duane breeds parrots for living he has discovered that the prouction function for parrot chicks Q=5(KL)^alpha...
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duane breeds parrots for living he has discovered that the
prouction function for parrot chicks Q=5(KL)^alpha...
Duane breeds canary birds for a living. He operates in a perfectly competitive industry. Production costs...
Duane breeds canary birds for a living. He operates in a perfectly competitive industry. Production costs for Duane are as follows: Output TVC MC AVC ATC 104 34.7 - maino 27.5 110 130 7 150 196 8 190 236 24 29.5 a. Presently, a canary sells for $37. How many birds should Duane breed per month? What are his profits or losses? b. Due to a change in demand, the price of canaries changes to $24. What is Duane's profit...
A firm has the following production function Q= √KL Where Q is output per week and...
A firm has the following production function Q= √KL Where Q is output per week and K and L are units of capital and labor per week. If rental price of capital v= 100 per week and the wages w = 400 per week obtain the quantity of K and L that min the cost for Q = 10.
A firm has a production function q = KL, where q is the quantity of output,...
A firm has a production function q = KL, where q is the quantity of output, K is the amount of capital and L is the amount of labor. a) Does this production function exhibit increasing, decreasing or constant returns to scale? b) Does the long-run cost function exhibit economies of scale or diseconomies of scale? c) Is the LR Average Cost curve increasing or decreasing with q?
A company has the following production function: Q = 2(KL)0.5 (please note this is to the...
A company has the following production function: Q = 2(KL)0.5 (please note this is to the power 0.5) Where L = Labour and K = Capital. The cost of labour per hour is K3 and the cost of capital is K42 per unit. The company has a budget of K588 available to spend on the two factors of production a) Formulate the company’s optimization problem b) Calculate the optimal input combination c) Compute the output level associated with the optimal...
Imagine that your firm has a production function given by Q = 2 KL, where K...
Imagine that your firm has a production function given by Q = 2 KL, where K is capital and L is labor. If capital rents for $100 per unit per day, labor can be hired for $200 per unit per day, and the firm is minimizing costs, a. What is the total cost of producing q units of output? b. What is the average cost of producing q units of output? c. What is the marginal of producing q units...
1. Suppose that the production function for lava lamps is given by Q = KL -ľ, where is the number of lamps produced pe...
1. Suppose that the production function for lava lamps is given by Q = KL -ľ, where is the number of lamps produced per year, K is the machine-hours of capital, and L is the man-hours of labor. Suppose K = 600. a. Draw a graph of the production function over the range L = 0 to L = 500, putting L on the horizontal axis and on the vertical axis. Over what range of L does the production function...
1. Suppose the production of digital cameras is characterized by the production function q F(K, L)- KL (MPL = K, MPK = L), where q represents the number of digital cameras produced. Suppose that...
1. Suppose the production of digital cameras is characterized by the production function q F(K, L)- KL (MPL = K, MPK = L), where q represents the number of digital cameras produced. Suppose that the price of labor is $10 per unit and the price of capital is S1 per unit. (a) Graph the isoquant for q-121 000. (b) On the graph you drew for part a), draw several isocost lines including one that is tangent to the isoquant you...
Priyanka's company has the production function Q=100K^0.5L^0.5, where Q measures output, K measures machine hours, and...
Priyanka's company has the production function Q=100K^0.5L^0.5, where Q measures output, K measures machine hours, and L measures labor hours. Suppose that the rental rate of capital is R=$30, the wage rate is W=$15, and the firm wants to produce 5,000units of output. Use the Lagrange method to find the optimal input mix. What the optimal level of K & L?
Aamir's company has the production function Q=8K^0.75L^0.25, where Q measures output, K measures machine hours, and...
Aamir's company has the production function Q=8K^0.75L^0.25, where Q measures output, K measures machine hours, and L measures labor hours. Suppose that the rental rate of capital is R=$120, the wage rate is W=$20, and the firm wants to produce 800 units of output. Use the Lagrange method to find the optimal input mix. What the optimal level of K?
On short notice, Dr. Ford creates automatons according to the following production function: Q(L,K)=10L1/2. The wage...
On short notice, Dr. Ford creates automatons according to the following production function: Q(L,K)=10L1/2. The wage of a programmer such as Elsie is $100 per hour and the price of each automaton is $2000. His capital costs $10000 per hour total. A. Find the profit function. B. How many hours will Dr. Ford employ Elsie, if he is maximizing profits. C. Now consider the long run in which Dr. Ford can choose how much capital to employ according to the...
Duane breeds canary birds for a living. He operates in a perfectly competitive industry. Production costs for Duane are as follows: Output TVC MC AVC ATC 104 34.7 - maino 27.5 110 130 7 150 196 8 190 236 24 29.5 a. Presently, a canary sells for $37. How many birds should Duane breed per month? What are his profits or losses? b. Due to a change in demand, the price of canaries changes to $24. What is Duane's profit...
1. Suppose that the production function for lava lamps is given by Q = KL -ľ, where is the number of lamps produced per year, K is the machine-hours of capital, and L is the man-hours of labor. Suppose K = 600. a. Draw a graph of the production function over the range L = 0 to L = 500, putting L on the horizontal axis and on the vertical axis. Over what range of L does the production function...
1. Suppose the production of digital cameras is characterized by the production function q F(K, L)- KL (MPL = K, MPK = L), where q represents the number of digital cameras produced. Suppose that the price of labor is $10 per unit and the price of capital is S1 per unit. (a) Graph the isoquant for q-121 000. (b) On the graph you drew for part a), draw several isocost lines including one that is tangent to the isoquant you...
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