if a product function of a firm is given by Q=k^2L^3 & the input price r=8 w=2 A find the level of 'L' &'k' that maximizes output total outlay 240

Q: Suppose the firm short run production function is a quadratic one in the form: Q = 2L+ 0.25 L2, the…

A: In the short run profit maximizing condition is that where MPN = W/P which means the firm will hire…

Q: 1. Profit maximization Find x* and y* that maximizes the following profit function. A(x, y) = 50x –…

A: (a). we have given π(x,y)=50x-2x2-2xy-4y2+60y-56differentiate with respect to…

Q: given by R(q)=−5q^2+800q , where R(q)is in dollars and qq is units sold. Find a numeric value for…

A: Marginal revenue is the additional revenue earned with an  extra unit sold.

Q: Co. operates in a competitive market. Its production function is q = Lα Kβ . The firm takes the…

A: The production function is the mathematical relationship between inputs and outputs.

Q: A research study published in Social Science Medicine, “Production Functions for General Hospitals,”…

A: Given: Q = 5*Staff.34*Beds.64*Drugs.04*Specialists.02 Staff =20, Beds = 120, Drugs = 60, Specialists…

Q: If the short run production function is given by q=(1/10)lnL  and the price at which the good is…

A: The production function is given as  q=(1/10)lnL

Q: Suppose that a firm’s production technology is described by the production function f(x1, x2) =…

A: The production function is given as follows: Q = x12 x2 The cost of the firm is minimized at a point…

Q: Consider a firm with 1 input and 1 output and a production function given by f(x) = x1α with α < 1.…

A: Profit maximization appears to be a realistic premise about how businesses behave. The firm…

Q: A firm employs a Cobb-Douglas production function of the form Y = K04L04. The output price is P and…

A: Profit maximization is one of the key goals of all firms operating in a market. Profit is the…

Q: Eccles Incorporated (based in Ogden) manufactures precision steel sprockets for applications…

A: Costs are the expenses that a firm incurs in the form of purchase of inputs to produce goods and…

Q: A firm's unit capital and labor costs are $1 and $2 respectively. If the production function is…

A: The maximum output of the production function can be determined by finding the marginal product of…

Q: FInd the profit maximizing levels of K and L as functions of r,w, and p. b) Suppose that r = w= $1…

A: Profit maximization is the process that helps to regulate the prices, input, and output level of the…

Q: Consider the case of a firm that produces output x (sold at price p) using a production function x =…

A: Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for you. If…

Q: A firm has the following Cobb-Douglas production function: q = LªK!-a, where 0 < a <1 is a…

A: Rental cost of capital = r = $10 Wage of labor =w = $20 Capital quantity, K = 1 The production…

Q: In the given diagram, BDE represents the average variable cost and BCDF represents the marginal cost…

A: ANSWER IS GIVEN BELOW

Q: A firm has the following demand and average total cost functions: Q = 30 − P ATC =7/Q− 6 +1/2Q…

A: The total revenue of a firm is the total payment it receives from the sale of goods and services.…

Q: Which of the following statements is false? A firm’s costs are usually higher in the long run than…

A: Each firm has two types of cost, fixed cost and variable cost. In the long run there is only…

Q: A firm's demand function is Q = 16 - P and its total cost function is defined as TC = 3 + Q + 0.25Q2…

A: P = 16 - Q TR = PQ = 16Q - Q2 Profit (Z) = TR - TC = 16Q - Q2 - 3 - Q - 0.25Q2 = 15Q - 1.25Q2 - 3…

Q: Consider the following cost function: C(w1;w2: y) = (wq 1/3 + w21/3,3,2. (a) Find the marginal cost…

A: Cost function: C(w1;w2;y) = (w11/3 + w21/3)3 y2 w1 is the price of input 1  w2 is the price of input…

Q: In the given diagram, BDE represents the average variable cost and BCDF represents the marginal cost…

A: the average variable cost is the variable cost per unit. Average variable cost is determined by…

Q: Consider production function Q = K³L3 i. Find RTS ii. Is above production function homogenous?…

A: We will answer the first three subparts only. Please resubmit the question with any other parts…

Q: If the production function of a firm is given by Q=,and the input prices are r = Birr 8 per unit and…

A: The production function shows the relationship between inputs and output produced. Inputs are the…

Q: For a competitive firm; production function, market price and unit costs for capital and labour are…

A: Given, Q(K,L) = K1/2L1/4 and p = 8, r =0.1 , w = 10 Input demand for Labor L = f (w,r,p) Input…

Q: 9. A firm has the following production function, Q = Q(K, L) = K²+L², where Q is output, and K…

A: We are going to find the optimal profit and implication of wage rate on profit to answer this…

Q: A firm's production function is Q = K (L + 1), where L is hours of labor hired and K is K and MPK =…

A: We are going to solve for long run demand &amp; supply functions to answer this question.

Q: A competitive firm produces its output, y according to the production function: y = F(K, L), where K…

A: The short-run profit function is equal to the revenue minus the total cost. The short-run supply…

Q: Explain and illustrate using isoquants and isocosts how a firm that is currently using the least…

A: For a given isoquant, firm is trying to minimize the cost of production using the inputs…

Q: If a competitive firm uses two inputs and has the production function F(x1, 22) = VI1+ væ2, then its…

A: The production function is the maximum output that can be produced with the given technology. The…

Q: Consider a firm with production function in the Cobb-Douglas form q = K^.5L^.5 Suppose that one…

A: It is given that q=k0.5L0.5 r=12.5 , w=8 q=2

Q: Consider a firm that has the following production function: Y = min{x₁, ½x2}. The inputs' prices are…

A: Both inputs are used in the fixed proportion. This is a case of complementary inputs.

Q: firm has the production function q=L2K The wage rate is w=55 and the rental rate is r=44. In the…

A: Production function, in financial aspects, condition that communicates the connection between the…

Q: A competitive firm produces its output, y according to the production function: Y = F(K,L), where K…

A: We have the following information:Y = F(K, L) is the production function and exhibits constant…

Q: Each firm in a perfectly competitive industry has the following production function: q = K1/4L1/4…

A: Marginal cost: It is the additional cost that is incurred by the firm in the production of one more…

Q: A firm´s production function is given by: y = x² where y is the total output per time period, and x…

A:

Q: Consider a firm with the production function q = L}K* The firm faces a wage rate of w = 20 and a…

A: The given production function is a ‘Cobb-Douglas’ function where the producer uses both labor(L) and…

Q: To produce a recorded DVD, a firm uses one blank disk D and the services of a recording machine M…

A: Given information Production function Q = min{D, M} Here 1 DVD is produced by using  1 blank disk…

Q: Consider a purely competitive firm that has two variable inputs L (labor hour) and K (machine) for…

A: We maximize the production function subject to the cost constraints. Cost=C=wL+rk Maximize:…

Q: Suppose that a firm has a short-run cost function C(q) = q2 +1. Part a Find the short-run supply…

A: In a market, a firm’s cost function can provide information about different types of costs such as…

Q: Show your work whenever possible. A firm has the following production function. Q=K.√L the rent…

A: In the production of goods and services, various factors of production or inputs are used in…

Q: Consider Delta, a price-taking single-output, single input firm with the following production…

A: Non decreasing returns to scale implies that the rate of change of output w.r.t to the rate of…

Q: Each firm in a perfectly competitive industry has the following production function: q = K1/4L1/4…

A: We have, Wages = w= 16 Rent = r = 4 Production function, q=K14L14 At optimality condition, MRTS= w/r…

Q: Each firm in a perfectly competitive industry has the following production function: q = K1/4L1/4…

A: To calculate the total number of firms in the industry, first we must be aware of the fact that in…

Q: A firm's production function is Q = K (L+1), where L is hours of labor hired and K is K and MPK = L+…

A: We are going to solve for long run demand &amp; supply functions to answer this question.

Q: If C(x) = 19,000 + 400x – 3.6x2 + 0.004x³ is the cost function and p(x) = 1,600 – 9x is the demand…

A: Given: TC(x)=19,000+400x-3.6x2+0.004x3 P(x)=1,600-9x Now, TR=P×Q TR=(1600-9x)x   (where x is…

Q: Microeconomics II is the most fun course you ever took. Explain? A profit-maximizing competitive…

A: Given: Output price = $28 Factor price = $7 The production function is q= 4(x)1/2

Q: Q. 3 Consider a firm with a production function given by Q = F(K, L) = 2KL . 5-a) Compute the degree…

A: 5-a) Q=F(K,L)=2KL F(K,L)=2KL F(tK,tL)=2(tK)(tL)              = 2t2KL             = t2(2KL)…

Q: Consider a firm with technology given by the production function y=K¹/2¹/2 The firm can by factors…

A: Total cost is the cost of total fixed cost and the total variable cost , and the for the production…

Q: Suppose you have following production function for your firm :q = 2x,"x, where x, > 0, x, >0 and a ±…

A: Production function:  q = λx1ax21-a   ..........(1) Input price x1 = w and x2 = r The marginal…

Q: A firm's production function is f(x₁, x₂) = (min{x₁,5x₂ })¹/2. If the price of the first factor is…

A: Production function is the functional relationship between the output and inputs. The both inputs…