Suppose a firm’s production function is K^1/3  L^2/3 Mpk= L^2/3 / 3K^2/3  MpL=2K^1/3 /  3L^1/3 The rental rate of capital is $52, and the wage rate is $13. What is the cost minimizing capital to labor ratio?  How many units of capital and labor should the firm use to produce 1200 units of output  How much would it cost the firm to produce 1200 units?  What is the short run and long run total costs of decreasing output to 1000 units? Assuming relocation is costless, should the firm relocate to a new location where w=15, r=40?

Q: Suppose that we have a linear production function Q = 10L + 2K. (Quantity = labor + capital) If the…

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Q: A cob Douglas production function for a firm is given as Q=4L ½K½. The firm has also established…

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Q: Suppose a firm’s production function is given by q = 2KL + L  , where K is capital and L is labor.…

A: q = 2KL + L  K = 5 Average product of labor = Total product / Labor

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Q: The production function for a product is given by q= 10K^(1/2)L^(1/2) where K is capital, and L is…

A: The production is given as follows-

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A: Note: Since you have posted multiple independent questions in the same request, we will solve the…

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Q: Provide a graph and an explanation to show that the production function Q = L.5K.5 has diminishing…

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A: We have (x,y) = (10,000 , 5000)

Q: A firm has a short run production function: Q = 16L^(1/2) where q = units of output, L = units of…

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Q: Imagine that the production function for tuna cans is given by Q = 6K + 4L where, q = output of tuna…

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Q: With a production function of  if r = $4 and w = $4, how many units of capital and labor will be…

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A: The Equilibrium condition: MPL/W =MPK/r

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Q: When production function  q= 0.4 LK+ 3 L^2K- 0.07 L^3K and  K= 12 are given, find amount of labor at…

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Q: Consider the following production function: q = 100L0.8K0.4 Currently the wage rate (w) is $6.00 and…

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Q: Charlie's Umbrellas has a production function given by Q = L^0.5K^0.5. The wage (W) is $80 per day…

A: Q = L0.5K0.5 Wage (W) = $80 Rental per unit of capital (R) = $5

Q: The equation below is a production function,   Q = (200)L + (100)K – (0.2)L2 – (0.1)K2     , where…

A: Production function, Q = 200L + 100K – 0.2L2 – 0.1K2To find the marginal productivity of labor…

Q: The production function for a product is given by q = 10 K1/2L1/2 where K is capital, and L is labor…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: The production function for a product is given by q= 10K^(1/2)L^(1/2) where K is capital, and Lis…

A: The production is given as follows-

Q: You manage a store that mass-produces candies by teams of workers using assembly candy machines. The…

A: Q = 3KL  Where , Q = quantity produced of candies in thousands  K = Capital /Machine  L = Labor…

Q: Consider the following Cobb-Douglas production function: Y = 10L04K04. Suppose that the price of…

A: since you have asked a multipart question and according to our policy we can only solve the first 3…

Q: Consider the production function: Y=Z*F (K,L,A) where Y is output, z is technology, K is capital,…

A: Answer-

Q: Suppose the production function for widgets is given by: Q = KL - 0.8K² - 0.2L² where Q represents…

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Q: A firm uses two inputs, capital and labor, to produce output. Its production function exhibits a…

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Q: Consider the table below that describes the production function for a good (Q) in terms of inputs…

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Q: Suppose that you are given the following production function: Q=100K0.6L0.4 etermine the marginal…

A:

Q: The equation below is a production function,Q = (200)L + (100)K – (0.2)L2 – (0.1)K2     , where Q is…

A: Q = (200)L + (100)K – (0.2)L2 – (0.1)K2

Q: Consider the following production function: q = 100L0.8K0.4 Currently the wage rate (w) is $12.00…

A: Labor input is measured as either the number of workers employed or the number of hours they worked…

Q: Suppose a firm’s production function is given by q = 2KL + L  , where K is capital and L is labor.…

A: The average product of labor is nothing but the total product per unit of labor.  APL = TP / L

Q: ( Relationship Between Marginal Cost and Average Cost ) Assume that labor and capital are the only…

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Q: If the production function of a firm is given by Q=K2L3 and  the input prices are r = Birr 8 per…

A: Given:  Production function: Q = K2L3 r = 8 per unit  w = 2 per unit  Total Output = 240

Q: A firm can manufacture a product according to the production function Q = F(K, L) = K0.>L0.5. (a)…

A: Q = F(K,L) = K0.5L0.5 K¯ = 36 L ¯ = 16

Q: Imagine that the production function for tuna cans is given by q = 6K + 4L where q = Output of…

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Q: Does the MRTS of the production functions Q=L,K decrease? In this case, does the marginal product of…

A: Answer -

Q: Production Function. Consider the Cobb-Douglas production function discussed in class: F(K, L) =…

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Q: You are given the production function: Q(K,L)=10KαLβ What is the average product of labour, holding…

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Q: Consider the following production function when K is fixed. (This is a description of the figure: it…

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Q: Consider a short run production function q=5L+K, using L units of labour and K units of capital.…

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Q: WickCo makes decorative candles, and its production function is given as Q = K + L, where K is the…

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Q: Given the production function Q(K,L) = 96K^0.3L^0.7, find the MPK (i.e. Marginal Product of Capital)…

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Isocost and Isoprofit Curve Analysis

An isocost curve in the production theory that is a crucial part of economics depicts different combinations of factor inputs at a given market cost. In other words, this shows all the combinations of production factors that cost the same for the firm to employ. Usually, this can be depicted as a downward sloping straight line when the firms act as the price-takers in the factor markets. The slope of this mainly depicts the relative prices of different production factors.