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?

Miguel and Jake run a paper company. Each week they need to produce 1,000 reams of paper to ship to their customers. The paper plant's long-run production function is: q= 4K^L+ where q is the number of reams produced, K is the quantity of capital rented, and L is the quantity of labor hired. K For this production, MP, =| L and MP, = 34 K K The weekly cost function for the paper plant is C=10K+2L where C is the total weekly cost How much capital and labor will Miguel and Jake need to rent and hire in order to produce 1,000 reams of paper each week, and how much will hiring these inputs cost them?

A firm has a cost function given by C(y)=100+12y-8y^2+2y^3. At what output level is marginal cost equal to average cost?

12. A firm’s production is represented by the following function: Q = L0.4 K0.6 . The rental rate of capital (r) is $30 and the wage rate (w) is $5. For a given level of output, what should be the ratio of capital to labor in order to minimize costs? How much capital and labor should be used to produce 600 units of output? What is the total cost? What is the short run total cost if output is decreased to 300 units? What would be the optimal choice of capital and labor in the long run in order to produce 300 units of output? What is the long-run total cost? Does this production function exhibit increasing, decreasing, or constant returns to scale? Please answer based on the cost calculations in parts c and d.

Please answer fast

The Mini-Case "Economies of Scale at Google" describes economies of scale for Google Cloud Storage. The cost function for this service is well approximated by C = F + cq, where C is total cost, F is fixed cost, c is a constant, and q is output. What is marginal cost for this cost function? What are the average fixed costs, average variable cost, and average cost? Over what range of output does google have economies of scale?   If the general nature of this problem is bothering you let c = 10 and answer each question, then generalize to c being a constant.   Marginal cost is a contant, MC = c.

A firm's long-run total cost curve is given as: TC (q) = 1000q-30q2+q3. At what quantity is the minimum efficient scale? Explain the definition for the minimum efficient scale, write down the condition for it to be satisfied ,

You are given the following cost functions: TC =100 + 60Q- 3Q2 + 0.1Q3 TC =100 + 60Q+ 3Q2 TC = 100 + 60Q Compute the average variable cost, average cost, and marginal cost for each function.

A firm has the following production function: q = 8KL, where q is the weekly output, K is the number of machines and L is the number of workers. Each machine rents for $50,000 per week and each worker costs $2,000 per week. The total cost includes the cost of machines and labor, as well as an additional $5,000 per unit of output for raw materials. The firm currently runs a single factory with 10 machines. Assume that capital is fixed in the short run. (a) How many workers are needed to produce 2,000 units of output per week (in the short run)? (b) How much does it cost to produce q units of output per week (in the short-run)? [The answer I expect is a particular function of q.

An economist estimated that the cost function of a single-product firm is:C(Q) = 90 + 30Q + 25Q2 + 10Q3.Based on this information, determine the following: A.The average fixed cost of producing 10 units of output.