2. A firm has the production function y=4z1 +10z2. Input prices are w₁ = 5 and w₂ = 6. a) What is the cost minimizing input bundle?

Consider a beekeeper. The beekeeper has the following production function where the input is the number of hives and the output is quantity of honey produced.    Beehives: 1, 2, 3, 4, 5, 6, 7, 8, 9 , 10, 11 Honey:    12, 23, 33, 42, 50, 57, 66, 71, 75, 78, 80   The cost of installing a beehive is $100 and the price of a unit of honey is $20. Also each beehive increases the output of apples at a nearby apple orchard by $40.    1. What if we wanted to subsidize honey instead? How much should that subsidy be per unit? (Round to one decimal place.)

Consider a beekeeper. The beekeeper has the following production function where the input is the number of hives and the output is quantity of honey produced.  Beehives: 1, 2, 3, 4, 5, 6, 7, 8, 9 , 10, 11 Honey:    12, 23, 33, 42, 50, 57, 66, 71, 75, 78, 80 The cost of installing a beehive is $100 and the price of a unit of honey is $20. Also each beehive increases the output of apples at a nearby apple orchard by $40.    1. On a graph show how subsidizing honey can lead to the efficient quantity.

Consider a beekeeper. The beekeeper has the following production function where the input is the number of hives and the output is quantity of honey produced.  Beehives:  1,  2,  3,  4,  5,  6,  7,  8,  9 ,  10,  11 Honey:       12,  23,  33,  42,  50,  57,  66,  71,  75,  78,  80 The cost of installing a beehive is $100 and the price of a unit of honey is $20.  Also each beehive increases the output of apples at a nearby apple orchard by $40.      1. What is the efficient number of beehives? 2. If there are barriers to negotiation between the beekeeper and the orchardist, how many will the beekeeper install?  3. What if the same person owned the beehives AND the orchard?  How many beehives would that person install?  4. Go back to assuming that the beehives and the orchard are owned by different people.  Let's say we want to get the efficient quantity by putting a subsidy on beehives.  How much should it be per hive?  5. What if we wanted to subsidize honey instead?  How much should…

The cost function for producing x items is C(x)=x2-3x+625. a.Find the average cost function. b.What is the minimum average cost? c.Find the marginal cost function. d.Is the point of intersection of the average cost and marginal cost function the same which produced the minimum the average cost?         2.Determine where the function f(x)=4x3-3x2+6 is concave and where it is convex.   3.An efficiency study conducted for Spektra Electronics Showed that the number of Base Commander handsets assembled by the average worker t hours after starting work at 8 a.m is given by N(t)=-t2+6t2+15t   (0t4) At what time during the morning shift is the average worker performing at peak efficiency?

Question 4 The firm can use two inputs, L and K. The price of L= 20 and price of K = 30. Total cost = 300. As usual in the two input graph, units of L are on the horizontal axis and K on the vertical. The slope of the isocost line is [Select] The maximum units of K that can be purchased is [Select] The maximum units of L that can be purchased is [Select] 2 pts Is the bundle of K-9 and L- 5 on the isocost line? [Select]

IV. Will can produce a higher grade, Gw, on an upcoming economic exam by studying. His production function depends on the number of hours he studies marginal analysis problems, A, and the number of hours he studies supply and demand problems, R. Specifically, Gw = 2.5A0.36R 0.64. His roommate David's grade production function is G) = 2.5A0.25R0.75 a. What is Will's marginal productivity from studying supply and demand problems? What is David's? b. What is Will's marginal rate of technical substitution between studying the two types of problems? What is David's?

1.    A firm’s production function is  Q = L1/2 K1/2 They have 16 units of capital (which is fixed in the short-run). The unit cost of labour is 2 and the unit cost of capital is 4. They receive an order of 4. a)    Calculate the optimal choice of inputs used to fulfil the order in the short-run.

16. The total cost to make q quilts is C(q) = 73 +1.2q +0.05q2. a. What is a function for the marginal cost? b. Find a quantity that minimizes the average cost.

a= min[x,y]^(1/2) a)Draw isoquants for a = 1, a = 4 and a = 9. b)What kind of returns to scale does the production function have? c)The price of x is p_x = 1 and of y p_y = 2. Calculate the cost function. d)Rent is $ 400, calculate average and marginal costs.