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Suppose that a firm had a production function given by: q-L...
Suppose that a firm had a production function given by q-21 K The rental rate for...
Suppose that a firm had a production function given by q-21 K The rental rate for the fim is $10 and the wage is s5 Solve the optimization condition for K and then fill in the value that appears in front of L K- Round to the nearest 2 decimal places if necessary.) Suppose that a firm had a production function given by q-L025k075. The wage rate (w) is $10 and the rental rate () is $10 Calculate the amount...
Suppose that a firm had a production function given by: q=L^0.25*K^0.75. The wage rate (w) is...
Suppose that a firm had a production function given by: q=L^0.25*K^0.75. The wage rate (w) is $10 and the rental rate (r) is $20. Calculate the amount of labor the firm would hire when it produces 300 units of output in a cost-minimizing way
Question 10 Tries remaining: 2 Suppose that a firm had a production function given by: q=Lºkº....
Question 10 Tries remaining: 2 Suppose that a firm had a production function given by: q=Lºkº. The wage rate (w) is $10 and the rental rate () is $10. Calculate the amount of labor the firm would hire when it produces 300 units of output in a cost-minimizing way. (Round to the nearest 2 decimal places if necessary.) Points out of 10.00 P Flag question Answer: Check
Suppose that a firm had a production function given by: q=L025K0 75 The wage rate (...
Suppose that a firm had a production function given by: q=L025K0 75 The wage rate ( $10 and the rental rate (r) is $5 Calculate the amount of labor the firm would hire when it produces 400 units of output in a cost-minimizing way (Round to the nearest 2 decimal places if necessary.) Answer:
Suppose a firm produces an output level according to the simple production function: Q = 5...
Suppose a firm produces an output level according to the simple production function: Q = 5 L K, which implies M P L = 5 K and M P K = 5 L. Further suppose a firm must pay labor (L) a wage rate (w) of $5 per unit, and the rental rate (r) on capital (K) is $25 per unit. A. Find the marginal rate of technical substitution. B. Write the equation for the isocost line. What is the...
Question 9 0.5,,0.25 Suppose that a firm had a production function given by: q-2L K ....
Question 9 0.5,,0.25 Suppose that a firm had a production function given by: q-2L K . The rental rate for the firm is $10 and the Wage is $5. Solve the optimization condition for K and then fill in the value that appears in front of L. Tries remaining: 1 Flag question K (Round to the nearest 2 decimal places if necessary.)
Question 5 Tries remaining: 2 Points out of 10.00 Suppose you own an acre of land....
Question 5 Tries remaining: 2 Points out of 10.00 Suppose you own an acre of land. You could grow crops on that land. The cost of seeds is $100. The crops you grow from those seeds will sell for $350. You could also rent the land to another farmer. The rent you could earn is $300. Calculate your economic profit. (Do not include a $ sign in your answer.) Flag question Answer: Check Question 6 Tries remaining: 2 Points out...
A firm produces output according to the production function: Q = F(K,L) = 2K + 2L....
A firm produces output according to the production function: Q = F(K,L) = 2K + 2L. a. How much output is produced when K = 2 and L = 3? b. If the wage rate is $65 per hour and the rental rate on capital is $35 per hour, what is the cost-minimizing input mix for producing 4 units of output? Capital: Labor:
A firm has a Cobb-Douglas production function of Q = K^(0.25) L^(0.75) (a) Does this production...
A firm has a Cobb-Douglas production function of Q = K^(0.25) L^(0.75) (a) Does this production technology exhibit increasing, constant, or decreasing returns to scale? (b) Suppose that the rental rate of capital is r = 1, the wage rate is w = 1, and the ?rm wants to produce Q = 3. In the long-run, what combination of L and K should they use? (It would be good to practice doing this with the Lagrangian, even if you can...
A firm’s production technology is given by the production function q = 0.25 LK where L...
A firm’s production technology is given by the production function q = 0.25 LK where L represents labor hours, K machine hours and q the amount of output. The market wage and rental rates are, w= $16 and r = $256. The firm is operating in the long run where it can adjust both inputs. (a) Suppose that the firm currently is using ten labor hours for each machine hour. Is it minimizing its long run total cost? If so...
Suppose that a firm had a production function given by q-21 K The rental rate for the fim is $10 and the wage is s5 Solve the optimization condition for K and then fill in the value that appears in front of L K- Round to the nearest 2 decimal places if necessary.) Suppose that a firm had a production function given by q-L025k075. The wage rate (w) is $10 and the rental rate () is $10 Calculate the amount...
Question 10 Tries remaining: 2 Suppose that a firm had a production function given by: q=Lºkº. The wage rate (w) is $10 and the rental rate () is $10. Calculate the amount of labor the firm would hire when it produces 300 units of output in a cost-minimizing way. (Round to the nearest 2 decimal places if necessary.) Points out of 10.00 P Flag question Answer: Check
Suppose that a firm had a production function given by: q=L025K0 75 The wage rate ( $10 and the rental rate (r) is $5 Calculate the amount of labor the firm would hire when it produces 400 units of output in a cost-minimizing way (Round to the nearest 2 decimal places if necessary.) Answer:
Question 9 0.5,,0.25 Suppose that a firm had a production function given by: q-2L K . The rental rate for the firm is $10 and the Wage is $5. Solve the optimization condition for K and then fill in the value that appears in front of L. Tries remaining: 1 Flag question K (Round to the nearest 2 decimal places if necessary.)
Question 5 Tries remaining: 2 Points out of 10.00 Suppose you own an acre of land. You could grow crops on that land. The cost of seeds is $100. The crops you grow from those seeds will sell for $350. You could also rent the land to another farmer. The rent you could earn is $300. Calculate your economic profit. (Do not include a $ sign in your answer.) Flag question Answer: Check Question 6 Tries remaining: 2 Points out...
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