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A firm has three factories each of which produces the same item. Let x, y, and z denote the respe...
Definition:In the complex numbers, let J denote the set, {x+y√3i :x and y are in Z}. J is an inte...
Definition:In the complex numbers, let J denote the set, {x+y√3i :x and y are in Z}. J is an integral domain containing Z. If a is in J, then N(a) is a non-negative member of Z. If a and b are in J and a|b in J, then N(a)|N(b) in Z. The units of J are 1, -1 Question:If a and b are in J and ab = 2, then prove one of a and b is a unit. Thus,...
A factory produces 2 types of goods, namely goods X and Y. To produce an item...
A factory produces 2 types of goods, namely goods X and Y. To produce an item X requires production costs XA2 1200 and for item Y requires a cost of Зул2 + 800. If the factory receives an order of 1200 items per day, for both types of goods X and Y per day. How many items X and Y must be produced to minimize production costs per day. Complete with the Lagrange multiplied method.
A firm has a production function Y = 2 Ko5L05 use w to denote the wage...
A firm has a production function Y = 2 Ko5L05 use w to denote the wage rate and r to denote the capital rental price. Let us first consider the short run situation, where the firm has K = 25 and r = 2. In order to produce 10 units of output, how many units of labour does the firm need to hire? What is the average cost of the firm? a. b. Let us first consider the short run...
hi i need answer from part d Question 2 (48 marks) Consider a firm which produces a good, y, using two factors of...
hi i need answer from part d
Question 2 (48 marks) Consider a firm which produces a good, y, using two factors of production, xi and x2 The firm's production function is Note that (4) is a special case of the production function in Question 1, in which α-1/2 and β-14. Consequently, any properties that the production function in Q1 has been shown to possess, must also be possessed by the production function defined in (4). The firm faces exogenously...
A firm has a production function Y 2 K05L05. Use w to denote the wage rate...
A firm has a production function Y 2 K05L05. Use w to denote the wage rate and r to denote the capital rental price Let us first consider the short run situation, where the firm has K = 25 and In order to produce 10 units of output, how many units of labour does the firm need to hire? What is the average cost of the firm? Let us first consider the short run situation, where the firm has K-25....
A firm is considering three possible one-year investments, which we will name X, Y, and Z....
A firm is considering three possible one-year investments, which we will name X, Y, and Z. • Investment X would cost $10 million now and would return $11 million next year, for a net gain of $1 million. • Investment Y would cost $100 million now and would return $105 million next year, for a net gain of $5 million. • Investment Z would cost $1 million now and would return $1.2 million next year, for a...
Manico Co produces three products, X,Y, and Z, with the following characteristics: Selling price/unit: X $20,...
Manico Co produces three products, X,Y, and Z, with the following characteristics: Selling price/unit: X $20, Y $16, Z $15; Variable cost/ unut: X$12, Y, $12, Z $6; Contribution margin/unit: X $8, Y$4, Z $9; Machine hours/unit: X 5, Y 3, Z 6. The company has only 2,000 machine hours available each month If demand exceeds the company’s capacity, in what sequence should orders for the three products be filled to maximize total contribution margin?
A multiplant monopoly produces the quantities x, y, and z in the three plants that it...
A multiplant monopoly produces the quantities x, y, and z in the three plants that it operates and faces the profit function Profit = -24 + 839 x + 837 y + 835 2 - 5.05 x2.5.03 y2.5.02 z2 - 10 xy - 10 xz - 10 yz and The optimum values of x, y and z are respectively. [NOTE: Please use the whole number and do not use any decimal point for the optimum values of x, y, and...
Question 5 (20 marks) (a) i) A firm has production function y - f(x,z) -ax+Bz, for...
Question 5 (20 marks) (a) i) A firm has production function y - f(x,z) -ax+Bz, for y 2 0, where y is output, and x, z the factors of production. Are the returns to scale constant, increasing or decreasing? Explain your answer. (3 marks) ii) Consider the production function: f(x1,2)2 where a is a positive parame- ter. Indicate for which values of a the returns to scale in production are increasing Explain your answer. (3 marks) iii) A firm has...
Garrison Co. produces three products — X, Y, and Z — from a joint process. Each...
Garrison Co. produces three products — X, Y, and Z — from a joint process. Each product may be sold at the split-off point or processed further. Additional processing requires no special facilities, and production costs of further processing are entirely variable and traceable to the products involved. Last year all three products were processed beyond split-off. Joint production costs for the year were $138,000. Sales values and costs needed to evaluate Garrison's production policy follow. Units Sales Value at...
A factory produces 2 types of goods, namely goods X and Y. To produce an item X requires production costs XA2 1200 and for item Y requires a cost of Зул2 + 800. If the factory receives an order of 1200 items per day, for both types of goods X and Y per day. How many items X and Y must be produced to minimize production costs per day. Complete with the Lagrange multiplied method.
A firm has a production function Y = 2 Ko5L05 use w to denote the wage rate and r to denote the capital rental price. Let us first consider the short run situation, where the firm has K = 25 and r = 2. In order to produce 10 units of output, how many units of labour does the firm need to hire? What is the average cost of the firm? a. b. Let us first consider the short run...
hi i need answer from part d
Question 2 (48 marks) Consider a firm which produces a good, y, using two factors of production, xi and x2 The firm's production function is Note that (4) is a special case of the production function in Question 1, in which α-1/2 and β-14. Consequently, any properties that the production function in Q1 has been shown to possess, must also be possessed by the production function defined in (4). The firm faces exogenously...
A firm has a production function Y 2 K05L05. Use w to denote the wage rate and r to denote the capital rental price Let us first consider the short run situation, where the firm has K = 25 and In order to produce 10 units of output, how many units of labour does the firm need to hire? What is the average cost of the firm? Let us first consider the short run situation, where the firm has K-25....
A multiplant monopoly produces the quantities x, y, and z in the three plants that it operates and faces the profit function Profit = -24 + 839 x + 837 y + 835 2 - 5.05 x2.5.03 y2.5.02 z2 - 10 xy - 10 xz - 10 yz and The optimum values of x, y and z are respectively. [NOTE: Please use the whole number and do not use any decimal point for the optimum values of x, y, and...
Question 5 (20 marks) (a) i) A firm has production function y - f(x,z) -ax+Bz, for y 2 0, where y is output, and x, z the factors of production. Are the returns to scale constant, increasing or decreasing? Explain your answer. (3 marks) ii) Consider the production function: f(x1,2)2 where a is a positive parame- ter. Indicate for which values of a the returns to scale in production are increasing Explain your answer. (3 marks) iii) A firm has...
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