Question

# Michael, Dwight and Jim run a paper company. Each week, they need to produce 1000 reams...

Michael, Dwight and Jim run a paper company. Each week, they need to produce 1000 reams of paper to ship to their customers. The paper’s long run production function is Q=min (4K, L) where K is quantity of capital rented and L is quantity of labor hired. The weekly cost function is C=10K+2L. What is the minimum cost of producing 1000 reams of paper?

#### Earn Coins

Coins can be redeemed for fabulous gifts.

Similar Homework Help Questions
• ### Michael, Dwight, and Jim run a paper company. Each week they need to produce 1,000 reams...

Michael, Dwight, and Jim run a paper company. Each week they need to produce 1,000 reams of paper to ship to their customers. The paper plant's long-run production function is Q = 4K0.75 0.25 , where is the number of reams produced, K is the quantity of capital rented, and L is the quantity of labor hired. For this production function, the marginal product of labor is MPL = 40, and the marginal product of capital is MPK = 302....

• ### T uule DelldIUILUU UI Clapiei IIUDICII Michael, Dwight, and Jim run a paper company. Each week...

T uule DelldIUILUU UI Clapiei IIUDICII Michael, Dwight, and Jim run a paper company. Each week they need to produce 1,000 reams of paper to ship to their customers. The paper plant's long-run production function is Q = 4K0.75 0.25, where is the number of reams produced, K is the quantity of capital rented, and L is the quantity of labor hired. For this production function, the marginal product of labor is MPL = U, and the marginal product of...

• ### 1. Miguel and Jake run a paper company. Each week they need to produce 1,000 reams...

1. Miguel and Jake run a paper company. Each week they need to produce 1,000 reams of paper to ship to their customers. The paper plant's long-run production function is Q = 4K 0.75 0.25, where a is the number of reams produced, K is the quantity of capital rented, and L is the quantity of labor hired. The weekly cost function for the paper plant is C = 10K + 2L, where C is the total weekly cost. a....

• ### There is a cupcake company. It produces cupcakes using workers and machines. Each week it produces...

There is a cupcake company. It produces cupcakes using workers and machines. Each week it produces 500 cupcakes. The production function is Q=2K^0.5L^0.5 where Q is the number of cupcakes, K is the number of machines, L is the number of workers. The wage for workers is \$20 and the cost of machines is \$10. What is the cost function What is the optimal ratio of workers to machines What is the minimum cost of producing 500 cupcakes. How many...