Whoville Marble Works (WMW) produces Bespoke Marble Kits (BMKs) for discerning marble connoisseurs. To produce their BMKS, WMW uses raw materials, labor and energy, and their production function is given by q=2070.410.25 m 0.35, where
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- What is the difference between a fixed input and a variable input?Assume that Donnell Corp. is currently producing 500 units of output per period, using 25 units of labor and 20 units of capital. Values for the marginal product of each input and the prices of the inputs are as follows: MPK = 100, MPL = 200, w = 2, and r = 3. Given the information above, which of the following is true? a. The firm is currently using the optimal levels of capital and labor. b. The firm should increase labor and reduce capital usage. c. The firm is not using the optimal levels of capital and labor, and it is impossible to determine the optimal levels from the given information.The production function for a firm is: q=-0.6L3+18L2K+10L where q is the amount of output, L is the number of labor hours per week, and K is the amount of capital. The wage is w = $100 and the rental rate is r = $800 per time period. a Using Excel, calculate the total short-run output, q(L), for L = 0, 1, 2, …, 20, given that capital is fixed in the short run and K = 1. Also calculate the average product of labor; APL, and the marginal product of labor, MPL. b For each quantity of labor in (a), calculate the variable cost, VC; the total cost, C; the average variable cost, AVC; the average cost , AC; and the marginal cost, MC. Using excel, draw the AVC, AC, and MC curves in a diagram. Hint: you will not be able to solve the total product curve for L as a function of output. So, instead construct a table, See the headings. Use this definition ΔTC/Δq…
- Lobo Lighting Corporation currently employs 100 unskilled laborers, 80 factory technicians, 30 skilled machinists, and 40 skilled electricians. Lobo feels that the marginal product of the last unskilled laborer is 400 lights per week, the marginal product of the last factory technician is 450 lights per week, the marginal product of the last skilled machinist is 550 lights per week, and the marginal product of the last skilled electrician is 600 lights per week. Unskilled laborers earn $400 per week, factory technicians earn $500 per week, machinists earn $700 per week, and electricians earn $750 per week. Is Lobo using the lowest cost combination of workers to produce its targeted output? If not, what recommendations can you make to assist the company?I am having trouble finding out the formulas to complete this question: The production function for a firm is q = -0.6L3 + 18L2K + 10L where q is the amount of output, L is the number of labor hours per week, and K the amount of capital. The wage is $100 and the rental rate is $800 per timeperiod. Using Excel, calculate the total short-run output, q(L), for L = 0, 1, 2, …, 20, given that capital is fixed in the short run and K = 1. Also calculate the average product of labor; APL, and the marginal product of labor, MPL. For each quantity of labor in (a), calculate the variable cost, VC; the total cost, C; the average variable cost, AVC; the average cost , AC; and the marginal cost, MC. Using excel, draw the AVC, AC, and MC curves in a diagram. You will not be able to solve the total product curve for L as a function of output. So, instead construct a table. Headings: L q(L) APL MPL VC TC AVC AC MC w/APL w/MPLA firm engaged in the manufacture of RTWS faces the short-run production function Q = 250L - 5L², where L is the number of units of labor and Q is the number of RTWs produced annually. d.) How many RTWS can be produced by the firm in a year if there are 10 units of labor? e.) Compute the marginal product of the 40th unit of labor. f.) How many RTWs can be produced by the firm in a year if there are 40 units of labor? g.) Sketch the graph of the production function.
- The production function for a firm is ?=−0.6?^3+18?^2 ?+10Lwhere q is the amount of output, L is the number of labor hours per week, and K is the amount of capital. The wage is w = $100 and the rental rate is r = $800 per time period. a. Using Excel, calculate the total short-run output, q(L), for L = 0, 1, 2, …, 20, given that capital is fixed in the short run and K = 1. Also calculate the average product of labor; APL, and the marginal product of labor, MPL. ???=−1.8?^2+36?+10 b. For each quantity of labor in (a), calculate the variable cost, VC; the total cost, C; the average variable cost, AVC; the average cost, AC; and the marginal cost, MC. Using excel, draw the AVC, AC, and MC curves in a diagram.The production function for a firm isq=−0.6L^3+18L^2 K+10Lwhere q is the amount of output, L is the number of labor hours per week, and K is the amount of capital. The wage is w = $100 and the rental rate is r = $800 per time period.a. Using Excel, calculate the total short-run output, q(L), for L = 0, 1, 2, …, 20, given that capital is fixed in the short run and K = 1. Also calculate the average product of labor; APL, and the marginal product of labor, MPL.MPL=−1.8L^2+36L+10 b. For each quantity of labor in (a), calculate the variable cost, VC; the total cost, C; the average variable cost, AVC; the average cost, AC; and the marginal cost, MC. Using excel, draw the AVC, AC, and MC curves in a diagram.A firm employs 100 workers at a wage rate of €10 per hour, and 50 units of capital at a rate of €20 per hour. The firm is currently operating at a point on its isoquant curve. At this point, the marginal product of labour is 30, and the marginal product of capital is 50. Which of the following statements is correct? A. The firm is producing its current output level at the minimum cost. B. The firm could reduce the cost of producing its current output level by employing more capital and less labour. C. The firm could reduce the cost of producing its current output level by employing more labour and less capital. D. The firm could reduce the cost of producing its current output level by employing less capital and less labour. E. Both C and D are true.