The third question, please. I need the answer. increasing, constant, or decreasing returns to scale?100KL. If the price of capital is $120 per day and theand L the number of person-hours of labor. In additionNow consider the dual problem of maximizingprice of labor $30 per day, what is the minimum cost ofthis problem for the Cobb-Douglas production fuginning of this section, we assuC < 2Co- Even though wages doubled, thcheaper capital, thereby keeping the increase in totathan doubled. This is the expected result. If a firm suduced with the expenditure of C, dollars. We lealabor, it would substitute away from labor and emchoices. To get you started, note that the Lagran1. qf the following production functions, which exhibit2. The production function for a product is given by q :number of computerized stitching-machine hours, bns 9ohunshow that equations (A7.24) and (A7.25) descrit= AK“L- ulwL + rK Co).MF (L,L) >con stont1,PFlukiML).returi(uk u)> MF (K,) nうincreasiFlu.Liu EしうdecsFlv.EXERCISESa. F(K, L) = K²Lb. F(K, L) = 10K + 5Lc. F(K, L) = (KL)5to capital and labcin the productionareesingstelefodea. By minimizing%3DVorl woretion, derive theas a functionrates on mac%3Dtotal cost funeprice of labor $30 per day, what is the minimum cost ofproducing 1000 units of output?3. Suppose a production function is given by F(K, L)KL?; the price of capital is $10 and the price of labor$15. What combination of labor and capital minimizesthe cost of producing any given output?4. Suppose the process of producing lightweight parkasby Polly's Parkas is described by the functionand the consb. This processper hour. Tthe processwhat are totechnologying returnsc. Polly's Paweek. Atworkersq = 10K*(L – 40)²and howmachineand avewhere q is the number of parkas produced, K the

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3. Suppose a production function is given by F(K, L) KL2; the price of capital is $10 and the price of labor $15. What combination of labor and capital minimizes %3D the cost of producing any given output?

3. Suppose a production function is given by F(K, L) KL2; the price of capital is $10 and the price of labor $15. What combination of labor and capital minimizes %3D the cost of producing any given output?

College Algebra (MindTap Course List)

12th Edition

ISBN:9781305652231

Author:R. David Gustafson, Jeff Hughes

Publisher:R. David Gustafson, Jeff Hughes

Chapter6: Linear Systems

Section6.8: Linear Programming

Problem 3SC: In Example 3, if the accountant earns a profit of 100 on each individual return and a profit of 175...

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Question

100%

The third question, please. I need the answer.

increasing, constant, or decreasing returns to scale?
100KL. If the price of capital is $120 per day and the
and L the number of person-hours of labor. In addition
Now consider the dual problem of maximizing
price of labor $30 per day, what is the minimum cost of
this problem for the Cobb-Douglas production fu
ginning of this section, we assu
C < 2Co- Even though wages doubled, th
cheaper capital, thereby keeping the increase in tota
than doubled. This is the expected result. If a firm su
duced with the expenditure of C, dollars. We lea
labor, it would substitute away from labor and em
choices. To get you started, note that the Lagran
1. qf the following production functions, which exhibit
2. The production function for a product is given by q :
number of computerized stitching-machine hours, bns 9ohun
show that equations (A7.24) and (A7.25) descrit
= AK“L- ulwL + rK Co).
MF (L,L) >con stont
1,
PFlukiML).
returi
(uk u)> MF (K,) n
うincreasi
Flu.Liu Eしうdecs
Flv.
EXERCISES
a. F(K, L) = K²L
b. F(K, L) = 10K + 5L
c. F(K, L) = (KL)5
to capital and labc
in the production
areesingstelefodea. By minimizing
%3D
Vorl wore
tion, derive the
as a function
rates on mac
%3D
total cost fune
price of labor $30 per day, what is the minimum cost of
producing 1000 units of output?
3. Suppose a production function is given by F(K, L)
KL?; the price of capital is $10 and the price of labor
$15. What combination of labor and capital minimizes
the cost of producing any given output?
4. Suppose the process of producing lightweight parkas
by Polly's Parkas is described by the function
and the cons
b. This process
per hour. T
the process
what are to
technology
ing returns
c. Polly's Pa
week. At
workers
q = 10K*(L – 40)²
and how
machine
and ave
where q is the number of parkas produced, K the

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