Suppose the short-run production function for a restaurant producing a pack of food is given by: Q = 3L – 0.312 Where Q is the number of packs of food produced and Lis the amount of labour used. If the cost of a unit of labour is C6 and the unit price of a pack of food produced is ¢10, a) what is the amount of labour the restaurant should employ in order to maximize profit. b) How much profit is made?

Q: Questión 2 Consider a firm that produces cars with the following production function: q = min(aK,…

A: Given : q=min(aK,bL)) In min function, we know that the goods are in turn being used together, so…

Q: A firm producing hockey sticks has a production function given by q = 2vkl In the short run, the…

A: The total cost of production is the simple aggregate of the fixed cost and variable costs, in the…

Q: Dmitri's pizza restaurant uses a combination of workers and ovens to produce pizzas. The total…

A: Given  Production function: q=4K0.5L0.5            ... (1) Where q is the quantity of pizza produced…

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: The production function for a product is given by q= 10K^(1/2)L^(1/2) where K is capital, and L is…

A: The production is given as follows-

Q: 1) Consider a company that outputs 1,000 doohickies. The company's long-run production function is:…

A: Answer;

Q: Given the following production function. If the price of the output is $100. What is the Marginal…

A: Answer; Marginal Revenue product of labor = Marginal Product of labor * Price of output produced by…

Q: Consider the following short run production function of a textile manufacturing: Q = 6L2 -4L 3 a)…

A: Given: The short-run production function of a textile manufacturing: Q = 6L2 -4L 3 Average product…

Q: The local ice cream shop is trying to figure out how many workers to hire, and part of the decision…

A: Answer to the question is as follows :

Q: Suppose a short-run production function is described as Q=30L-0.05L^2 Where L is the number of…

A: Given: Q=30L-0.05L^2 We know, MPL = dQ/dL Therefore, dQ/dL = 30 - L  So, MPL= 30-L = 0 L=30 units

Q: a firm has the production function Q=min{2L,K}, find the cost function in the long run if wage is $2…

A: The provided production function is: Q=min{2L,K}

Q: Question 10 Consider a firm whose cost function when both L and K are variable is shown in the…

A: Total cost: It refers to the total cost incurred while producing the commodity.Marginal Cost: It…

Q: Question 33 Consider a firm with production function f(L,K)=3L+8K. Assume that capital is fixed at…

A: Given,Production function f(L,K)=3L+8KWhere, K is the units of capital and L is the units of…

Q: competitive firm has a single factory with the cost function C(q) = 5q² + 79 and produces 32 units…

A: The marginal cost of creation is the adjustment of complete creation cost that comes from making or…

Q: At the Amarillo Piano Company, the average product of labor stays constant at 5, regardless of how…

A: The total product of labour divided by the number of units of labour employed, or Q/L, is the…

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: 2. A firm producing hockey sticks has a production function given by: q = 2 vkl In the short run,…

A: Introduction Cost and production function of a firm has given. i) Given production function: q = 2…

Q: Suppose a firm has the following widget production function: q=2K/₁2, the wage rate, w = $20 and the…

A: Given  Production function: q=2K1/2L1/2              .... (1) w=$20 and r=$180 In short-run K is…

Q: Suppose a firm has production function F(L, K) = L6K.6. Following the steps in the slides, derive…

A:

Q: An economist estimated that the cost function of a single-product firm is C(Q) = 100 + 20Q + 15 Q^2…

A: Total Cost is the cost that includes the fixed cost and variable cost of production. Cost function;…

Q: Suppose a firm’s cost function is given by C(q) = 20 + 10q − 4q^2 + q^3 (a) What is fixed cost? (b)…

A: Given information: We have given the cost function.  i.e., C=20 + 10q - 4q2 + q3 The cost function…

Q: Suppose the firm's production function is Q = 2KL, where Q is units of output, K is units of capital…

A: We can find out the short run production function using the capital K= 4.

Q: Question 11 Consider a call center with production function f(L,K)=30L+300K, where L is units of…

A: Given,Production function f (L, K) = 30L+300KWhere, L is the units of labor and K is the units of…

Q: You manage a store that mass-produces candies by teams of workers using assembly candy machines. The…

A: Q = 3KL  Where , Q = quantity produced of candies in thousands  K = Capital /Machine  L = Labor…

Q: Consider the following Cobb-Douglas production function: Y = 10L04K04. Suppose that the price of…

A: since you have asked a multipart question and according to our policy we can only solve the first 3…

Q: The short-run production function of a competitive firm is given by f(L)=6L2/3f(L)=6L2/3 where LL is…

A: Given:  Short run production function: f(L)=6L2/3 Cost of Labor = 6 price of output=3

Q: imagine your firm has total cost function C = 2q3 – q2 + 40q + 60. Suppose it operates with level of…

A: Total cost is the cost of producing the good for the firm. It includes the cost of all the inputs,…

Q: firm has the following production function: q = 8KL, where q is the weekly output, K is the number…

A: Firm's production function: q = 8KL K=10 machines Every machine rents for $50,000 per week and every…

Q: Suppose a firm’s production function is q= 2L+ 5K, the wage is w= 4, and the rental rate of capital…

A: Cost function is the total cost incurred to produce a good. It is the total sum of cost incurred on…

Q: Consider

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

Q: The production function of Amazon burgers, producers of delicious burgers is given as Q =6L -0.4L².…

A: The production function illustrates the relationship between the quantity of output produced to the…

Q: Suppose the short-run production function for a restaurant producing a pack of food is given by: Q =…

A: First create the profit function and then it must be differentiated and must be put equal to zero.

Q: Given a firm's cost function C=F(x) = ax +bx+ d: a. Find the firm's Average cost function (A(x) and…

A: C=F(x)=ax3+bx+d

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 the following short run cost function: TC = 4Q3 - 24Q² + 16Q + 100 Derive the expressions…

A: Total cost or expenses is the cost incurred by the producer in producing a certain level of output.…

Q: Suppose a firm's long-run average cost is increasing as the firm produces more output. Then the firm…

A: Long-run average total cost is a business metric that represents the average cost per unit of output…

Q: A factory that you are managing has an hourly production process that can be represented by the…

A: Cobb Douglas production function; Q=K0.25L0.25 Price of one unit of capital per hour; r= $10 Price…

Q: An increase in the firm's cost of a fixed input will in the long-run, cause the

A: An increase in the firm's cost of a fixed input will increase the fixed cost of firm. An increase in…

Q: Suppose a firm with a production function given by Q = K0.4L0.6 produces 100 units of output. The…

A: The production function is as follows:- Q = K0.4L0.6 Production to be done is 100 units. Thus,…

Q: The following table shows the relationship between workers and output for a small factory in the…

A: Marginal product of labor is the additional output produced, when there is an increase in 1 unit of…

Q: A short run production function of a competitive firm is given by Y=6L^(2/3) where Y represents the…

A: The production function is defined as the express the relationship between the productive factors…

Q: The table below shows ABC firm short-run production function.  The company hires workers at a wage…

A: “Since you have asked multiple questions, we will solve the first question for you."

Q: Q.1.16 The vertical distance between the average total cost curve and the average variable cost…

A: Note: As per the guidelines, we are supposed to answer only one question when multiple questions are…

Q: An economist estimated that the cost function of a single-product firm is:C(Q) = 100 + 20Q + 15Q2 +…

A: a. The fixed cost is the cost that remains the same at all levels of output. Thus, the fixed cost…

Q: An economist estimated that the cost function of a single-product firm is C(Q) = 100 + 20Q + 15 Q^2…

A: Given Data:Cost function, C(Q)=100+20Q+15Q2+10Q3

Q: Consider the following table illustrating the production function of gadgets. Furthermore, suppose…

A: Answer to the question is as follows :

Q: 20.3 (0) A firm uses labor and machines to produce output according to the production function f(L,…

A:

Q: Question 32 Consider a firm with production function f(L,K)=3L1/3K2/3. Assume that capital is fixed…

A: The production function is the technical relation between the inputs used and the output produced.…

Short-Run Costs and Long-Run Costs

Cost of short-run and the long-run is an economic term that describes the cost involved in the production of goods in a firm in the short as well as long period.