A company has the following product function. x = f(N,K): = No.5K0.5 The price per unit of labor is NOK 200. The price per unit of capital is NOK 800. Find the company's cost function C (x).

Q: If the production function is Q = K.SL5 and capital is fixed at 1 unit, then the average product of…

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

Q: Calvin’s Furniture store also has a Production function of TP = 90K2 − K3 1. Optimize the Marginal…

A: TP=Q=90K2-K3     where Q= Total Quantity of production, capital =90 which is fixed and Labour= K…

Q: A fast-food company in Hermanus has the following cost function: TC = 10 + 3K + 2L, where Lis the…

A: Given  total cost: TC=10+3K+2L            ......... (1) and production function Q=2KL       ........…

Q: For the cost function C(Q) = 75 + 4Q + 2Q2, the marginal cost of producing 5 units of output is

A: The marginal cost is the change in the total cost that arises when the quantity produced is…

Q: To maximise profits, a competitive firm has a cost function, C(q) = 4q2 + 95 and produces 33 units…

A: The profit is maximized where the P=MC.

Q: The total cost of producing one unit is $100 The total cost of producing two units is $150 At a…

A: It is given that, the total cost of production of 1st unit = $100. The total cost of production when…

Q: Given the average-cost function AC=Q^2-4Q+174, find the MC function. Is the given function more…

A: Average Cost (AC) function is given as:

Q: The average fixed cost curve will never intersect with either the horizontal or vertical axis.

A: The total cost of production refers to the market value of all the inputs used by the firm in the…

Q: The total cost function of a firm is:- 23Q² - 13Q + 40 Find the average cost function

A: The total cost (TC) is divided by the entire output to get the average cost of production (Q). All…

Q: A firm has the following production function: q = KL, where q is output, K is capital and L is…

A: A firm has production function: q = KL,  The price of a unit of capital is $1,000  The price of a…

Q: A widget manufacturer has a production function of the form q = LK + 3L. If the wage rate (w) is $4…

A: Production Function is Q=LK+3L Wage Rate(W)=$4 Rental Rate on capital(r)= $20

Q: Cost functions are derived from

A: # Cost function is a representation which helps in predicting the cost of good or service with…

Q: Suppose a firm with a production function given by Q = 30K0.5L0.5 produces 1,800 units of output.…

A: Firm minimizes cost by employing inputs at a point where ratio of marginal product of inputs is…

Q: A firm's unit capital and labor costs are $1 and $2 respectively. If the production function is…

A: The maximum output of the production function can be determined by finding the marginal product of…

Q: a firm has the production function Q=min{2L,K}, find the cost function in the long run if wage is $2…

A: The provided production function is: Q=min{2L,K}

Q: Given prices for the two inputs as w1 = 1, w2 = 2, find the cost function of the (attached)…

A: Answer to the question is as follows:

Q: If a production function exhibits decreasing returns to scale, average cost will decrease as output…

A: Average cost is the per-unit cost of output.

Q: Cost, revenue, and profit are in dollars and x is the number of units. If the daily marginal cost…

A: Given, Marginal cost (MC) = 4x+150 Fixed cost (FC) = $600 Here MC = dCdX

Q: Assume a Cobb-Douglas production function in which the share of capital is a = 0.25 and the share of…

A: In production, if the rental cost of capital is more then the result will be that the capital that…

Q: The marginal cost function of a company is given by MC 5+x, and the cost of producing 2 umits is 712…

A: Fixed costs are costs that do not change when sales or production volumes increase or decrease.Fixed…

Q: Cost is in dollars and x is the number of units. Find the marginal cost function MC for the given…

A: Given, C(x) = 700 + 5x + 0.04x2

Q: If the production function of a firm is P = 60kl, where the price per unit of input k is $10 and I…

A: Production function of a firm : P = 60kl Price of per unit of k : r=$10 Price of per unit of l :…

Q: a producer faces a fixed cost Rs 50 and a variable cost of RS 5 per unit of output when he produces…

A: Answer: Given, Fixed cost = Rs 50 Variable cost = Rs 5 per unit of output (for output level below…

Q: Define the cost function c(w1,w2 ,y) =w1×1(w1,w2.y) + w2x2(w1,w2,y). Show that the cost function is…

A: Given function C(W1,W2,y)=W1X1(W1,W2,Y)+W2X2(W1,W2,Y) Here W1=first input prices W2= second input…

Q: Suppose that a firm’s production function is Q =10 K^(3/4)L^(1/4). The cost of a unit of labor is $1…

A: The interplay between the output that a process gives and the various inputs that go in the process…

Q: For the cost function C(Q) = 500+12Q+4Q2+Q3, what is the marginal cost of producing the eighth unit…

A: Cost is a function of the quantity produced.  It measures the cost incurred in the production of…

Q: If the production function is Q= KL and capital is fixed at 1 unit, then the marginal product of…

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

Q: Suppose a firm faces the input prices of labor and capital of w = $15 and r = $2, respectively. The…

A: Production function = 4K0.5L0.5 w = 15 r = 2 K = 400 At optimum, MPL/MPK = w/r (2*K0.5*L-0.5 ) / (2*…

Q: Suppose that cost function is C(Q) = mQ 2 + nQ + p. Find the point that average cost function A(Q)…

A: Average cost=total cost/quantity

Q: Suppose a firm’s production function is q= 2L+ 5K, the wage is w= 4, and the rental rate of capital…

A: Cost function is the total cost incurred to produce a good. It is the total sum of cost incurred on…

Q: Consider a producer with the production function y = min {2L, K} and suppose the input prices are…

A: Given, The production function, Y = min(2L, K), w = 1 r = 2 a) The cost function is given by: C = wL…

Q: Total cost function is: TC (Q) = 4Q+54 Find the marginal cost.

A: Below is the given total cost: TC (Q) = 4Q+54

Q: Find the total-cost function c(q) given the marginal-cost function dc/dq below, if the fixed costs…

A: Given data: Fixed cost is $4000 dcdq=1q+8

Q: Which of the following best describes the isoquants of the production function: q=0.5L+0.3K a.…

A: The production function shows the relationship between the inputs and output of a firm.

Q: A factory that you are managing has an hourly production process that can be represented by the…

A:

Q: A firm's total cost function is C=24x2−xy+8y2C=24x2−xy+8y2 and they are required to produce a…

A: The total cost function of a firm, C=24x2-xy+8y2 The firm wants to find the total cost of a…

Q: The production function of producing an item is given by 3K Q = 744 VK – where K is the capital…

A: Marginal product is determined by the change in total output as one additional input is used in the…

Q: If the production function is q = min{L, K/3} and the price of L is $3 per unit (w=3), and the price…

A: Given  Production function q=minL,K/3              ... (1) Price of labor (w) = $3 Price of capital…

Q: Assume there is a linear isoquant where the input combination  K = 10, L = 0 produces Q = 100.…

A: We have Linear Isoquant, a*L+ b*K = QWhen L=0 and K = 10, Q = 100a(0) + b(10) = 100b = 10;Therefore,…

Q: Assume there is a linear isoquant where the input combination  K = 10, L = 0 produces Q = 100.…

A: We are going to find the production function first to check whether these two inputs are perfect…

Q: The feature that distinguishes short-run from the long-run is the*

A:

Q: At zero level of production, _______ cost is always zero

A: Whenever production starts, the firm has to incur costs such as rent of the property such as…

Q: Consider the following cost function. a. Find the average cost and marginal cost functions. C(x) =…

A: The provided cost function is: Cx=1700+0.4x

Q: If the marginal cost function for x units of a product is MC = 3 + 4 In(x + 1) dollars per unit, and…

A: We will use total cost function to solve this question: Total Cost = Fixed Cost +Variable Cost

Q: Suppose the production function for a product is given by q = 100KL. If the price of capital is $81…

A: Given:  Production Function : q=100KL Price of capital (r) = $81 per day Price of labor (w) = $27…

Q: When production is at level zero then the value of ___________ cost is always zero.

A: Total cost = fixed cost + variable cost Fixed cost always remain constant even when output is zero.…

Q: The unit price of a product is given by P(X) = 200 -  0,01X and the total cost function C(x) = 50X +…

A: Given : P(X) = 200 - 0.01X  C(x) = 50X + 20.000