Consider a firm with production function f(L,K)=3L1/3K2/3. Assume that capital is fixed at K=1. Assume also that the price of capital r=5 and the price of labor w=3. Then, the variable cost of producing q units is? VC(q)=q2/9. VC(q)=q3/9. VC(q)=q3. VC(q)=q2/3. VC(q)=q3/3.

Q: machines (K). The quantity of products produced in a month is given by the function Q = 3KL. Each…

A: Q = 3KL Fixed Cost = 15,000 Variable Cost = 5000

Q: A firm's short-run production function is Q= 7L - 0.01L³.1. The cost per unit of labour is $5 and…

A: The production function in a market economy displays the causal relationship between supply (such as…

Q: A firm faces a production function given by q = √kl where q is the output, k is the firm's amount of…

A: The total cost of production is the simple aggregate of the fixed cost and variable costs, in the…

Q: A firm faces a production function of twittle-twaps: Q(K,Lp,Ln) = 5*K(2/5)*LP (1/3)*LN(1/5) per…

A: The production function is the mathematical relationship between the output produced and the inputs…

Q: A production function is given by f(x1,x2)=(max(x1,x2))^0.5. Prices of inputs are p1=10 and p2=20.…

A: Price of inputs for X1 and X2  are 10 and 20 respectively. Firm want to produce Q=10 units.

Q: Consider a firm with production function F(K, L)=3L+8K. Assume that capital is fixed at K=12. Assume…

A: answer to the question is as follows :

Q: A firm's production function is given by Q=K²L. The wage rate is w=$10 and the rental rate of…

A: Detailed explanation: (1).Given, Production function = Q = K2Lwe need to produce Q = 27,000 units of…

Q: Coca cola uses labour(L) and capital (k) in its  production process.  It estimates that the…

A: Q= K0.5 L0.5  The selling price of a bottle of coke = GH4 Cost of machine (capital) = GH3 Cost of…

Q: Suppose that instead the production function now is F (L, K) = 0.2L + 0.7K. The wage rate (price…

A: Isoquant could be a curve that illustrates all the potential mixtures of 2 parts that make a given…

Q: As a production process requires labor L and capital K, q = F (L, K). The wage for a labor is $500,…

A: The optimal level of labor and capital is given by the point where the marginal rate of technical…

Q: The long-rung production function of a competitive firm is f(L,K)= L¹/³K¹/2, where L is the amount…

A:

Q: A firm has the following production function: q = KL, where q is output, K is capital and L is…

A: A firm has production function: q = KL,  The price of a unit of capital is $1,000  The price of a…

Q: Firm B's production function is F(K, L) = 10K + 12L. Input prices are r = 60 and w = 40. What is B's…

A: The production function represents the relationship between output and input.

Q: Identify the false statement. a) As output increases the difference between a firm's average total…

A: Production is an important term in microeconomics because it involves the conversion of inputs into…

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: Suppose that a firm has production function F(L, K) = L2/3 K1/3 for producing widgets, the wage rate…

A: The production function is a concept in economics that describes the relationship between inputs…

Q: a firm has the production function Q=min{2L,K}, find the cost function in the long run if wage is $2…

A: The provided production function is: Q=min{2L,K}

Q: Suppose the production function for a competitive firm is y=f(x1,x2)= x1 1/4 x2 1/4 . The cost per…

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

Q: 1) The Cobb-Douglas production function is y = 2 with a > 0 and 3 > 0. Show that MP₁ = ay/=₁, MP₂=…

A: Introduction In cobb Douglas production function there are two input: z1 and z2 or we can say that…

Q: Let a firm use labor (L) and capital (K) as its only inputs to produce an output, Q. The cost of…

A: 1.Isocost Line: An isocost line represents all possible combinations of labor and capital that a…

Q: Consider a market with Qd= 50 - P and Q = 4P What is the consumer surplus in this market? 500 800…

A: SummaryFor the consumer surplus:The answer is 800.For the labor-capital combination:The answer is…

Q: Given production function Q-K.SLO.S. Let P₁=1, Pg 2.25,and K-4 in the short term. Questions: (1)…

A: The production function represents the relationship between output and inputs. In the short run, in…

Q: Exercise 21.1 A firm has weekly production function q(k, 1) = k/471/2, and the unit weekly costs for…

A:

Q: c. Given the wage of production workers and the price of twittle-twaps, what is the optimal number…

A: The production function shows the connection between inputs such as land, labor capital, and…

Q: = 2L + K. The wage for a Suppose that a firm has the following production function: q worker is w =…

A: The following problem of minimization of cost is solved as follows:

Q: Suppose that a firm's production function is given by Q = 2KL, where Q is quantity of output, K is…

A: Marginal product is the change in total product due to an additional input used. Marginal product of…

Q: Consider the following production function: Q = (1-x-1)yk. Assume we are dealing with the short run,…

A: A production function is a concept used in economics to describe the relationship between inputs…

Q: Miguel and Jake run a paper company. Each week they need to produce 1,000 reams of paper to ship to…

A: Cost is minimized at the point where ratio of marginal product of inputs is equal to price ratio of…

Q: Consider a firm with production function F(K, L)=3L+8K. Assume that capital is fixed at K=12. Assume…

A: The answer to the questions is as given below :

Q: Suppose the production function is q = 18L0.55K0.75. Determine the long-run capital-to-labor ratio…

A: Cost is minimized at a level where slope of marginal products is equal to slope of price ratio of…

Q: A firm has the production function X = LK (X = output, L = labour, K = capital); labour and  capital…

A: Production is a critical component of economics as it adds value to the economy by putting labor to…

Q: firm has the following production function: q = 8KL, where q is the weekly output, K is the number…

A: Firm's production function: q = 8KL K=10 machines Every machine rents for $50,000 per week and every…

Q: Assume the following production function: q = √k + √l a) Determine the cost function and the…

A: Cost is minimized when MPL / MPK = w/r MPL = ∂q/∂l = (1/2) / (l1/2) MPK = ∂q/∂k = (1/2) / (k1/2)…

Q: Catalina Films produces video shorts using digital editing equipment (K) and editors (L). The firm…

A: Disclaimer:- as you posted multipart questions we are supposed to solve only the first 3 questions.…

Q: A company has a production function Q = (K)0.5 + L. For this production function MP, = 1 and MPK =…

A: Marginal product of labor is the additional unit of labor required to produce an extra unit of…

Q: Find the production which has the following cost function (q is output, v= cost of capital,…

A: In economics, a production function describes the relationship between the quantity of physical…

Q: A firm is able to adjust both L and K and has a production function q = KL, where K is the amount of…

A: Profit maximization is achieved through cost minimization, which requires maintaining optimal…

Q: Coca cola uses labour(L) and capital (k) in its  production process.  It estimates that the…

A: Production function is Q=K0.5L0.5Where K is capital and L is labor. Price per bottle=4 Cost of…

Q: If a firm has the production function q = f(L, K) = L + 2K, then its technology exhibits:…

A: The production function shows the relationship with the input used and output produced. There is…

Q: Suppose a firm with a production function given by Q = K0.4L0.6 produces 100 units of output. The…

A: The production function is as follows:- Q = K0.4L0.6 Production to be done is 100 units. Thus,…