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- Consider a firm with the following cost function: C (q) = 4q^2 + 100 Find the long-run supply and the short-run supply of the firm, under the assumptions that the total cost function is the same in the long and in the short run, but the xed cost is sunk in the short run.(i) If the demand curve for a particular commodity is p = −0.09x + 51 and the total cost function C(x) = 1.32x2 + 11.7x + 101.4,where x is the level of production. Find: 1. All values of x for which production of the commodity is profitable.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
- Question A Suppose the short-run production function is q = 1L0.5. If the marginal cost of producing the 10th unit is $8, what is the wage per unit of labor? Question B A consumer has the utility function U(q1,q2) = q10.5 + q2Assume p2 = 1 and Y = 100. What is the equivalent variation of a price increase for good 1 from 1 to 4?I need some help and can you show me all the steps, please The profit of a firm is described by the following function: f(Q) = -8Q^3 + 30Q^2 – 120Q – 100 where Q is the quantity produced. (A) Find the stationary points for this function. (B) Using the first derivative test, find for what value of Q the profit maximised. (C) Find the feasible values of Q where the graph of the profit function is concave up.A competitive firm’s production function is given by y= f(x1,x2)=x1ax2b If a=b=0.5 , the price of factor 1 is 12, and the price of factor 2 is 3, find the cost minimizing input combinations and the total cost of producing 40 units of output. Redo part (1), this time by first deriving the firm’s conditional factor demand functions and the cost function.
- Suppose a firm engaged in the illegal copying of DVD’s has a daily short run total cost function given by: STC = (q^2)+25 If pirated DVD’s sell for $20, how many will the firm copy each day? What will its profits be? What is the firm’s short run producer surplus at P=20? Develop a general expression for this firm’s producer surplus as a function of the price of pirated DVD’s.A competitive firm produces output using three fixed inputs and one variable input. The firm’s short-run production function is q = 200x − 3x^2, where x is the amount of variable input used. The price of the output is $5 per unit and the price of the variable input is $10 per unit. In the short run, how many units of x should the firm use?You are the manager of a firm and you are required to optimize the Cobb-Douglas function given the following parameters. The maximum amount of money available to spend is $340 where the price of K=8 and the price of L=4. That is Pk=8 and Pl=4. The function is given as q=K0.4L0.6 . What is the constraint equation?
- The graph shows the Cost curves for a profit maximizing firm in a competitive market. If the market price is $30 and the firm produces at the profit maximum quantity, what is the amount of the total fix costThe cost (in dollars) of producing x corkboards is given by x2+20x+500, while the price (in dollars) of each corkboard if there is a demand for x units is given by p(x) = 100 -x. 1. Find the marginal profit producing and selling 15 corkboards. 2. At what production level is the profit at a maximum?The market price a perfectly competitive firm has to take is pm and the total cost to the firm is TC(Q)=aq+Bq2 +y , where y is fixed cost of the firm . Find the optimal output to the firm in terms of market price pm. Express also maximum profit. How does maximum profit depend on the market price and the level of fixed cost? All parameters are assumed to be positive.?