50g V(1000 + 3q)

Q: c) Given Y = 10K0.5L0.5 and that w and r are the prices for Labour and Capital i) Derive the…

A: Given information q=10L0.5K0.5 Price of labor=W Price of capital=r

Q: Which of the following statements is true?   a. Marginal revenue product is the extra revenue…

A: Labors are one of the factors of production which is used in the process of production. The workers…

Q: Consider a firm that manufactures surfboards. Presently the firm is hiring 5 workers at a wage rate…

A: The marginal cost is the additional cost incurred by the firm when one more worker is hired.…

Q: Consider a competitive, price-taking firm that employs only one variable input, labor, to produce a…

A: In perfect competition, many buyers and sellers are selling homogenous products. In this market, the…

Q: A firm uses labor (L) and capital (K) to produce output (q) according to the function: q=1/2 ⋅ L1/2…

A: It is given that the firm is in short run so Capital will remain fixed. The firm will tend to…

Q: Consider the production function Q = 6K//3L/2, where Q, K, and L denote the quantities of output,…

A: Profit = TR – TC TR = P*Q TC= wL + r K w = 12, r = 0.16, so, TC= 12L + 0.16 K The profit function as…

Q: Suppose a price-taking profit-maximising firm produces output in the short run using only labour as…

A: First order condition says that differentiation of profit with respect to L is zero.Second order…

Q: Suppose that the production Is given as follow: Q(N) = 22VN, where N = units of labor employed The…

A: Production function : Q = 22(N)0.5 Price of output = 10  Price of input = 15  Cost = Input price *…

Q: Assume that the short-run total cost function of an entrepreneur is C = q³-10q² + 17q+66. If p = 5,…

A: Both fixed costs (which remain constant regardless of how much the final results change) and…

Q: 6. Suppose the wage is $8, the rental rate of capital is $128, and the firm's CRS Cobb-Douglas…

A: Cobb–Douglas production function is the production function which represent the relationship between…

Q: Q1 A firm is facing the following cost function C(Q) = AQ5/4 where A is a positive constant and Q is…

A: Profit maximization is the condition which is pursued by all firms and producers of goods and…

Q: Assume in a given company the marginal productivity can be characterized by the following function…

A: At the marketplace, a firm tries to maximize its profit, due to which it makes constraints for…

Q: A company has the following production relationships: Number of Workers Output 11 18 26 33 The…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: = 40q – 12q² and its where q is the firm's output. (b) The total revenue curve of a firm is R(q) 400…

A: Hi! Thank you for the question but as per the guidelines, we only answer first three sub-parts of…

Q: A firm's short run revenue function is given by R = 8e – ¾ e^2 , and its profit function is given by…

A: Revenue is defined as the amount which is received from selling a good or a service.  Profit is…

Q: Recently, the Boeing Commercial Airline Group (BCAG) recorded orders for more than 15,000 jetliners…

A: Marginal product (MP) is the one additional input is used to produce extra output. The two factors…

Q: A competitive firm’s production function is given by y= f(x1,x2)= 4x11/2 + 10x21/2 a) The price of…

A: Answer: Given, Production function: y=fx1,x2=4x112+10x212 Price of factor 1(w1)= 1 Price of factor 2…

Q: Using the production function q = (z1ª + z2ª)1/a for a manufacturing firm, where z1 denotes labor,…

A: Given production function q=(Z1a+Z2a)1/a Z1=labor Z2=Capital a=constant parameter

Q: Suppose that the production of a certain product only requires one input, labor, and that the…

A: 1.500 2. The marginal product of labor (MRPL) is the adjustment of income that outcomes from…

Q: The production function of a small firm that produces tarpaulin is given by the table below. L 4 6 8…

A: The formula for output elasticity with respect to labor is calculated as ε=% change in quantity of…

Q: Firm X sells output at a price of $8 per unit and pays labor a wage of $20 per hour. The marginal…

A: Given;Price=$8 per unitWage=$20 per unitMPL=12-0.1L

Q: A purely competitive firm has a single variable input  < (labor), with the wage rate.  W0 per…

A: Purely competitive firm

Q: The labour supply function faced by a business operating under monopsony in the labour market and in…

A: A monopsonist is the single employer of the labor in the market. As monopsonist is the single…

Q: 1 The demand for an input is: a. the VMP of the input. b. derived from input owner's…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: For the equations below, q is the total number of units produced per day by m employees of a…

A: Marginal Revenue Product (MRP)=Marginal Product(MP)×Marginal Revenue(MR) Marginal revenue refers to…

Q: In each of the following four cases, MRPL and MRPC refer to the marginal revenue products of labor…

A: 1. MRPL=$8, PL=$4, MRPC=$8, PC=$4 These conditions are not consistent with the maximum profits for…

Q: Suppose that the production of a certain product only requires one input, labor, and that the…

A: Marginal Revenue Product is the additional revenue generated by employing one more input factor .…

Q: Consider a firm producing Smirnoff Mule which uses two inputs-machines and labor-to produce output…

A: The overall cost paid by a firm to create a given amount of a product or provide a service is…

Q: 9. A firm has the following production function, Q = Q(K, L) = K²+L², where Q is output, and K…

A: We are going to find the optimal profit and implication of wage rate on profit to answer this…

Q: The production function for a price-taking firm is given by q = 2.5k0.4L0.4. What are the demand…

A: Note:  We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Making dresses is a labor-intensive process. Indeed, the production function of a dressmaking firm…

A: Given information: Q= L - L2 / (23 *100) =&gt; Q =L - L2 / 2300 ------------&gt; Production function…

Q: conomics 8. Consider a firm whose production function is q(L) = 60L -0.5L² when hiring L hours of…

A: Note:- Since we can only answer up to three subpart, we'll answer first answer the first three.…

Q: Market Failures in Imperfect Competition   Efficiency in exchange is satisfied with the equality…

A: a.  If there is a Monopoly in both the goods Market x and y px/py is the price ratio under Monopoly…

Q: A perfectly competitive firm's production function is Q=8LK where Q is the amount produced, L is the…

A: Marginal revenue product of labor measures the change in total revenue due to a change in labor by a…

Q: Consider a firm which is perfectly competitive in both product and labour markets. Suppose the…

A: Production Function: Q=L(32-L) Marginal Product of Labor: MPL=32-2L Price of the output: p=$1.21 The…

Q: Why would a profit-maximizing firm expand the use of each input until its marginal revenue product…

A: Marginal revenue refers to the gain of additional revenue from each additional unit sold of a good.…

Q: For a corripetitive firm workers marginal revenue product equals the marginal product of labor times…

A: The answer is - wage rate

Q: Consider a competitive, price-taking firm that employs only one variable input, labor, to produce a…

A: Given: Total Fixed Cost = $500 Wage rate = $24 per unit Price = $14 per unit

Q: Consider the following short-run production function: ܳ = −0.5L^2 + 10L. Suppose that the output of…

A: The marginal revenue productfunction of a labor (MRPL) is identical and equal to the product of the…

Q: 10.Consider a price-taking firm that has total fixed cost of $50 and faces a market- determined…

A: Marginal product can be understood as the change in total output by employing one additional labor…

Q: Suppose Ramone's Drones maximizes profits by making local deliveries using small drones and…

A: Profit is maximized when MRPK = Cost of capital When Cost of capital = $1000, MRPK = $1000

Q: Suppose that a firm operates with the total cost function TC(Q) = 20+0,5Q4 and demand fucntion P(Q)…

A: An cost function is a numerical equation used to used to outline how production costs will change at…

Q: Suppose a campus restaurant increases the number of workers it hires from 2 workers per day to 4…

A: Marginal revenue is the additional revenue generated when an additional unit is sold. (a). $55 (b).…

Q: Currently the wage rate is Gh₵ 2 per hour and capital is rented at Gh₵ 5per hour, the unit price of…

A: The profit of the firm maximizes when the marginal revenue equalizes the marginal cost. As in the…

Q: Assume that a fırm has the following short-run production function: q (L) = 2L² – L³ The firm must…

A: Given, Short-run production function = q(L) = 2L2 - 1/2L3 Wages (w) per unit of labor (L) = 40…