Pat's company, Tasty Tidbits, competes with Evie's and Johanna's company in the Guelph catering market. His production function is Q=20* √L*√K with K MRT SLK = L' Pat plays a fair wage of $225 and a unit of capital costs $100. Currently, Pat has a fixed stock of 25.0 units of capital. How much could Pat save when producing 300.0 meals (Q=300.0) efficiently if the captial stock was not fixed? If Pat could save money, then enter a positive amount. No units, no rounding.

A T-shirt screener can screen t-shirts (q) in two different ways. He can either use a fast screening machine (F) or a slow screening machine (S). Screen use is defined in terms of ”hours” running. His production function is f(F, S) = 10F + 6S. (a) The screener wants to be able to produce 120 shirts. List three feasible and efficient production plans (combinations of inputs) for doing this. (b) Graph the screener’s isoquant curve for q = 120. (c) The hourly cost of using the fast machine is $800 and the hourly cost of the slow machine is $200. What is the cost minimizing (optimal) combination of inputs for producing 120 shirts? (d) Suppose the screener must now produce 400 shirts. What is the cost minimizing combination of inputs?

Coca cola uses labour(L) and capital (k) in its  production process.  It estimates that the production function facing it is given by Q= K0.5 L0.5. The company can sell a bottle of coke at GH4. The cost of a machine is GH3 and that of Man- hour is GH5. The firm's total cost if production at the end of production is expected to be GH 3000. Required: Determine The expression for the firm's marginal product of capital The expression for the firm's marginal product of labour The nature of the returns of the poduction The optimal level of capital and labour usage The firm’s firm’s profit at the optimal levels of capital and labour usage The firm’s elasticity of output with respect to labour and capital and interpret it

Suppose a firm uses a single input to produce a single output according to a production function f(x) = 10√x where x is the number of units of input. The output initially sells for £120 per unit. The input costs £20 per unit. A change in the market causes the product price to increase from £120 per unit to £200 per unit, all else equal. How does this change in product price affect the firm's profit maximizing level of profits? a. Profits increase by £16,000 Ob. Profits do not change Profits increase by £8,000 d. None of the other answers is correct Profits increase by £9,000 f. Profits increase by £18,000 g. Profits increase by £50,000 h. Profits increase by £32,000 C. e.

CAN YOU ANSWER QUESTIONS 1 & 2 FOR ME? Suppose that you are the manager of a company that vaccinates human beings for biological diseases. Your company uses two inputs to produce vaccinations: physicians and laboratories.  However, this is a short-run analysis where physicians are variable but laboratories are fixed.  Suppose that each physician costs $500 per day (for an annual salary of about $175,000) and the daily cost for the laboratory is $1,500 (for rental cost of about $547,500 per year).  In the short run, your company has 1 laboratory.  The following table presents potential daily production levels with requisite input combinations.  Physicians Laboratories Vaccinations (Q) TC TFC TVC MC ATC AFC AVC 0 1 0 1500  1500  0  -  -  -  -  3 1 1 3000  1500  1500  1500  3000  1500  1500  5 1 2 4000  1500 2500 1000 2000 750 1250 6 1 3  4500  1500 3000 500 1500 500 1000…

Julius builds dining chairs that he sells for $200 a chair. His fixed costs are $1,000 (for workshop equipment). Each chair costs him $50 in materials to produce plus an extra $25 for each previous chair made that day, which reflects Julius's increasing exhaustion. (Thus, the first chair cost $50, the second costs $75, the third cost $100, etc.) Assume time requirements in producing a chair are not a factor. How many chairs should Julius produce each day?

Suppose your current job pays you $225,000 a year. However, you are considering starting your own company.  Based upon your research, you estimate your first-year total revenue to be $4,700,000.  There are however several costs of running the company during this first year, such as the cost of materials which will equal $1,300,000, employees who will receive in total $1,500,000, utilities which will cost $750,000, and rent that will be paid to the landlord that equals $1,000,000.  Based on this information,  solve for both your accounting profit and economic profit during this first year.  Also, based upon these profit values, state whether you are better off starting this company or staying in your current job.

Marah is deciding whether or not to open a lemonade stand. She expects to sell 20 cups of lemonade for $1 per cup. She already made a sign that cost her $10 and will have $15 worth of additional costs for cups and lemonade mix if she decides to open the stand.

can you show me steps to solve this

You produce shoes (Q) with labor (L) and capital (K). The production process is as so: Q = 400L - 20L2 + 600K – 10K2 The cost of labor is $20 and the cost of capital is $30. You have a budget of $550. How many units of capital(K) should you rent/buy? Enter as a value.