You are an efficiency expert hired by a manufacturing firm that uses Kand Las inputs. The firm produces and sells a given output. If w = $40, r= $100, MPL = 4, and MPK = 40 the firm: A) is cost minimizing. B.) should use less Land more K to cost minimize.C.) should use more Kand less L to cost minimize. Dj is profit maximizing but not cost minimizing.

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Part I Given that the marginal cost (mc) to manufacture an Iphone per day is represented by the funtion:- MC= (1/3)q^3 - 100q^2 + 10000q a. What quantity of Iphones will be produced at minimum marginal cost? b. Given that the fixed cost of manufacturing an Iphone is $2000.00. What is the quantity of Iphones that will be manufactured at minimum variable cost? Part II The table below gives the values for the marginal product and average product for producing several levels of output: Quantity Marginal Product Average Product Marginal Cost Average Cost 2 20 25 50 40 4 10 10     6 40 100     With reference to the table above answer the following questions: a. What is value for the price of output? b. Compute the values for the marginal cost. c. Compute the values for average cost. d. Sketch the marginal cost and average cost function for the given quantity. Part III Indicate and explain the relationships among the average cost, the average variable cost and the average fixed…

Consider an airline's decision about whether to cancel a particular flight that hasn't sold out. The following table provides data on the total cost of operating a 100-seat plane for various numbers of passengers. Total Cost Number of Passengers (Dollars per flight) 40,000 10 60,000 20 65,000 30 68,000 40 70,000 50 71,000 60 72,500 70 73,500 80 74,000 90 74,300 100 74,500 Given the information presented in the previous table, the fixed cost to operate this flight is s At each ticket price, a different number of consumers will be willing to purchase tickets for this flight. Assume that the price of a flight is fixed for the duration of ticket sales. Use the previous table as well as the following demand schedule to complete the questions that follow. Price Quantity Demanded (Dollars per ticket) (Tickets per flight) 1,000 700 30 400 90 200 100