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A chemical manufacturing plant can produce z units of chemical Z given p units of chemical...
Suppose a Cobb-Douglas Production function is given by the following: where L is units of labor, ...
Suppose a Cobb-Douglas Production function is given by the following: where L is units of labor, K is units of capital, and P(L, K) is total units that can be produced with this labor/capital combination. Suppose each unit of labor costs $300 and each unit of capital costs $1,200. Further suppose a total of $120,000 is available to be invested in labor and capital (combined). A) How many units of labor and capital should be "purchased" to maximize production subject...
I need help with how to solve the problem so please show work so I can...
I need help with how to solve the problem so please show work so
I can learn.
Suppose a Cobb-Douglas Production function is given by the following: P(L,K) = 20LC- 90.1 where L is units of labor, K is units of capital, and P(L, K) is total units that can be produced with this labor/capital combination. Suppose each unit of labor costs $500 and each unit of capital costs $1,000. Further suppose a total of $200,000 is available to be...
A steel manufacturer can produce P (K,L) tons of steel using K units of capital and...
A steel manufacturer can produce P (K,L) tons of steel using K units of capital and L units of labor, with production costs C(K, L) dollars. With a budget of $950,000, the maximum production is 10,000 tons, using $700,000 of capital and $250,000 of labor. The Lagrange multiplier is a = 0.14. (a) What is the objective function? YPCK,L) V (b) What is the constraint? TCK) 3 - (C) What are the units for 2? tons/dollar (d) What is the...
a. Solve for the optimal output to produce at each plant (Q1*, Q2*). b. Given this...
a. Solve for the optimal output to produce at each plant (Q1*,
Q2*).
b. Given this output, what is the firm’s price and maximum
profit?
c. Suppose the monopolist is now facing a capacity constraints
at plant 2. Due to a labor dispute, there are only enough labor
hours to produce 70 units at plant 2. How will this constraint
impact the firm’s decision of Q1*, Q2*, price and profit?
4. 10 pts. A monopolist's inverse demand function is P...
Minimize the following function subject to the given constraint. (Round your answers to three decimal places.) Minimize the function fx, y, z)- x2 + y2 +z2 subject to the constraint 7x 8y 9z - 8 mini...
Minimize the following function subject to the given constraint. (Round your answers to three decimal places.) Minimize the function fx, y, z)- x2 + y2 +z2 subject to the constraint 7x 8y 9z - 8 minimum of at (x, y, z)= X Need Help?Read It Talk to a Tutor -1 points TanApCalcBr10 8.5.017 My Notes Ask Your Teacher The total weekly profit (in dollars) realized by Country Workshop in manufacturing and selling its roll top desks is given by the...
A company produces x units of product A and y units of product B (both in...
A company produces x units of product A and y units of product B (both in hundreds per month). The monthly profit equation (in thousands of dollars) is given by the following: P(x,y) = -4x^2 + 4xy - 3y^2 + 4x + 10y +81 Find P: (x,y) and evaluate P,(1,3). Use formulas to get an exact answer! Px(x,y) = Px(1,3) = What does this value mean? Answer in this textbox. Answer: What is the critical point of P(x,y)? What are...
Given the following: u = z;25 * 0,75 тах 21 > 0, x2 > 0 s.t....
Given the following: u = z;25 * 0,75 тах 21 > 0, x2 > 0 s.t. P1 * X1 + P2 * 22 <I • The marginal utility of good 1: MU = .25 * 3 • The marginal utility of good 2: MU2 = .75 * • Baseline Scenario: p1 = 8, P2 = 4 and I = 400 • New Scenario: p1 = 8, P2 = 8 and I = 400 Equation Description: A consumer is attempting to...
AmeriBabe manufactures and sells rubber baby buggy bumpers. The price-demand equation is: where p is the price (in dollars) at which z rubber baby buggy bumpers can be sold. a. What is the demand if...
AmeriBabe manufactures and sells rubber baby buggy bumpers. The price-demand equation is: where p is the price (in dollars) at which z rubber baby buggy bumpers can be sold. a. What is the demand if the price is $2280? The demand isbumpers. p 2600-8x Preview b. The cost to produce x rubber baby buggy bumpers is given by C() 900680 and the new revenue function is R(z)(2600 8a) How many rubber baby buggy bumpers should be manufactured and sold to...
Can you help? ON Company manufactures windows. Its manufacturing plant has the capacity to produce 12,000...
Can you help? ON Company manufactures windows. Its manufacturing plant has the capacity to produce 12,000 windows each month. Current production and sales are 10,000 windows per month. The company normally charges $250 per window. Cost information for the current activity level is as follows: Variable Costs (per unit) Direct Material $60 Direct Manufacturing labour $75 Variable Costs (material handling, quality control, etc) $15 Fixed manufacturing costs $250,000 Fixed marketing costs $400,000 ON has just received a special one-time-only order...
Case #2 Breakaway Inc. manufactures three products at its plant in Minnedosa, Manitoba: Montage, Creek, and...
Case #2 Breakaway Inc. manufactures three products at its plant in Minnedosa, Manitoba: Montage, Creek, and Pulse. In this facility, production is limited to 450,000 machine hours per year. Direct material and direct labour costs are variable. To develop a production plan for the upcoming year, the company's accountant has compiled the following data: Montage Creek Pulse Total demand for 2021 350,000 350,000 350,000 Sales price per unit $20.00 $28.00 $24.00 Direct materials cost per unit $8.00 $9.00 $10.00 Direct...
Suppose a Cobb-Douglas Production function is given by the following: where L is units of labor, K is units of capital, and P(L, K) is total units that can be produced with this labor/capital combination. Suppose each unit of labor costs $300 and each unit of capital costs $1,200. Further suppose a total of $120,000 is available to be invested in labor and capital (combined). A) How many units of labor and capital should be "purchased" to maximize production subject...
I need help with how to solve the problem so please show work so
I can learn.
Suppose a Cobb-Douglas Production function is given by the following: P(L,K) = 20LC- 90.1 where L is units of labor, K is units of capital, and P(L, K) is total units that can be produced with this labor/capital combination. Suppose each unit of labor costs $500 and each unit of capital costs $1,000. Further suppose a total of $200,000 is available to be...
A steel manufacturer can produce P (K,L) tons of steel using K units of capital and L units of labor, with production costs C(K, L) dollars. With a budget of $950,000, the maximum production is 10,000 tons, using $700,000 of capital and $250,000 of labor. The Lagrange multiplier is a = 0.14. (a) What is the objective function? YPCK,L) V (b) What is the constraint? TCK) 3 - (C) What are the units for 2? tons/dollar (d) What is the...
a. Solve for the optimal output to produce at each plant (Q1*,
Q2*).
b. Given this output, what is the firm’s price and maximum
profit?
c. Suppose the monopolist is now facing a capacity constraints
at plant 2. Due to a labor dispute, there are only enough labor
hours to produce 70 units at plant 2. How will this constraint
impact the firm’s decision of Q1*, Q2*, price and profit?
4. 10 pts. A monopolist's inverse demand function is P...
Minimize the following function subject to the given constraint. (Round your answers to three decimal places.) Minimize the function fx, y, z)- x2 + y2 +z2 subject to the constraint 7x 8y 9z - 8 minimum of at (x, y, z)= X Need Help?Read It Talk to a Tutor -1 points TanApCalcBr10 8.5.017 My Notes Ask Your Teacher The total weekly profit (in dollars) realized by Country Workshop in manufacturing and selling its roll top desks is given by the...
A company produces x units of product A and y units of product B (both in hundreds per month). The monthly profit equation (in thousands of dollars) is given by the following: P(x,y) = -4x^2 + 4xy - 3y^2 + 4x + 10y +81 Find P: (x,y) and evaluate P,(1,3). Use formulas to get an exact answer! Px(x,y) = Px(1,3) = What does this value mean? Answer in this textbox. Answer: What is the critical point of P(x,y)? What are...
Given the following: u = z;25 * 0,75 тах 21 > 0, x2 > 0 s.t. P1 * X1 + P2 * 22 <I • The marginal utility of good 1: MU = .25 * 3 • The marginal utility of good 2: MU2 = .75 * • Baseline Scenario: p1 = 8, P2 = 4 and I = 400 • New Scenario: p1 = 8, P2 = 8 and I = 400 Equation Description: A consumer is attempting to...
AmeriBabe manufactures and sells rubber baby buggy bumpers. The price-demand equation is: where p is the price (in dollars) at which z rubber baby buggy bumpers can be sold. a. What is the demand if the price is $2280? The demand isbumpers. p 2600-8x Preview b. The cost to produce x rubber baby buggy bumpers is given by C() 900680 and the new revenue function is R(z)(2600 8a) How many rubber baby buggy bumpers should be manufactured and sold to...
Case #2 Breakaway Inc. manufactures three products at its plant in Minnedosa, Manitoba: Montage, Creek, and Pulse. In this facility, production is limited to 450,000 machine hours per year. Direct material and direct labour costs are variable. To develop a production plan for the upcoming year, the company's accountant has compiled the following data: Montage Creek Pulse Total demand for 2021 350,000 350,000 350,000 Sales price per unit $20.00 $28.00 $24.00 Direct materials cost per unit $8.00 $9.00 $10.00 Direct...
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