A firm currently uses 40 units of labor (L) and 20 units of capital (K) to produce 400 units of output. Input prices equal $30 for labor and $60 for capital, while the marginal products are 6 for labor and 3 for capital. To minimize the cost of producing its current level of output, should the firm use more L and less K, more K and less L, or leave its input combination unchanged? Explain your answer.

Suppose pigs (P) can be fed corn-based feed (C) or soybean-based feed (S) such that the production function is P = 20 + 55. If the price of corn feed is $4 and the price of soybean feed is $5, what is the costminimizing feed combination producing P = 200?

Table: Production Function for Soybeans Quantity of labor (workers) Quantity of soybeans (bushels) 1 25 45 3 60 4 70 75 Look at the table Production Function for Soybeans. Assume that the fixed input, capital, is 10 acres of land and a tractor, which have a combined cost of $150 per day. The cost of labor is $100 per worker per day. The total cost of producing 70 bushels of soybeans is: None of these options is correct. $1,024. $550. $250. $400.

X and X2 are the two factors used in production A firm's production function: fcx₁, x₂) = max {x₁, X₂} the price of X, is W₁=8, and the price of X₂ is W₂=10 The firm paproduce 100 total units of output, what is the total cost?

Consider the following production functions• F(L,K) = LK^3 For each for these production functions: (a) Draw the corresponding graph (b) Calculate the marginal product of labor and capital (c) Discuss if each marginal product is diminishing, constant or increasing (d) Calculate the marginal rate of technical substitution (e) Calculate if the function exhibits constant, increasing, or diminishing returns to scale*Just solve d and e

Please see the attached photo, and Only solve part d, e, and f

. A firm has the production function X = LK (X = output, L = labour, K = capital); labour and capital prices are Ksh. 8 and Ksh. 10 per unit; and it desires to produce 32 units of output. What is the least cost combination of labour and capital? Consider the production function, Q = 86 L0.61 K0.39

Consider the following Cobb-Douglas production function: Y = 10L04K04. Suppose that the price of labor is w = 20 and the price of capital if r = 40. a- Derive the total cost curve for this production function. b- Derive the marginal cost curve for this production function. c- Plot the marginal and total cost curves for q = 1,2,3,4,5. What does it tell you about economies of scale for the production function? d- Suppose that the wage rate went up from 20 to 30. What would happen to the total wage bill relative to total costs, wL ;? What would happen to total costs? wL+rk*

A firm produces output according to a production function:Q = F(K,L) = min {6K,2L}.a. How much output is produced when K = 2 and L = 3?unit(s)b. If the wage rate is $45 per hour and the rental rate on capital is $25 per hour, what is the cost-minimizing input mix for producing 6 units of output?Capital:  Labor:  c. How does your answer to part b change if the wage rate decreases to $25 per hour but the rental rate on capital remains at $25 per hour? Capital decreases and labor increases. Capital and labor increase. It does not change. Capital increases and labor decreases.       Only typed answer

Please no written by hand The estimated production function is Q = 12K ½ L1/4 The firm pays workers (L) and rents boats (K) in order to produce fish. Currently, the company has no fixed inputs and pays $12 per hour for labour (w) and $16 per hour for capital (r). The quantity of fish produced per day (Q) is 153. A. Derive the conditional input demand functions for labour (L) and capital (K) for IFC. B. What is cost-minimizing amount of labour and capital that IFC should hire and rent? C. Determine the minimum cost of producing 153 units of output? D. Use the isocost and isoquant to illustrate the optimal choice of this firm.