X2^(1/4). The prices of the inputs wland w2. 1.Find the firm's demand for inputs (as a functi of output and the input prices) | 2. Find the cost function of the firm.
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- Consider a beekeeper. The beekeeper has the following production function where the input is the number of hives and the output is quantity of honey produced. Beehives 1 2 3 4 5 6 7 8 9 10 11 Honey 12 23 33 42 50 57 66 71 75 78 80 The cost of installing a beehive is $100 and the price of a unit of honey (whatever that is...) is $20. Also each beehive increases the output of apples at a nearby apple orchard by $40. What if we wanted to subsidize honey instead? How much should that subsidy be per unit? (Round to one decimal place.)Consider a beekeeper. The beekeeper has the following production function where the input is the number of hives and the output is quantity of honey produced. Beehives 1 2 3 4 5 6 7 8 9 10 11 Honey 12 23 33 42 50 57 66 71 75 78 80 The cost of installing a beehive is $100 and the price of a unit of honey (whatever that is...) is $20. Also each beehive increases the output of apples at a nearby apple orchard by $40. QUESTION 1,2,3 have already been answer I only need the explaination and answer for question 4 and 5 1. What is the efficient number of beehives? 2. If there are barriers to negotiation between the beekeeper and the orchardist, how many will the beekeeper install? 3. What if the same…1. A firm’s production function is , where Ldenotes the size of the workforce. Find the value of MPLin the case when: (a) L=1, (b) L=10, (c) L=100, (d) L=1000 Does the law of diminishing marginal productivity apply to this particular function? 2. Show that the price elasticity of demand is constant for demand functions of the form where A and n are positive constants. 3. The demand and total cost functions of a good arerespectively and a) Find expressions for TR, (profit) , MR, and MC in terms of Q. b) Solve the equation and hence determine the value of Q which maximizes profit. c) Verify that, at the point of maximum profit, MR=MC. 4. The cost of building an office complex, x floors high, in a prime location in Accra is made up of three components: (a) GH¢10 million for the land (b) GH¢1/4 million per floor (c) Specialized costs of GH¢10000x per floor. How many floors should the office complex contain if the average cost per floor is to be minimized? 5. The supply…
- A firm has production function f(X1,X2)=X1^(1/4) X2^(1/4). The prices of the inputs wland w2.` 1.Find the firm's demand for inputs (as a function of output and the input prices) 2. Find the cost function of the firm. 3. For w1= 1 and w2= 1, find the firm's supply function.IV. Will can produce a higher grade, Gw, on an upcoming economic exam by studying. His production function depends on the number of hours he studies marginal analysis problems, A, and the number of hours he studies supply and demand problems, R. Specifically, Gw = 2.5A0.36R 0.64. His roommate David's grade production function is G) = 2.5A0.25R0.75 a. What is Will's marginal productivity from studying supply and demand problems? What is David's? b. What is Will's marginal rate of technical substitution between studying the two types of problems? What is David's?A firm has a linear demand function for its product. When the price of the product isSh.220, the quantity demanded is 40 units. When the price increases to Sh.240, thequantity demanded becomes 30 units. In addition, the firm’s marginal cost function isgiven by:MC = 40q – 2q2 + 2Fixed cost = Sh.5 millionWhere q = quantity demanded, MC = marginal cost (Sh. million)Evaluate the level of output that maximizes profits.
- 13) You begin to work at a factory that produces Aguardiente (Firewater, a type of alcoholic beverage), the function of production its represented by the technology: Q(L, K, Z) = L³K+zł Where with offers of input perfectly elastic A) Salary w is the price of labor L. B) Interest r is the price of capital K. C) Rent q is the price of drinkable alcohol Z. Calculate The function of demand for each input The function of offer for the Firewater The function of total costs for the Firewater The maximum benefit.PRICE (Dollars per tracker) 30 80 70 60 ATC 20 AVC MC 10 0 0 10 20 30 40 50 60 70 80 90 100 QUANTITY (Thousands of trackers per day) In the short run, given a market price equal to $45 per tracker, the firm should produce a daily quantity of trackers. On the preceding graph, use the blue rectangle (circle symbols) to fill in the area that represents profit or loss of the firm given the market price of $45 and the quantity of production from your previous answer. Note: In the following question, enter a positive number regardless of whether the firm earns a profit or incurs a loss. The rectangular area represents a short-run of $ thousand per day for the firm.13) You begin to work at a factory that produces Aguardiente (Firewater, a type of alcoholic beverage), the function of production its represented by the technology: Q(L, K, Z) = L³ K+z! Where with offers of input perfectly elastic A) Salary w is the price of labor L. B) Interest r is the price of capital K. C) Rent q is the price of drinkable alcohol Z. Calculate The function of demand for each input The function of offer for the Firewater The function of total costs for the Firewater The maximum benefit.
- b Now suppose Q = 2L +3K. Let the market price of L be w = 5 and the price of K be r = 4. Let both L and K can vary with production. Compute the input demand functions as a function of Q. (4 Points) c Calculate the marginal cost and average cost of the above function in subpart (b). Show them graphically. At what prices of textile will the producer shut down production. (3 Points) d Now suppose Q = 10LK. The market prices of inputs are as in subpart (b) above. Compute the input demand functions as a function of Q. Find the optimal production when the price of textile is $10 per yarn. (5 Points)1. Suppose that the production function for a firm is given by the CES function q = f (z1, z2) = (z + z)/Y. Where z1 and z2 are the two inputs used by the firm. The inputs prices are respectively wi and w2 a. Set up the cost minimizing problem of the firm and derive the first order conditions for cost minimization b. Derive the conditional inputs demand functions for inputs 1 and 2 c. Derive the associated cost function for the firmTom Petersen is considering renovating bar stools at Dreamland. The productionfunction for new bar stools is given byq= 0.5L0.5where q is the number of stools produced during the renovation week and l represents thea number of worker hours employed during the period. The firm is a price taker for both bar stools(which sell for P) and workers (which can be hired at a wage rate of w per hour).a. What is the cost function for this firm C(w,q)?b. What is the supply function for bar stools q(P,w)?c. What is the profit function for this firm (P,w)?d. What is the firm’s demand function for labor function L(P,w)?
