Answered: 250 = 10K0.5L0.5

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Assume that the operation has the cost function CIC) = 200 - 30 - 80- 40 and the marginal cost function MC (C) = 3- 160 - 120 Determine the following: Average fixed cost to product 6 units of output. Average variable cost to produce 6 untis of output. Marginal cost to produce 6 units of outout Average total cost to produce 6 units of output
Let a two-output cost function be given by
A firm's production function can be written as:Q = 5LKwhere Q represents output per day. The unit costs of inputs are $150 for labor (L) and$1,000 for capital (K). Determine the least cost combination of L and K when output isproduced at the rate of 1,000 tons per day. Determine the required outlay for 1,000 tons perday.
For the cost function C(Q) = 100 + 2Q + 3Q², the total variable cost of producing 2 units of output is Multiple Choice о 16. 10. 4. 12.
The production function for a product is given by q = 100KL. If the price of capital is $120 per day and the price of labor $30 per day, what is the minimum cost of producing 1000 units of output?
The marginal cost function is given as:- MC = 7Q2 - 80 The quantity is given as 6 units Calculate the marginal cost for the 6th unit
Minimize the cost function C=24L +6K of a manufacturing plant has a cobb douglas production function given by f(l,k)= l0.5 k0.5
Cost function C = 80q - 3q2 + q3 If MC function is 80-6q+3q2, At what output level the average cost is minimised? Show your working.
Consider the following multiple output cost function: C(Q1, Q₂) = 100+ 0.5Q₁Q2 + (Q₁)² + (Q₂)² Suppose Q₁ = Q₂ = 10 units. What is 100 in the above equation? a b FC C VC a Are there economies of scope when Q₁ Q₂ = 10 units? = AFC с Yes b No There are cost complementaries.
15) If the total cost of producing 20 units of output is USS1,000 and the average variable cost is USS35, what is the firm's average fixed cost at that level of output? A) USS50 B) US$15 C) USS65 D) It is impossible to determine without additional information.
Assume a firms production function depends on labour hours (L) only and is given by F(L) = 5L0.8 Assume the hourly wage is $40. Then, the cost of producing 50 units, rounded to the nearest integer, is: 711 1134 541 112 1000 801 854

Recommended textbooks for you

ENGR.ECONOMIC ANALYSIS

Economics

ISBN:

9780190931919

Author:

NEWNAN

Publisher:

Oxford University Press

Principles of Economics (12th Edition)

Economics

ISBN:

9780134078779

Author:

Karl E. Case, Ray C. Fair, Sharon E. Oster

Publisher:

PEARSON

Engineering Economy (17th Edition)

Economics

ISBN:

9780134870069

Author:

William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

Publisher:

PEARSON

ENGR.ECONOMIC ANALYSIS

Economics

ISBN:

9780190931919

Author:

NEWNAN

Publisher:

Oxford University Press

Principles of Economics (12th Edition)

Economics

ISBN:

9780134078779

Author:

Karl E. Case, Ray C. Fair, Sharon E. Oster

Publisher:

PEARSON

Engineering Economy (17th Edition)

Economics

ISBN:

9780134870069

Author:

William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

Publisher:

PEARSON

Principles of Economics (MindTap Course List)

Economics

ISBN:

9781305585126

Author:

N. Gregory Mankiw

Publisher:

Cengage Learning

Managerial Economics: A Problem Solving Approach

Economics

ISBN:

9781337106665

Author:

Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:

Cengage Learning

Managerial Economics & Business Strategy (Mcgraw-…

Economics

ISBN:

9781259290619

Author:

Michael Baye, Jeff Prince

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS