uppose that a farm manager seeks to maximize its total profit function a s given by the equation, profit =80x-2x^2-xy-3y^2+100y. let x=cabbages and y= onions. but the manager faces a constrain that the sum of the cabbages and onions must be equal to 12. a. Calculate the level of output at which the farm maximizes profit b. Calculate the farms pr

1. Suppose you are the owner of a burger restaurant that has a cost of production given by C = 400 + 0.02q^2 where q is the number of burgers produced per day. Assume that the market for burgers is perfectly competitive. a. If the market price for a burger is $10, how many burgers should the manager plan to produce in a day? b. What is the profit level? Is this the maximum profit that the restaurant can make per day? c. What output will the firm produce if the price of a burger goes down to $8?

1. A firm’s production function is , where Ldenotes the size of the workforce. Find the value of MPLin the case when: (a) L=1, (b) L=10, (c) L=100, (d) L=1000 Does the law of diminishing marginal productivity apply to this particular function?   2. Show that the price elasticity of demand is constant for demand functions of the form   where A and n are positive constants.   3. The demand and total cost functions of a good arerespectively and     a) Find expressions for TR, (profit) , MR, and MC in terms of Q. b) Solve the equation   and hence determine the value of Q which maximizes profit. c) Verify that, at the point of maximum profit, MR=MC.   4. The cost of building an office complex, x floors high, in a prime location in Accra is made up of three components:   (a) GH¢10 million for the land (b) GH¢1/4 million per floor (c) Specialized costs of GH¢10000x per floor.   How many floors should the office complex contain if the average cost per floor is to be minimized?   5. The supply…

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Describe the characteristics of a firm. Include an example of a firm for each characteristic invloved.

Farmer Lee grows strawberries. The average total cost and marginal cost of growing strawberries in the long run for an individual farmer are illustrated in the graph to the right. Suppose the market price is $7.05 per box. If so, then farmers will strawberries until the market price is $ number rounded to two decimal places.) per box. (Enter a numeric the market for a real enter exit Price and cost (dollars per box) 10- 9- 8- 5- 3- 2- 1. 0 MC ATC 10 20 30 40 50 60 70 80 90 100 Quantity of strawberries (boxes per week) o

If MR > MC, the firm should produce more output.

4. Profit maximization in the cost-curve diagram Suppose that the market for black sweaters is a competitive market. The following graph shows the daily cost curves of a firm operating in this market. Hint: After placing the rectangle on the graph, you can select an endpoint to see the coordinates of that point. PRICE (Dollars per sweater) 50 y ATC AVC 45 40 35 30 25 20 15 10 5 0 MC + 02 4 6 8 10 12 14 16 QUANTITY (Thousands of sweaters) 18 20 Profit or Loss ?

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ONLY answer question b. relative to question a.