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- 3. The production function for diapers is: q = 6L12 K2 Where q is the number of diapers produced, L is labor hours, and K is machine hours. Assume that the firm can use part of an hour of capital and part of an hour of labor. а) If the diaper firm wants to produce q = 60, what combination of L and K would it use if the rental rate of capital= Pg = $4/hour and the wage rate of labor = P, = $2/hour? 2 b) If the diaper firm continues to produce q = 60, what combination of L and K would the firm use if Pg stayed the same, but P, increased to $4/hour? If P, = $4 and P = $4, how much K and L would the diaper firm use to produce 36 diapers? 30 diapers? d) Using your answers to (b) and (c) graph the long-run average cost curve for the firm.Assume that tighter immigration laws cause a reduction in the supply of agriculturalworkers and this leads to higher wages in the sector. Dean’s Fruity Produce Ltd, afarm in Leicestershire, uses two inputs to harvest its output – machines (capital) andagricultural workers. Dean, the managing director of the company, has employedKarishma (a brilliant statistician) and she has estimated that the business’s long-runwage elasticity of labour demand is -1.7. Using isoquant/isocost analysis, explain the possible impact of the higher wages on the output level, total cost of production and input-factor mix of this business in boththe short and long-run and how would your answer change if Karishma had estimated that the long-run wageelasticity of labour demand was -0.4? (1000 words)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…
- Given the input-output matrix below, find the output matrix if final demand changes to 500 for water, 180 for electric power, and 800 for agriculture. Industry Electric Power Industry: Water Electric Power Agriculture Other Water 200 100 300 400 The output matrix is X= (Round to two decimal places as needed.) 480 120 240 360 Agriculture Final Demand 180 240 120 60 290 140 6001a) Consider the production function Q = 0 + 6L + 5L2 - .2L3. The range of labor covering Stage II of production is ____ to ____. You can use Excel spreadsheet or otherwise to answer this question. b) A firm’s production function is Q = 600*L -1.0*L2. The firm is currently employing 83 units of labor. What is the elasticity of production? You can use a excel spreadsheet or otherwise to answer this question c) A firm’s LRTC = 600Q - .5Q2 + .001Q3. At what level of output does the firm experience minimum efficient scale? Use either Excel Spreadsheet, Excel Solver or Otherwise13) 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.
- 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.(a) There are three identical producers in the market, the supply of each firm is q=p² when p>3. If one producer drop out of the market for no reason. Claim: the market supply is less elastic responding to price change. (b) -) Claim: if the isoquants of a production function are all straight lines, it is still possible that it has increasing returns to scale. Nan's supply of microeconomic questions can be written as q=1000. Claim: Nan's supply of microeconomic questions is not too sensetive to the change of price, because the price elasitic of the supply is infinitely high.Remembering the learning activity in Unit 3, the Gondwanaland chairman of production reported that the gosum berry growers could meet a demand of 700 barrels of gosum berries per month at a price of $70 per barrel. Then the growers were plagued with a gosum berry bug infestation that reduced output, causing production to fall to only 600 barrels. This resulted in a price increase to $84 per barrel. The following table shows the chairman’s report: Month Monthly barrels of gosum berries demanded Price per barrel June 700 $70 July 600 $84 Using the midpoint method, show your work and calculate the price elasticity of demand for Gondwanaland gosum berries. Explain what this price elasticity of demand means? Complete the table below by calculating what the monthly total revenue is for June, what the monthly total revenue is for July, and the change in total monthly revenue for these two months. How have these numbers changed? (Enter your response…
- K- Suppose the revenue from producing (and selling) x units of a product is given by R(x)=7x-.01x² dollars. (a) Find the marginal revenue at a production level of 35. (b) Find the production levels where the revenue is $600. (a) The marginal revenue at a production level of 35 is dollars per unit. (b) The production levels where the revenue is $600 are (Use a comma to separate answers as needed.)(a) If lemons cost $1 per pound, the wage rate is $1 per hour, and theprice of lemonade is p, what is his marginal cost function? (b) What is his supply function? (c) If lemons cost $4 per pound, the wage rate is $9 per hour, and theprice of lemonade is p, explain in detail how these changes would affect theoriginal supply function in part (b)? ONLY ANSWER PART B AND C.2/3- 1/3 Q1. Consider the production function Q = 9LK" a. What is the level of output when L 1000 and K = 216 b. Use marginal analysis to estimate Q(1000,216) and Q(1000,217.5) c. Compute.these two values of Q to three decimal places and compare these values with your estimate in (b) above. d. The demand funetjon Q = K,P,""P;"1" is ealled a constant clasficity demand function. Compute the three clasticities (Own price, Cross Price and Income) and show that they are all constant. %3D a12,b1