A firm's total cost function is C=24x2−xy+8y2C=24x2−xy+8y2 and they are required to produce a combination of products totalling 128. In order words, the firm is subject to the constraint x+y=128x+y=128. What is the Lagrangian function?

Q: Marginal cost is the slope of both the average variable cost and the variable cost functions. Select…

A: Marginal cost is the change in total cost or total variable cost per unit change in output.

Q: A food truck gyro vendor has weekly fixed costs of ​$550​, and variable costs of $4.55 for each gyro…

A: Cost is the sum of fixed cost and variable cost

Q: For the firm whose production function and costs are specified in the table, which of the following…

A: Here the incorrect is “from 250 units of output through 430 units marginal product is rising so the…

Q: The total cost of producing 25 tons of butter is 45000. If the average variable cost is $775, then…

A: TC(Total) is the cost which is incurred by a firm in producing some specific level of output. It is…

Q: Suppose for a particular firm the only variable input into the production process is labor, and that…

A: Total cost is the cost of all inputs needed to produce with the given output. ATC is given as $30…

Q: short-run with a fixed amount of at least one input, the Law of Diminishing Returns must apply,…

A: The law of deminishing marginal returns is one of the key standards of financial matters and is…

Q: A firm with only fixed costs will have which of the following average cost relationships? As…

A: Average Total Cost is calculated by dividing the total cost with units of output. Average Cost =…

Q: A local coffee shop has the following production function of cups of coffee, ? = ?3/4?1/2. The firm…

A: The answer to the question is as follows :

Q: Question 5 Show that if a production function exhibit constant returns to scale, then the cost…

A: Constant returns to scale means when inputs increases by some percentage then output increases by…

Q: A computer company produces hardware and software using the same plant and labor. The total cost of…

A: (a) There would no economies and diseconomies of scale if the product is produced by itself. To…

Q: In the short run with fixed amount of at least one input, the law of diminishing returns must apply,…

A: When the one input is fixed then the firm experience diminishing returns because adding one more…

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: When the marginal cost curve lies below the average total cost curve, it is true that as output…

A: Answer to the question is as follows:

Q: y= f(x1,x2)=x1ax2b Derive the equation for an isoquant curve.   If a=b=0.5 , the price of factor 1…

A: y = x1ax2b x2b = y / (x1a) x2 = [y / (x1a)](1/b)

Q: For the total cost function TC (q) = q³ – 30q² + 800q, find the minimum marginal and average cost.…

A: Average Cost(AC)=TCq=q3-30q2+800qqAC=q2-30q+800Marginal Cost=dTCdqMC=3q2-60q+800

Q: (b) A firm has an average cost function A(q) = 125 q + q 2 16 − 4. where q is the firm′ s output.…

A: Answer: Given: Average cost function; Aq=125q+q216-4where q is the output Calculation: (4) The…

Q: In short-run production where labor is a variable input, the relationship between marginal product…

A: We are given, Economy is in short run. Labor is the variable input. Marginal cost of production =…

Q: In the theory of the firm, economist consider the total cost to be a function of the output level Q:…

A: Answer - According to the mathematical defination of the funtion is that fucntion is a relation…

Q: If the production function is given by f(x1, x2) = min{x1, x2} + min{x3, x4}, what is the minimum…

A: A production function in economics describes the technological relationship between the quantities…

Q: For Questions 24 to 28, consider the following total cost function: TC = 0.2q° + 6q + 50 where TC is…

A: In a market, average total cost, marginal cost and other types of cost can be determined with the…

Q: A lot of companies use the marginal cost function for their business models to determine the…

A: 1. We know, Average cost = AC(x) = C(x)/x  Marginal cost MC(x) = C’(x) At the critical points of…

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

A:

Q: Suppose a firm uses capital​ (K) and labor​ (L) to produce widgets according to the production…

A: Step1. There was some technical problem while uploading the question. that is why I am writing the…

Q: What is the critical point of the total cost function TC=1/3Q3+6Q2-640Q

A: Critical points are calculated by setting the derivative of a function equal to zero.

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

A: The total cost refers to the expenditure incurred by the producer in producing all units of goods or…

Q: A firm's long-run total cost curve is given as: TC (q) = 1000q-30q2+q3. At what quantity is the…

A: The minimum efficient scale (MES) is the balance point at which a company can produce goods at a…

Q: A firm has the following production function where q represents the output level per week, L…

A:

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: Assume the following production function: q = √k + √l a) Determine the cost function and the…

A: Cost is minimized when MPL / MPK = w/r MPL = ∂q/∂l = (1/2) / (l1/2) MPK = ∂q/∂k = (1/2) / (k1/2)…

Q: The following table describes the various least cost combinations of two inputs from various…

A: Iso quant shows the different possibil combinations of inputs that give same level of output . And…

Q: Consider

A: Constant return to scale refers to when there is equal increase in output to increase in input…

Q: Assume the following total cost function: Q Total Cost $75 1 105 2 128 What is the average fixed…

A: Average Fixed Cost (AFC): It is per unit fixed cost. It continuously decreases because the same…

Q: Find the cost function for the marginal cost function. c'(x) = 0.06 e 001x. fixed cost is S7 C(x) =|

A: We are going to find total cost function by integrating marginal cost function to answer this…

Q: The cost function of a firm is given as C1 = 400 + 200 + 4Q" using this cost function what is the…

A: here we calculate the efficient scale of the firm by using the cost function so the calculation of…

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: 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: A firm produces plastic bins using labor (measured in man-hours) and capital (measured in…

A: Cost minimizing input combination is achieved when marginal rate of technical substitution is equal…

Q: Consider the following total cost function: where represents output and are constants. What can we…

A: Answer: (b) The firm experiences falling average fixed costs, but rising average variable costs.

Q: Consider the Cobb-Douglas production function: 1. Derive the conditional input demands. 2. Derive…

A: Given  Production function: f(x1,x2)=Ax1αx212-α                ... (1) Let P1 and P2 be the input…

Q: Given a cost function C(x), which returns the total cost of producing x products, the average cost…

A: Total cost function  C(x) = 80x+150

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: Show that the r/ship between production function and cost function.

A: Production function demonstrates the output level that can be produced using different quantities of…