Answered: Find out the maximum possible output…

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

A firm's total cost function is C=24x2−xy+8y2C=24x2−xy+8y2 and they are required to produce a combination of products totalling 128. In order words, the firm is subject to the constraint x+y=128x+y=128. What is the Lagrangian function?
The production function of producing an item is given by 3K Q = 744 VR - where K is the capital required. Calculate the marginal product of capital if the current capital is 512.
Suppose a firm with a production function given by Q = K0.4L0.6 produces 100 units of output. The firm pays a wage of $20 per units and pays a rental rate of capital of $40 per unit. (Note: MPL = 0.6K0.4L-0.4 and MPK = 0.4K-0.6L0.6 ) What is the minimum cost of producing 100 units of output?
What is the maximum profit when the the profit-versus-production function is given below? P is profit and x is unit of production P = 200,000 – 1x- (1.1/(X+1)) to the 8th power?
Firm D has production function F(K,L) = aK+2L. Very briefly, what is the interpretation of a in this function?
You are given the production function: Q(K,L)=10KαLβ What is the average product of labour, holding capital fixed at K? Simplify fully
A firm produces plastic bins using labor (measured in man-hours) and capital (measured in machine-hours), according to the production function Q = f(L,K) = LK, where Q is the number of plastic bins produced. Suppose that the cost of labor is $20 per worker-hour and the cost of capital is $10 per machine-hour. What is the cost minimizing input combination if the firm wants to produce 28,800 plastic bins? Hint: The marginal products are MP, = K and MPg = L.
a) when the plant is small b) when the plant is medium-size Oc) d) e) at an output level less than q when the plant is large at an output level more than q
Suppose that a firm's production function is: a = 3L * K ^ 0.5 The cost of capital is $30/unit; the cost of labor is $20/unit. What is the minimum cost of producing q = 243 ?
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
A firm has the following production function:q = ƒ (z1, z2) = z1αz2βc. Derive the firm's cost function (simplify)
= 100KL. If the price of capital is $81 per day and the price of labor is $27 dollars per day, what is the minimum cost Suppose the production function for a product is given by q of producing 900 units of output?

SEE MORE QUESTIONS

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

Find out the maximum possible output for a firm with two units of L and 50 units of k when its production function is Q = 5L + 3K