A firm produces output according to a production function: Q= RK,L) = min {6K,2L). a. How much output is produced when K=2 and L= 3? |unit(s) b. If the wage rate is $30 per hour and the rental rate on capital is $10 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 $10 per hour but the rental rate on capital remains at $10 per hour? Capital decreases and labor increases. O It does not change. O Capital increases and labor decreases. O Capital and labor increase.

Grease Tech produces oil changes. The production of oil changes reles on both capital (K) and labor (L) and is combined in the following production function F (K, L) = KILL Take the derivative of this production function with respect to capital. What is the marginal product of capital evaluated at (le. just plug in the numbers) 64 units of capital used and 16 units of labor?

A production function is given by the following equation, where y is output, and x is input. Iny = 0.25 +0.4x When x is 5, what is y?

Could you please help me with this question? Thank you!

Consider the production function: Y = z.f(K,N,L) where Y is output, z is a parameter capturing technology, K is capital, N is labour and L is the area of land.

Hannah and Sam run Moretown Makeovers, a home remodeling business. The number of square feet they can remodel in a week is described by the Cobb-Douglas production function             Q=F(L,K)              Q=10L^0.25 K^0.25             where L is their number of workers and K is units of capital. The wage rate is $500 per week and a unit of capital costs $500 per week. Suppose that when initially producing 10 square feet a week, they use 1 unit of capital.a. What is their short-run cost of remodeling 80 square feet per week?    Instructions: Round your answer to the nearest whole number.    $ b. What is their short-run average cost of remodeling 80 square feet per week?    Instructions: Round your answer to the nearest whole number.    $ c. What is their long-run cost of remodeling 80 square feet per week?    Instructions: Round your answer to the nearest whole number.    $ d. What is their long-run average cost of remodeling 80 square feet per week?    Instructions: Round your answer…

answer question d Q5. Jason is running a cleaning business, there are available labours (L) and machines (M) for Jason to use as inputs to produce cleaning service for his clients. a) Suppose Jason must use both labours and machines without any specific ratio to complete the service for his clients, please write down the general production function formula for Jason. hint: you could use any letter if you want] b) Under the function form of a), assume Jason's Marginal Rate of Technical Substitution (MRTSL, M) equals to 2, how do you interpret it? c) Assume Jason now can use only single input, either labour or machine to complete the service, please write down the general production function formula for Jason. hint: you could use any letter if you want] d) Under the function form of c), assume Jason's Marginal Rate of Technical Substitution (MRTSL, M) is always larger than the market price ratio between labour and machine (w/r), what should Jason do? why?

30. The production function is f(L, M) = 4L1/2 M¹2, where L is the number of units of labor and M is the number of machines used. If the cost of labor is $49 per unit and the cost of machines is $16 per unit, then what is the total cost of producing 5 units of output?