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Consider a Leontief production function Q = Min (K/2, L/3). Price of K is 3 and price of L is 2. If the firm intends to produce 40 units, the cost minimizing K,L combination will be: a. (30,40) b. (20,30) c. (80,120) d. (120,80)
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- It costs a baker a fixed cost of $420 and variable cost of $2.10 per cupcake.A cupcake is sold for $4.90 each.(iii) Write an algebraic expression representing the cost C as a function of the number of cupcakes x that are produced.how do you know the total variable is 50 when finding the total fixed cost?Compute the MRTS for this production function: Y (K,L) = 2K+5L
- It costs a baker a fixed cost of $420 and variable cost of $2.10 per cupcake. A cupcake issold for $4.90 each.(i) Make a table showing the cost of producing 20,40,60,80 and 100 cupcakes.(ii) Make a table showing the revenue from selling 20,40,60,80 and 100 cupcakes.(iii) Write an algebraic expression representing the cost C as a function of the number ofcupcakes x that are produced.(iv) Write an algebraic expression representing the revenue R as a function of the number ofcupcakes x sold.Assume that it costs a company approximately C(x) = 400,000 + 160x + 0.002x2 dollars to manufacture x smartphones in an hour. (a) Find the marginal cost function. Use it to estimate how fast the cost is increasing when x = 10,000. $ per smartphone Compare this with the exact cost of producing the 10,001st smartphone. The cost is increasing at a rate of $ per smartphone. The exact cost of producing the 10,001st smartphone is $ Thus, there is a difference of $ (b) Find the average cost function C and the average cost to produce the first 10,000 smartphones. C(x) = C(10,000) = $ (c) Using your answers to parts (a) and (b), determine whether the average cost is rising or falling at a production level of 10,000 smartphones. The marginal cost from (a) is --Select--- v than the average cost from (b). This means that the average cost is ---Select--- v at a production level of 10,000 smartphones. Need Help? Watch ItIt costs a baker a fixed cost of $420 and variable cost of $2.10 per cupcake. A cupcake is sold for $4.90 each.(i) Make a table showing the cost of producing 20,40,60,80 and 100 cupcakes.(ii) Make a table showing the revenue from selling 20,40,60,80 and 100 cupcakes.(iii) Write an algebraic expression representing the cost C as a function of the number of cupcakes x that are produced.(iv) Write an algebraic expression representing the revenue R as a function of the number of cupcakes x sold.(v) Graph both functions on the same coordinate axes.(vi) From your graph find coordinatae at which cost equals revenue.(vii) Using your graph, determine how many cupcakes need to be made to produce revenue
- It costs a baker a fixed cost of $420 and variable cost of $2.10 per cupcake.A cupcake is sold for $4.90 each. (i) Make a table showing the cost of producing 20,40,60,80 and 100 cupcakes. (ii) Make a table showing the revenue from selling 20,40,60,80 and 100 cupcakes. (iii) Write an algebraic expression representing the cost C as a function of the number of cupcakes x that are produced. (iv) Write an algebraic expression representing the revenue R as a function of the number of cupcakes x sold. (v) Graph both functions on the same coordinate axes. (vi) From your graph find coordinatae at which cost equals revenue. (vii) Using your graph,determine how many cupcakes need to be made to produce revenue of at least $1,029.How much profit is made for this number of cupcakes? I would like for you guys to solve the last 3 parts of the question if possible. Thank you.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?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 %?
- Use the equations for the total cost C and total revenue R to find the number x of units a company must sell to break even. (Round to the nearest whole unit.) C = 8950x + 220,000, R = 9857xIt costs a baker a fixed cost of $420 and variable cost of $2.10 per cupcake. A cupcake issold for $4.90 each.(i) Make a table showing the total cost and the revenue obtained from producing 20,40,60,80 and 100 cupcakes.(ii) Write algebraic expressions representing the cost C and the revenue R as functions of the number of cupcakes X produced and number of cupcakes X sold respectively.(iii) Graph both functions on the same coordinate axes and from your graph determine the cordinate at which cost equals revenue.Q5 A firm makes beer and its cost function is C(q) = 4+q². Are there economies of scale?
