A company manufactures two products, X and Y, and the joint-cost function of these products is given by c=x+4y where c is the total cost of producing v units of X and y units of Y Determine the marginal cost with respect to y when x=36 and y=16

Q: What is the difference between average product of labor and marginal product of labor? (b) Explain…

A: Average Product of Labor is calculated by dividing the total output produced by the firm with the…

Q: Explain in words why the Law of Diminishing Marginal Returns implies that there are increasing…

A: Law of diminishing marginal returns states that, as the production is continuous using factor of…

Q: None

A: The production function is given by: Q = a * K^0.6 * L^0.4We know the costs for capital (K) and…

Q: The marginal-cost (MC) curve and the average-variable-cost (AVC) curve are same images of the…

A: MC is the cost which is associated with the MP and the cost which is associated with the AP is the…

Q: that the dollar cost of producing X appliances is c(x) = 1000+70x-0.1x². ■ Find the average cost per…

A: Total cost is the cost incurred by the firm on the production of final goods and services. The total…

Q: If you have the data of Total cost (TC)= 15, 25, 30, 40, 55, 75, 100 against units of output (Q) =…

A: Marginal cost is the cost which incurred by producer when they produce one or more additional unit .…

Q: A firm has the following production fundion: q =min{K, 10L). where q denotes output, K denotes…

A: Part (a): q = min {K,10L} q = K = 10L Therefore equation 1 is K =q and equation 2 is q/10 =L  Total…

Q: For a production function at a given level of output in the short run, the marginal product of labor…

A: Marginal product of labor refers to the extra unit of output produced when an additional unit of…

Q: Question 4 Consider the production function Y = ƒ (L) = e¹¹ (L² − 8) where Y = units of output, L =…

A: Marginal product refers to the additional output produced when one additional unit of input…

Q: A firm's production function is q = 2K0.5 +5L 0.5 This production function exhibits decreasing Both…

A: The production function in economics is a task that relates the output a firm can produce to…

Q: Firm "Happy Capitalist" has following production function: f(K, L) = 2*k0.2L0.8. Furthermore, it is…

A: Production function is given byCapitalist wants to maintain output level of 250. Hence rewrite the…

Q: H(E) = aE – bE?, with a, b representing positive constants and E is fishing effort. Total cost is…

A: For a set of preset factor prices, the cost function finds the lowest cost of producing a specific…

Q: If a firm is using optimal input proportions, it is minimizing its costs

A: A firm determines optimal input proportions by equating the slope of the isocost line with the slope…

Q: 7. Given the Average Coat function: AC = x2 + 2y² - 2y- 6x + 207 – 2x %3D 7.1 Find the quantities of…

A: In a market, an optmial level of output, at which average cost is minimized, is the one at which…

Q: A firm can manufacture a product according to the production function Q = F(K, L) = KO.50LO.50. (a)…

A: The production function refers to the functional relationship between the given input and the…

Q: The total cost of producing 3 products is given by:   TC=2A+3B+4C+2ABC   1. Is the total cost…

A: The total cost (TC) function is a mathematical depiction of the total cost incurred by a firm to…

Q: a) Explain what is meant by the terms marginal cost and decreased cost in production theory, and…

A: Disclaimer :: as you posted multiple questions we are supposed to solve the first one only. Cost is…

Q: at the production function of a chip manufacturer is Q-KL-L'. K-200, then 1,245 -10,000

A: Marginal productivity of labor shows the change in output due to employment of an additional unit of…

Q: Farmer Joe’s production function is f(x1, x2) = x 1/3 1 x 1/3 2 , where x1 is the number of pounds…

A: Given; Farmer Joe’s production function; f(x1, x2) = x11/3x21/3 where; x1 is the number of pounds of…

Q: (v) Find the ratio of the marginal productivities of two inputs, at L =2 and K= 3 when the…

A: Q = 8LK - L2 -K2  MPk= ∆Q / ∆K = 8L - 2K  MPl= ∆Q / ∆L = 8K - 2L

Q: 1.  It costs $25,000 to build 30 refrigerators. It costs $30,000 to build 40 refrigerators.…

A: Cost: It is the value of goods and services in terms of money.

Q: Consider the input output table below Table (Inter) final Total (Agric) (Manuf) (Mining)demand…

A: Given information

Q: If c=3q-3q2+q3is a cost function, when is marginal cost decreasing?

A:

Q: The number of units that minimizes the average cost is

A: The average cost is the cost computed by diving the total cost of production by the total quantity.

Q: Introduction to Calculus in Economics: Calculus is a powerful tool used in economics. One of the…

A: The Average Cost is the per unit cost of production acquired by separating the total cost (TC) by…

Q: A farmer can produce f(x,y) = 208-√4x² + y² units of produce by utilizing x units of labor and y…

A: To calculate the marginal productivity of labor at a specific point, we can take the partial…

Q: Suppose that a firm's production function is: 112 95 Its marginal product functions are: 84 MP =…

A: Production function is the maximum set of output(s) that can be produced with a given set of inputs.…

Q: QUESTION 12: Let the production function be as follows Q = K2/3L¹/3 Find the cost-minimizing level…

A: Cost minimization problem of the producer: For the given output level of the firm and per unit cost…

Q: The production function is f (L, M ) = 5L1/2M 1/2, where L is the number of units of labor and M…

A: The production function is given as L is the number of labor units.M is the number of machines. The…

Q: The cost, in dollars, of producing z units of a certain item is given by C (z) = 5z – 8V 3. %3D Find…

A: Cost function  C(x) = 5x-8x-3       .......... (1) We have to find a production level that minimizes…

Q: Joe quits his computer programming job, where he was earning a salary of $70,000 per year, to start…

A: Cost(C) refers to the total monetary value of resources used to produce a good or service.Explicit…

Q: Ten-year old Sarah is starting a lemonade stand, she uses baskets of lemons (L) and other…

A: Introduction We have given a production function of Sarah. She produces a basket of lemons and units…