A farmer uses K units of machinery and L hours of labor to produce C tons of corn, with the production function, C = 2 L0.5 K. The farmer currently uses L = 20 and K = 10. Suppose the input price ratio is w/r = 1. What would you tell the farmer to do in order to minimize his cost of production given the current level of output?

Q: the returns to scale for the following production functions: q = K.34L.34 q = KLM

A: DISCLAIMER  “Since you have asked multiple question, we will solve the first 3 question for you. If…

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A: Q = 2.5 L .60 C .40

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A: False statement

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A:

Q: Suppose the short-run production function is q = 11L². Suppose that the wage rate is $112 per unit…

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Q: Introduction to Calculus in Economics (continued): In the previous Problem Set question, we started…

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

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Q: Ouroboros’ total cost (TC) as a function of its production level q is given by the equation below:…

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

A: Answer -

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*…

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Q: ind the optimal amount of labour and capital that you will be using, and compute the total cost.

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A:

Q: How would you determine that a two-input Cobb-Douglas production function has decreasing returns to…

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A: a) f(k,l) = kαlβf(nk,nl) = (nk)α(nl)β f(nk,nl) =nαkαnβlβf(nk,nl) =nα+β*(kαlβ)It is given that α>0…

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A:

Q: How would you determine that a two-input Cobb-Douglas production function has decreasing returns to…

A: Answer to the question is as follows :

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A: It is given that;

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A:

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