A. L=25; K=16
B. L=40; K=10
C. L=16; K=25
D. L=10; K=40
E. L=20; K=20
Homework Answers
Add Answer to:
A. L=25; K=16
B. L=40; K=10
C. L=16; K=25
D. L=10; K=40
E. L=20; K=20
=...
Lulu currently hires 4 workers and rents 9 machines to produce 12 leggings. Is Lulu minimizing...
Lulu currently hires 4 workers and rents 9 machines to produce
12 leggings. Is Lulu minimizing her costs? How do you know?
Lulu owns a firm that produces leggings. The production function is given by Q = 2VKVL, so that MPL VK VI and MPk = VL Q is Lulu's VK output, K is capital, L is labor, and MP is the marginal product. The wage (w)rate per worker (L) is $40 per day and rental rate (r) per unit...
dont need a big answer . Lulu owns a firm that produces leggings. The production function...
dont need a big answer
. Lulu owns a firm that produces leggings. The production function is given by Q = 2VKVL, so that MPL VK Vī VI and MPK Q is Lulu's VK output, K is capital, Lis labor, and MP is the marginal product. The wage (w) rate per worker (L) is $40 per day and rental rate (r) per unit of capital (K) is $10 per day. Lulu currently hires 4 workers and rents 9 machines to...
Givens: 10 * L +40 * K min L>0, K >0 s.t. 50 < K.25 *...
Givens: 10 * L +40 * K min L>0, K >0 s.t. 50 < K.25 * L.25 • The marginal product of labor: MPL = .25 * 5:16 • The marginal product of capital: MPK = .25 * :26 Equation Description: A firm is attempting to minimize total cost subject to sufficiently employing units of labor and units of capital to produce an output level at least as large as a specified output quota. Total cost equals the cost to...
Givens: 10 * L +40 * K min L>0, K >0 s.t. 50 < K.25 *...
Givens: 10 * L +40 * K min L>0, K >0 s.t. 50 < K.25 * L-25 • The marginal product of labor: MP, = .25 * 76 • The marginal product of capital: MPK = .25 * * 1.25 K.75 Equation Description: A firm is attempting to minimize total cost subject to sufficiently employing units of labor and units of capital to produce an output level at least as large as a specified output quota. Total cost equals the...
Givens: 40 * L + 120 * K min L>0, K>0 300 < K.75* L 25...
Givens: 40 * L + 120 * K min L>0, K>0 300 < K.75* L 25 • The marginal product of labor: MPL = .25 * :75 • The marginal product of capital: MPK = .75 * :26 Equation Description: A firm is attempting to minimize total cost subject to sufficiently employing units of labor and units of capital to produce an output level at least as large as a specified output quota. Total cost equals the cost to employing...
The negative of the slope of an isoquant on a tangent line a particular (L,K) bundle...
The negative of the slope of an isoquant on a tangent line a particular (L,K) bundle of factor inputs is equal to the __ Assume questions are ordered top to bottom as a, b, c, d. Fig. 2: Bank Contour Plot Production Function:Q(L,K)=104 Machines 100 100 100 300 500 700 900 hr/hr (K) Human Bank Tellers hr/hr (L) 0 2 0 40 60 80 100 Oratio of the wage rate to the capital rental rate (w/r) Omarginal rate of technical...
The production function of the Auto parts firm is given by Q-5L-L, where Q is the...
The production function of the Auto parts firm is given by Q-5L-L, where Q is the units of output and L is the number of labor hours. Each output sells for 100 dollars per unit. The human resources manager estimates that the marginal cost of hiring an extra worker is 50 dollars. How many labor hours should this firm hire? Hint: MPL=5-2 L 1) 2) A frim's production function is given by Q(L)-6L, where Q measures output and L is...
A. L=3; K=6 B. L=10; K=6 C. L=7; K=9 D. L=8; K=7 The graph below shows...
A. L=3; K=6
B. L=10; K=6
C. L=7; K=9
D. L=8; K=7
The graph below shows a firm's isoquants and isocosts. The firm is initially producing Q=20 with the cost minimizing combination of K and L, where Q is output, Kis capital and L is labor. Suppose the owner decides to expand production to Q=40. However, he signed a lease on the capital necessary to produce Q=20, which he cannot get out of in the short run. In order to...
You are an efficiency expert hired by a manufacturing firm that uses K and L as...
You are an efficiency expert hired by a manufacturing firm that uses K and L as inputs. The firm produces and sells a given output. If w (price of labor) = $40, r (price of capital) = $100, MPL = 20, and MPK = 40 is the firm minimizing cost? Please explain and show any calculations. (b) The production function for a competitive firm is Q = K0.5L0.5. The firm sells its output at a price of $10 and can...
1. A production function is given by f(K, L) = L/2+ v K. Given this form,...
1. A production function is given by f(K, L) = L/2+ v K. Given this form, MPL = 1/2 and MPK-2 K (a) Are there constant returns to scale, decreasing returns to scale, or increasing returns to scale? (b) In the short run, capital is fixed at -4 while labor is variable. On the same graph, draw the 2. A production function is f(LK)-(L" + Ka)", where a > 0 and b > 0, For what values of a and...
Lulu currently hires 4 workers and rents 9 machines to produce
12 leggings. Is Lulu minimizing her costs? How do you know?
Lulu owns a firm that produces leggings. The production function is given by Q = 2VKVL, so that MPL VK VI and MPk = VL Q is Lulu's VK output, K is capital, L is labor, and MP is the marginal product. The wage (w)rate per worker (L) is $40 per day and rental rate (r) per unit...
dont need a big answer
. Lulu owns a firm that produces leggings. The production function is given by Q = 2VKVL, so that MPL VK Vī VI and MPK Q is Lulu's VK output, K is capital, Lis labor, and MP is the marginal product. The wage (w) rate per worker (L) is $40 per day and rental rate (r) per unit of capital (K) is $10 per day. Lulu currently hires 4 workers and rents 9 machines to...
Givens: 10 * L +40 * K min L>0, K >0 s.t. 50 < K.25 * L.25 • The marginal product of labor: MPL = .25 * 5:16 • The marginal product of capital: MPK = .25 * :26 Equation Description: A firm is attempting to minimize total cost subject to sufficiently employing units of labor and units of capital to produce an output level at least as large as a specified output quota. Total cost equals the cost to...
Givens: 10 * L +40 * K min L>0, K >0 s.t. 50 < K.25 * L-25 • The marginal product of labor: MP, = .25 * 76 • The marginal product of capital: MPK = .25 * * 1.25 K.75 Equation Description: A firm is attempting to minimize total cost subject to sufficiently employing units of labor and units of capital to produce an output level at least as large as a specified output quota. Total cost equals the...
Givens: 40 * L + 120 * K min L>0, K>0 300 < K.75* L 25 • The marginal product of labor: MPL = .25 * :75 • The marginal product of capital: MPK = .75 * :26 Equation Description: A firm is attempting to minimize total cost subject to sufficiently employing units of labor and units of capital to produce an output level at least as large as a specified output quota. Total cost equals the cost to employing...
The negative of the slope of an isoquant on a tangent line a particular (L,K) bundle of factor inputs is equal to the __ Assume questions are ordered top to bottom as a, b, c, d. Fig. 2: Bank Contour Plot Production Function:Q(L,K)=104 Machines 100 100 100 300 500 700 900 hr/hr (K) Human Bank Tellers hr/hr (L) 0 2 0 40 60 80 100 Oratio of the wage rate to the capital rental rate (w/r) Omarginal rate of technical...
The production function of the Auto parts firm is given by Q-5L-L, where Q is the units of output and L is the number of labor hours. Each output sells for 100 dollars per unit. The human resources manager estimates that the marginal cost of hiring an extra worker is 50 dollars. How many labor hours should this firm hire? Hint: MPL=5-2 L 1) 2) A frim's production function is given by Q(L)-6L, where Q measures output and L is...
A. L=3; K=6
B. L=10; K=6
C. L=7; K=9
D. L=8; K=7
The graph below shows a firm's isoquants and isocosts. The firm is initially producing Q=20 with the cost minimizing combination of K and L, where Q is output, Kis capital and L is labor. Suppose the owner decides to expand production to Q=40. However, he signed a lease on the capital necessary to produce Q=20, which he cannot get out of in the short run. In order to...
1. A production function is given by f(K, L) = L/2+ v K. Given this form, MPL = 1/2 and MPK-2 K (a) Are there constant returns to scale, decreasing returns to scale, or increasing returns to scale? (b) In the short run, capital is fixed at -4 while labor is variable. On the same graph, draw the 2. A production function is f(LK)-(L" + Ka)", where a > 0 and b > 0, For what values of a and...
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