I know the answer to "A" is "1". However, I'm having a hard time learning how to figure that out by working through the problem. Please help me learn how to figure out the answer by working through the problem.
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I know the answer to "A" is "1". However, I'm having a hard time learning how to figure that out by...
1. A firm operates in the long run. Its long-run production function is given as: Q...
1. A firm operates in the long run. Its long-run production function is given as: Q = LK, where Qis units of output, Lis units of labor, and K is units of capital. (a) Obtain six integer combinations of Land K when Q = 12. (b) Obtain six integer combinations of Land K when Q = 18. (c) Use the twelve integer combinations of Land K obtained in parts (a) and (b) to construct two isoquants on a two-dimensional plane....
1. Consider the figure below illustrating an isoquant and isocost line for the ABC Fruit Company's...
1. Consider the figure below illustrating an isoquant and isocost line for the ABC Fruit Company's production of guavas: x 6 a. [2 pts] Given the isocost line shown above, if the wage rate (w) is 2 and total cost is 12, what is the price of capital, r? b. [5 pts) Suppose that the marginal product of labor (MPL) = 6 and the marginal product of capital (MPK) = 3 at point A in the figure. At point B,...
I understand that the picture has the answer to it. However, I'm wanting help understanding why t...
I understand that the picture has the answer to it. However, I'm
wanting help understanding why that's the answer/how they got to
the answer. How did we go from APk=(5K^(-1/4)L^(1/2)) to
Q=5k^(3/4)L^(1/2)? Why do you then proceed to add the exponents
together and essentially ignore the other parts of the problem
completely (as to arrive at the answer of 5/4)? Furthermore, how
did they get the "n" looking thing in the parenthesis before the
"K" and "L" ? What does...
5. Consider a firm with the production function F(K,L) = (K^3/5)(L^1/5) (a) Setup and solve the...
5. Consider a firm with the production function F(K,L) = (K^3/5)(L^1/5) (a) Setup and solve the long run cost minimization problem for the long run optimal amount of capital K*(w,r,q) and labor L*(w,r,q), and the long run minimized cost C* (w,r,q). (Hint: reduce the cost function for the next part. (b) Setup and solve the profit maximization problem over quantity using the cost function you solved for in the previous part. Solve for the profit maximizing quantity q *(p,w,r), cost...
1. Suppose cars are produced using workers and machines as perfect complements. The production func- tion...
1. Suppose cars are produced using workers and machines as perfect complements. The production func- tion for producing cars is: F(K, L) = min(2K,5L) (a) Setup the short run cost minimization problem when K = 10. (2 points) (b) Solve for the short run optimal amount of labor Lsr() and short run minimized cost Csr(w,r,q). Circle your answer. (4 points) (c) Now suppose the car factory can freely choose capital (K) and labor (L). Setup the long run cost minimization...
Please answer Question F, G, H Green is looking to establish a new market producing energy...
Please answer Question F, G, H Green is looking to establish a new market producing energy gummy bears. After intensive research Green has found the production function is given by q =75K^1/3*L^2/3, where q is thousands of pounds of energy gummy bears, known as GreenergiesTM, K is capital, L is labor, r is the price of capital, w is the price of labor, and q is per year. a. Find the long-run input demand functions for K and L as...
Please solve and show full work for a rating. Thank you. Plastic bags are great 2) The production of plastic bags is gi...
Please solve and show full work for a rating. Thank you.
Plastic bags are great 2) The production of plastic bags is given by the production function q K is capital and L is labor. f(LK) s, where Short Run Production a. ) Find the expressions for the Marginal Product of Labor (MP) and Average Product of Labor (APL) in the Short Run, when K is fixed at 400. i) Derive L() in the Short Run, again with K fixed...
Suppose a firm has the production function: Q=2KL, where K is capital, L is labor and...
Suppose a firm has the production function: Q=2KL, where K is capital, L is labor and Q is quantity. If capital is fixed at 4 in the short run. Suppose the cost of a unit of capital is $2 (r=2), and the cost of a unit of labor is $4 (w=4). What is the short run total cost function in terms of Q? A. TC=4+Q B. TC=4+0.5Q C. TC=8+Q D. TC=8+0.5Q
2. Suppose that a firm’s production function is Q = 10 L½ K½ and the unit...
2. Suppose that a firm’s production function is Q = 10 L½ K½ and the unit cost of labor is $20, capital is $80, and the product price is $12 per unit. The firm is currently producing 100 units of output and has determined that its cost minimizing quantities of labor and capital usage for this level of output is 20 and 5 respectively. The product price is $12 per unit. a. Determine the current total cost for 100 units,...
[Short-Run Production] Suppose that a firm is producing in the short run with output given by:...
[Short-Run Production] Suppose that a firm is producing in the short run with output given by: Q = 200.5L – 2.5L2, The firm hires labor at a wage of $25 per hour and sells the good in a competitive market at P = $50 per unit. Find the firm’s optimal use of labor and associated level of output. (For extra practice, what is the firm’s associated profit?) I have already finished and went to check my work on Chegg and...
1. A firm operates in the long run. Its long-run production function is given as: Q = LK, where Qis units of output, Lis units of labor, and K is units of capital. (a) Obtain six integer combinations of Land K when Q = 12. (b) Obtain six integer combinations of Land K when Q = 18. (c) Use the twelve integer combinations of Land K obtained in parts (a) and (b) to construct two isoquants on a two-dimensional plane....
1. Consider the figure below illustrating an isoquant and isocost line for the ABC Fruit Company's production of guavas: x 6 a. [2 pts] Given the isocost line shown above, if the wage rate (w) is 2 and total cost is 12, what is the price of capital, r? b. [5 pts) Suppose that the marginal product of labor (MPL) = 6 and the marginal product of capital (MPK) = 3 at point A in the figure. At point B,...
I understand that the picture has the answer to it. However, I'm
wanting help understanding why that's the answer/how they got to
the answer. How did we go from APk=(5K^(-1/4)L^(1/2)) to
Q=5k^(3/4)L^(1/2)? Why do you then proceed to add the exponents
together and essentially ignore the other parts of the problem
completely (as to arrive at the answer of 5/4)? Furthermore, how
did they get the "n" looking thing in the parenthesis before the
"K" and "L" ? What does...
1. Suppose cars are produced using workers and machines as perfect complements. The production func- tion for producing cars is: F(K, L) = min(2K,5L) (a) Setup the short run cost minimization problem when K = 10. (2 points) (b) Solve for the short run optimal amount of labor Lsr() and short run minimized cost Csr(w,r,q). Circle your answer. (4 points) (c) Now suppose the car factory can freely choose capital (K) and labor (L). Setup the long run cost minimization...
Please solve and show full work for a rating. Thank you.
Plastic bags are great 2) The production of plastic bags is given by the production function q K is capital and L is labor. f(LK) s, where Short Run Production a. ) Find the expressions for the Marginal Product of Labor (MP) and Average Product of Labor (APL) in the Short Run, when K is fixed at 400. i) Derive L() in the Short Run, again with K fixed...
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