A firm wants to minimize cost when Q=160=2√KL ;r=4 k=2 a) write out the Lagrangian function b) Find K* and L* c).Is the second-order sufficient condition for minimum satisfied?

Q: firm's average cost (AC) per unit of output depends on the number of hours of skilled labor (S) and…

A: AC = 3S2+2U2- 2SU-2S-6U+20

Q: What is AC(y) for cost function c(y) = y3? Input prices are taken as constants.

A: Average cost measures the per unit cost of production.

Q: Equate total revenue and total cost functions and solve for Q

A: Total revenue = Price * Quantity Total cost = Fixed cost + Variable cost

Q: Find the average cost function if cost and revenue are given by C(x) = 127 + 8.6x and R(x) =…

A: Given cost function:- C(x) = 127 + 8.6x x = units of output produced

Q: Assume that the situation can be expressed as a linear cost function. Find the cost function.…

A: The total cost function comprises of variable costs and fixed costs. The fixed costs remain the same…

Q: Find total cost if average cost is $11 and the output is 24 units

A: Average Cost (AC): - it is the average value of total cost incurred on a specific unite of output.…

Q: Find total revenue if accounting profit is $1000 and explicit cost is $220

A: According to the above given question we are given that:- Accounting profit = $1000  Explicit cost =…

Q: Cost minimization when output is unknown an total costs are known. A factory that you are managing…

A: Given information: Q = 2K0.5L0.5 ----------> Production function…

Q: A cost of production function is given as                                     C (n) = (n – 100)2 +…

A: a-b2=a2+b2-2ab

Q: If fixed cost decreases to $16,000, does this change the production decision of the airline in the…

A: There are two types of costs, one is fixed and other is variable.Fixed cost does not depend on…

Q: When a firm produces 600 widgets with total cost of $1,300 and fixed cost of $800, what is the…

A: The variable cost per unit is the average variable cost.To calculate the average variable cost,…

Q: Which of the following is the best example of a variable cost? O annual insurance payments for a…

A: The production of the various goods and services involves the cost of production. The cost of…

Q: The MC curve must be * rising when TC is rising. less than AFC when the average cost is rising.…

A: Every production unit incurs certain amount of costs during production processes. These costs are…

Q: increasing, decreasing, or constant returns to scale.

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

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 average cost function of a firm is:- 2Q² - 350 Find the total cost function

A: The data presented in the question above is:- We are given with the average cost function of a firm…

Q: Calculate the level of average cost to produce 39 units of output if the total cost function is…

A:

Q: Find the minimum value of the average cost for the given cost function on the given intervals. C(x)…

A: (a) C(x) =x3+28x+128minimum value of the average cost over the interval 1≤x≤10Finding out average…

Q: If marginal cost is greater than average total cost, then average total cost must be increasing.…

A: The marginal cost curve is downward sloping when it is below ATC. At the same time ATC is also…

Q: Find fixed cost if output is 20 units and AFC is $21

A: Given information, Total output= 20 units Average fixed cost (AFC)= $21 To find: fixed cost

Q: Marginal cost is plotted (as an approximation) halfway between successive units of output. a. True O…

A: Costs represent the expenses that firms incur during their production activities. A firm incurs…

Q: If C = 0.0001Q2 + 3Q + 6000 is a total-cost function, find the marginal cost when Q = 100.

A: Marginal cost is the cost of the last unit produced, and it is a change in total cost for the last…

Q: A local non-profit group prints a weekly newsletter. Professional typists earn $10 per hour and can…

A: Assumptions:- Group of answer choices 5 pros + 0 volunteers ; $0 lunch and driving 0 pros + 10…

Q: According to Accountants cost of production consists of both explicit and implicit cost ………………. a)…

A: (b) - False

Q: Based on the following function AC=(48/Q)+3Q+10, then the Fixed cost is A) 48 B) 9 C) 18/Q D) 18

A: Fixed costs refer to the expenses that are incurred for the production of goods that would remain…

Q: As a production process requires labor L and capital K, q = F (L, K). The wage for a labor is $500,…

A: The isoquant line shows the different combinations of factors of production required to produce a…

Q: The total cost function for a product is given by C(x) = 3x3-9x² -243x + 1229, where x is the number…

A: Given cost function C(X)=3X3-9X2-243X+1229TC should be 50000 at least

Q: Each of Davisson's production managers (annual salary cost, $45,000) can oversee 60,000 machine…

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

Q: Given that fixed cost =230 and variable cost=12Q ; the total cost of producing 30 units of output…

A: The amount of product produced determines variable costs. Labor, commissions, and raw materials are…

Q: Derive (Mathematically and graphically) the cost minimization condition.

A: Let’s assume the following in order to derive the cost minimization conditions.

Q: Fixed costs and Variable costs are considered to be costs.

A: The factor of productions are the labor, raw materials, capital, land etc which incurred some cost.…

Q: dollars. C'(x)=15+ 500 X + 1 If the fixed costs are $4,000 per week, find the cost function. What is…

A:

Q: For the cost function C(Q) = 100 - 20 - 30, the total variable cost of producing 2 units of output…

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

Q: Determine the average cost function.

A: Cost is a function of the quantity produced. It measured the total cost of producing a given level…

Q: As long as marginal cost is below average cost, average cost will be a. falling b. rising. .…

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

Q: Find the value of TFC if average fixed cost is $50 and the output is 50 units

A: The given information is as follows:- Average fixed cost = $50  Output = 50 units We have to…

Q: Which of the following cost behavior assumptions is false? (You may select morethan one answer.)a.…

A: The cost behavior assumption “variable cost per unit increases as the activity increases” is a false…

Q: If you know that with 8 units of output, average fixed cost is $30 and average variable cost is $80,…

A: Average Fixed cost (AFC) is the fixed cost per unit of output. Average Variable cost(AVC) is the…

Q: Which of the following statements is false? If marginal cost is rising, then average variable cost…

A: The total cost incurred by a firm operating in a market includes fixed costs and variable costs.…

Q: If the total cost function for a product is C(x) = (x+5)° dollars, where x represents the number of…

A: Given, Total cost, C(x)=x+53 The average cost, AC(x) = C(x)/x AC(x) = x+53x To find the units which…

Q: Find the average cost function if cost and revenue are given by C(x) = 170 + 3.6x and R(x) = 5x –…

A: Average cost refers to the cost (AC) per unit. The average cost function can be derived as follows.

Q: A division of Chapman Corporation manufactures a pager. The weekly fixed cost for the division is…

A: We have the following information- Fixed cost = $25,000Variable cost function, V(x) = 0.000001x3 -…

Q: if average variable cost is 15, and total variable cost is 180 and total fixed cost are * 120, then…

A: The fixed costs do not change (remain constant) with the change in the quantity of output and the…

Q: When a firm triples its inputs and finds that its output has less than tripled this is known as:…

A: Production function is a definite mathematical relation between factor inputs and output generated,…

Q: If a business has a long-run cost (TC) function given by TC = aq' – bq² + cq where q = the rate of…

A: Given  Total cost function TC=aq3-bq2+cq              ... (1) q= rate of output  a, b and c are…

Q: Compare and contrast economies of scale and economies of scope. Give an example of each from your…

A: Introduction Economies of scale: Economies of scale occur when the quantity of goods increases and…

Q: d. Show that the cost function is non-decreasing in w,r and q.

A: Cost function is non- decreasing in w, r and q