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If output q= 4(√L) then marginal product of L( the slope of the q function) is ........ and when L=9 it takes the specific value
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- Production function of a company is given by f(x;y)= root of x + root of y where x is labor and y is capital. Cost of labor is 2 currency units, while the cost of capital is 1 currency unit. What are the minimal cost to produce 10 units of the product? What is the change in the costs, if the production volume would increase by 50 %?please analyze the behavior of cost function and interpret the constant term in the expression of C(q)Why is a cost function a derived function
- What are the functions for MC and AC if TC = 100q + 100q2? Are the returns to scale increasing, decreasing, or constant?You are working to model your production function and you are interested in the equation of the line tangent to the production function at a specific level of production. You know that the equation of the tangent line will be first derivative of the production function. Given this information, Previously, a consultant had estimated that your production function could be estimated as f(x) = -1,000 + 26 hours - 0.2 hours^2 Given that you firm is planning to use 97 hours in the production process, what is the value of the equation of the tangent line at 97?The cost (C) of a apples in dollars can be represented by the function C(a)=0.27a, and the cost (P) in dollars of b bananas can be represented by the function P(b)=kb, where k is a constant. If C(10)+P(8)=$5.34, what is k ?
- 1/3 1/3 Farmer Joe's production function is f(x1, x2) = ", where xị is the number of pounds of lemons he uses and x2 is the number of hours he spends 1/21/2 2wi"wy3/2, where y is the squeezing them. His cost function is c(w1. w2, y) = number of units of lemonade produced. (a) If lemons cost $1 per pound, the wage rate is $1 per hour, and the price of lemonade is p, what is his marginal cost function?Draw the isoquant map, be precise for at least one isoquant line, carefully determine the gaps between each level of output (i.e. show at least 3 gaps). You must show your work. f(K,L) = K2L2Determine the combination of input factors K, L that minimizes the cost of producing Q.
- Q5 A firm makes beer and its cost function is C(q) = 4+q². Are there economies of scale?A production function is given by the following: F(L, K) = 5L2 + 4KiL %3D The production function exhibits: O Increasing returns to scale O Decreasing returns to scale O Constant returns to scale O Diminishing marginal product of laborE. A firm has the production function f(T1, 12) = 1750 , 50 What is the marginal rate of technical substitution (M RTS)? (a) MRTS =-1 2.5x, (b) MRTS = -x2/x1 (c) MRTS = -5x2/01 (d) MRTS =-0.5x2/21 (e) MRTS = -0.2x2/21 %3D %3D