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- Determine the combination of input factors K, L that minimizes the cost of producing Q = 1000.Minimize the cost function C=24L +6K of a manufacturing plant has a cobb douglas production function given by f(l,k)= l0.5 k0.5The marginal cost curve is generally ______________, because diminishing marginal returns implies that additional units are ________________________. downward-sloping; A.more costly to produce upward-sloping; B. more costly to produce downward-sloping; C. less costly to produce upward-sloping; D. less costly to produce
- . For each of the following total cost curves, determine if the technology exhibits increasing, decreasing, orconstant returns to scale.What is the value of the exponent in the costcapacity equation if a pump half the size of a similar, but larger one, costs exactly half as much as the larger one?If C = 0.0001Q2 + 3Q + 6000 is a total-cost function, find the marginal cost when Q = 100.
- What will be the average fixed cost if TFC Is $350 and the output is 50 unitsA local non-profit group prints a weekly newsletter. Professional typists earn $10 per hour and can type 2 pages per hour. Unpaid volunteers can type only 1 page per hour. Measuring hours of professional typist services on the vertical axis and hours of unpaid volunteer typist services on the horizontal axis, draw the relevant isoquant and isocost curves if the newsletter is 10 pages long. What input mix is chosen by the non-profit group if they wish to minimize the cost of the newsletter? If the group will reimburse volunteers for expenses (lunch, driving), how much must the reimbursement be for your answer to changeCost functions are derived from __________