
suppose a firm has a cobb-douglas weekly production function q=f(l,k)=25l^.5k^.5, where l is the number of...
suppose a firm has a cobb-douglas weekly production function q=f(l,k)=25l^.5k^.5, where l is the number of workers and k is units of capital.mrtslk is k/l. the wage rate is $900 per week, and a unit of capital costs $400 per week. assuming no fixed cost, what is the firm's total cost of production if it uses least-cost input combination to produce 675 units of output?
ECNS 301 Homework #: 2 5. A firm's output, Q, depends on the number of workers...
ECNS 301 Homework #: 2 5. A firm's output, Q, depends on the number of workers it hires, L. Its production function is Q = 4L0.5. It can sell its output for $2, and workers are paid $1. It has no costs other (20) than what it pays its workers. (a) What are profits expressed in terms of the number of workers hired? (b) What is the optimal number of workers it should hire? What are profits when the optimal...
Hannah and Sam run Moretown Makeovers, a home remodeling business. The number of square feet they...
Hannah and Sam run Moretown Makeovers, a home remodeling business. The number of square feet they can remodel in a week is described by the Cobb-Douglas production function Q=F(L,K) Q=10L0.5K0.5, where L is their number of workers and K is units of capital. The wage rate is $200 per week and a unit of capital costs $200 per week. Suppose that when initially producing 100 square feet a week, they use 10 units of capital. a. What is their short-run...
4. (35 points) Hannah and Sam run Moretown Makeovers, a home remodeling business. The number of...
4. (35 points) Hannah and Sam run Moretown Makeovers, a home remodeling business. The number of square feet they can remodel in a week is described by the Cobb- Douglas production function Q = F(L, K) = 10L0.5Kos where L is their number of workers and K is units of capital. The wage rate is $1000, and a unit of capital costs Hannah and Sam $1000 per week. (a) (10 points) Graph the isoquants F(L, K) = 10 and F(L,...
Suppose that medieval England was a single, large, price-taking firm that produced one type of output...
Suppose that medieval England was a single, large, price-taking firm that produced one type of output with a constant-returns-to-scale Cobb-Douglas production function, q L0.5k0.5 Labor and capital have inelastic supplies (everyone works and all capital is used). The Black Death killed (1 0) workers, causing the number of workers to fall from L to L*-θし. Show how much the wage, w, rose. If p is normalized to 1, K-400, L-400, and θ-0.4, calculate the change in factor prices. Suppose the...
The Cobb-Douglas production function is given as: Q = AK1-aLa Where 0<a<1, a = .8, K...
The Cobb-Douglas production function is given as: Q = AK1-aLa Where 0<a<1, a = .8, K =4 is the amount of capital, and L=16 is the number of unit of labor, and A = 12 is the measure of TECHNOLOGY INDEX a) Find the real wage of labor (marginal product of labor), W/P, (b) Find rate of return of capital (marginal product of capital), and (c) Discuss the insights of your findings. (d) Why is there not a large amount...
QUESTION 8 (13 points) A rice processing company estimates that it's production function is given by:...
QUESTION 8 (13 points) A rice processing company estimates that it's production function is given by: Q=F(L,K)= 2006 0.4 where L is the number of workers (labor) and K is units of capital. The wage rate of labor is RM40 and per unit while capital cost is RM50 per unit, and the total input budget is RM5,000. If the firm maximizes output subject to the budget constraint, determine: a. the optimum number of units of labor and capital to be...
Concept Question 3.15 Question Help The following table shows the daily relationship between the number of...
Concept Question 3.15 Question Help The following table shows the daily relationship between the number of workers and output (Q) for a small factory in the short run, with capital held constant. Each worker costs $200 per day, and the firm has fixed costs of $50 per day. Calculate total cost (TC), marginal cost (MC), and average total cost (ATC). (Round your answers to two decimal places.) TC MC ATC Workers 0 1 2 0 0 50 110 176 229...
EXERCISE 1 COST MINIMIZATION, PART I Consider a firm with a Cobb-Douglas production function defined by...
EXERCISE 1 COST MINIMIZATION, PART I Consider a firm with a Cobb-Douglas production function defined by the equation Q = 32K0.5 0.25 where Q is output, K the capital input and I the labour input. The prices of both production factors are given to the firm: labour costs w = 32 per unit, capital r = 16 per unit. Imagine that the firm wants to produce 512 units of output at minimum cost. (a) Determine the (unique) stationary point, say...
ECNS 301 Homework #: 2 5. A firm's output, Q, depends on the number of workers it hires, L. Its production function is Q = 4L0.5. It can sell its output for $2, and workers are paid $1. It has no costs other (20) than what it pays its workers. (a) What are profits expressed in terms of the number of workers hired? (b) What is the optimal number of workers it should hire? What are profits when the optimal...
4. (35 points) Hannah and Sam run Moretown Makeovers, a home remodeling business. The number of square feet they can remodel in a week is described by the Cobb- Douglas production function Q = F(L, K) = 10L0.5Kos where L is their number of workers and K is units of capital. The wage rate is $1000, and a unit of capital costs Hannah and Sam $1000 per week. (a) (10 points) Graph the isoquants F(L, K) = 10 and F(L,...
Suppose that medieval England was a single, large, price-taking firm that produced one type of output with a constant-returns-to-scale Cobb-Douglas production function, q L0.5k0.5 Labor and capital have inelastic supplies (everyone works and all capital is used). The Black Death killed (1 0) workers, causing the number of workers to fall from L to L*-θし. Show how much the wage, w, rose. If p is normalized to 1, K-400, L-400, and θ-0.4, calculate the change in factor prices. Suppose the...
QUESTION 8 (13 points) A rice processing company estimates that it's production function is given by: Q=F(L,K)= 2006 0.4 where L is the number of workers (labor) and K is units of capital. The wage rate of labor is RM40 and per unit while capital cost is RM50 per unit, and the total input budget is RM5,000. If the firm maximizes output subject to the budget constraint, determine: a. the optimum number of units of labor and capital to be...
Concept Question 3.15 Question Help The following table shows the daily relationship between the number of workers and output (Q) for a small factory in the short run, with capital held constant. Each worker costs $200 per day, and the firm has fixed costs of $50 per day. Calculate total cost (TC), marginal cost (MC), and average total cost (ATC). (Round your answers to two decimal places.) TC MC ATC Workers 0 1 2 0 0 50 110 176 229...
EXERCISE 1 COST MINIMIZATION, PART I Consider a firm with a Cobb-Douglas production function defined by the equation Q = 32K0.5 0.25 where Q is output, K the capital input and I the labour input. The prices of both production factors are given to the firm: labour costs w = 32 per unit, capital r = 16 per unit. Imagine that the firm wants to produce 512 units of output at minimum cost. (a) Determine the (unique) stationary point, say...
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