7. The unit price of production input K is 8 euros and the unit price of production input L is 10 euros. What is the minimum cost at which a company could produce 20 units of product Y if the company's production function is Y = K / 4 + L?

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A: Given: Q = F(K,L) = min {6K,2L} K=2, L=3 Therefore, Q= min(6*2,2*3) Q=min (12,6) Therefore, out of…

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A: Figure -1 shows the AVC, AFC, ATC and MC curve as follows:

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Q: 6 A production function is given by f(x1,x2)=(max{x1,x2})^0.5. Prices of inputs are p1=10 and p2=20.…

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Q: Please only do 4 and 5 not 1 2 or 3 Suppose a firm’s production function is K^1/3  L^2/3 Mpk=…

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Q: Suppose a firm has a production function Q = 10/KL %3D so that 5/K MPL VI 5VL VK MPK The firm uses 9…

A: Cost = wL + rK We substitute everything given: Q=60, K=9 60 = 10(9)0.5(L)0.5 6 = 3(L)0.5 22 = L So L…

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A: Given Q = K1/3. L1/6  Cost minimization: q(K,L) = Lβ.KαSo that MPL=βLβ-1.Kαand, MPk = αLβ.Kα-1Let, α…

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Q: 3) A paper factory signed contract to produce 1000 reams of paper each week for a customer. The…

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Q: 7. If the Marginal Cost for a product is found to be MC = 10eº.5x, and the Marginal Revenue is given…

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Q: QUESTION 6 When Hidden City Cafe uses K units of capital and L units of labor, it can produce Q…

A: Q = 5L1/2 L1/2 = Q/5 Squaring, L = Q2 / 25 TC = wL + rK TC = 25 x (Q2 / 25) + 20 x 5 TC = Q2 + 100

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Q: Consider the production functions for X and Y given below. X = 2K2 + 4L ; Y = 10K0.5 L0.5 ; Suppose…

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