Assume that you have the following production function and input prices in the long run: 2 2 3 2 3 3 2 8 4 MPL K L MPK KL Y K L w r Continue to assume that the firm uses an input bundle of (8, 10). How much does this bundle cost? COST = __________

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A: Constant returns to scale condition.Q(λK,λL)=λQ(K,L)

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A: "Since you have asked multiple questions, we will solve first question for you .. If you want any…

Q: 9-100L0.8 K0.4 Given the production function above assume that capital is fixed at 20 units.…

A: As given Production Function is q = 100L0.8K0.4 Also capital is fixed at 20 units that means K = 20

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A: We will answer the first question since the exact one was not specified. Please submit a new…

Q: A firm produces output according to a production function: Q = F(K,L) = min {4K,8L}. a. How much…

A: Q = min[4K, 8L] a) K = 2 , L = 3 Q = min[4(2), 8(3)] = min[8, 24] Q = 8units

Q: A small rural hospital’s management assesses the following production and input price situation with…

A: GivenMPL1=10PL1=5MPL2=4PL2=4

Q: 600                 2100                 2500                 2600…

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A: For option (a) y = 3K12L12 we increase each factor by proportion m Now, we have y' = 3(mK)12(mL)12=…

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Q: A firm produces output according to the production function: Q=F(K.L) = 4K - 8L a. How much output…

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Q: Define returns to scale and its implications for production decisions.

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Q: Determine whether the following statements are TRUE or FALSE. Explain your answer using graphs or…

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Q: A firm faces the following production function q = 100L0.6K0.6 The wage rate, w, is $4.00 and the…

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Q: A firm produces output according to a production function Q = F(K, L) = min {4K, 8L}. a. How much…

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Q: The marginal products of capital (MPK) and labor (MPL) are, respectively, MPK = 2000 units; MPL =…

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Q: 7. The unit price of production input K is 8 euros and the unit price of production input L is 10…

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Q: The firm's production function is given as: Q (L,K) = 2L + 30K. The costs of Labor (L) and Capital…

A: We have Q(L, K)=2L+30K            ... (1) w=$20 and r=$2 Desired output=1000