a firm has the production function Q=min{2L,K}, find the cost function in the long run if wage is $2 and capital rental is $3.

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A: Answer to the question is as follows:

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Q: 1.    A firm’s production function is Q = L1/2 K1/2 They have 16 units of capital (which is fixed in…

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Q: Q = L1/2 K1/2 They have 16 units of capital (which is fixed in the short-run). The unit cost of…

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A: Given production function: q=K1/2L1/2       .......... (1) Let w be the wage rate and v is the cost…

Q: Suppose the production function is Q = 50 (KL)1/2. (Quantity = 50 times the square root of capital…

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Q: Suppose a producer faces the following production function: K^0,5.K^0,5 given that L is the unit of…

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

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Q: A firm’s production function is  Q = L1/2 K1/2 They have 16 units of capital (which is fixed in the…

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Q: Suppose the short run production function is q=10*

A: Given the production function, q = 10*L Wage rate = $10

Q: Catalina Films produces video shorts using digital editing equipment (K) and editors (L).  The firm…

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Q: Suppose a firm with a production function given by Q = K0.4L0.6 produces 100 units of output. The…

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A: Production takes place in the short run while all planning is done in the long run.

Q: A firm has a production function given by Q AL" K# and per unit prices of capital (K) and labour (L)…

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Q: For its current level of production, a firm is attempting to minimize its costs. The firm has…

A: The marginal product of labor is 10 =>MPL=10 ------- The marginal product of capital is 20…

Q: Joe's coffee shop has the production function, q= 4k0.5 L0.5. If the price of labor, L, is 5 and the…

A: q= 4k0.5 L0.5 PL = 5 PK = 20 q=200