production function 10Q = 1600L-4,800, where L is hired labour hours. If the wage rate that laborers receive is $10/hour, what is the cost function?
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- Do not use chatgpt. Thank you! production function 10Q = 1600L-4,800, where L is hired labour hours. If the wage rate that laborers receive is $10/hour, what is the cost function?Assume a firms production function depends on labour hours (L) only and is given by F(L) = 5L0.8 Assume the hourly wage is $40. Then, the cost of producing 50 units, rounded to the nearest integer, is: 711 1134 541 112 1000 801 854When Average vaiable cost (AVC) = 600 and Average product (AP)= 0.14. Then find the wage rate W.
- A contractor wants to rent a wood chipper from Acme Rental for a day for $140 plus $10 per hour or from Bell Rental for a day for $200 plus $4 per hour Find a cost function in dollars for using each rental firm, (Let x be the number of hours for which the wood chipper is rented.) Acme Cx) - Beli CK) - (a) Find the number of hours for which each cost function will give the same cost. hours (b) If the contractor wants to rent the wood chipper for 13 hours, which rental place will cost less? Bell O Acme O they are the same O cannot be determined Additional Materials WeBookThe total cost function of a firm is:- 23Q? - 13Q + 40 Find the average cost functionThe average cost function of a firm is:- 2Q² - 350 Find the total cost function
- why is the fixed cost 10?Given Q=100k0.5L0.5 , C=1200 w=30 r=40 (a)Determine the quantity of labour and capital the firm should use in order to minimize the cost. (b)What is the level of output at this level.A widget manufacturer has a production function of the form q = 6L + 10K . If the wage rate (w) is $4 and the rental rate on capital (r) is $5. Are the returns to scale increasing, constant, or decreasing for this production function? What cost minimization combination of K and L will the manufacturer employs to produce 300 units of output? Suppose that the price of capital increases to $7 per unit. If manufacturer continues to produce 300 units,what cost minimization choice of inputs capital and labor should the firm used. Suppose that the capital input is fixed at K = 3 units in the short run, what is the short run total cost function with q
- Production function is Z = 2L+10K where Z represents the amount of output produced, L = labour hired, and K = units of capital hired. The wage rate per unit of labour is $10 and the rental rate per unit of capital is $20. For 200 units what will be the minimum total cost of production?Consider a firm with Total Output function (Production Function) given by Q = 6L2 – 0.4L3, where L is variable labor input. The firm is faced with the decision to hire the optimal number of workers in order to maximize its output level. (a) Obtain the Marginal Product function. (b) Find the Average Product function. (c) Determine the level of employment that would maximize the firm’s output level. (d) Verify that the second-order condition is met for the firm's output maximum.Your construction company has built 50 houses so far this year at a total cost to the company of $8 million. If the company builds a 51st house, its total cost will increase to $8.18 million. What is the marginal cost of the 51st house?
