To prepare do the question that I left with you, that is given the production function, TP= 2KL, PK =$2 and PL =$5, what is the maximum TP that you can produce given your budget of $17.31. How much K and L would be required?
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- Can you please help me find the formula for colum C? I have included how the formula's for colum J,K,L,M,N SHOULD input, but I think colum C row 2 keeps getting input wrong. I need to find the equation to input into Excel.Firm ABC has estimated that it has the following production function: Q = 1.5LK – 0.3L2 – 0.15K2 Labor (L) has a price of €60 and capital (K) has a price of €75. ABC wants to maximize the production with a total cost of €2025. (a) Determine the quantities of labor and capital the firm should use. (round results to 2 decimal places) (b) What quantity of output will be produced at the optimal combination of factors of production?Suppose that Jump A Lot Inc. can produce 12 trampolines a day for a total cost of $1,840. If technology and input prices remain the same and total cost increases to $3,680, what must be the new quantity of output per day under conditions of a) constant returns to scale (Click to select) b) economies of scale (Click to select) c) diseconomies of scale ✓ (Click to select) output increases to more than 24 output increases to less than 24 output increases to 24
- Production function is Q = 200√L√K PL = 500 PK = 800 Total outlay, C = 5000 Determine lost minimizing combination of Labour and Capital What is the cost minimizing output level? Construct the equilibrium for isoquant If selling price of this prduct is Rs. 200 per unit, what would be the profit or lost of this organizationProduction function of a company is given by f(x;y)= root of x + root of y where x is labor and y is capital. Cost of labor is 2 currency units, while the cost of capital is 1 currency unit. What are the minimal cost to produce 10 units of the product? What is the change in the costs, if the production volume would increase by 50 %?Suppose you run a factory whose short-run production function is given by f (L) = 180L² – 3L³. (a) Find mathematical expressions for the total product of labor, the average product of labor and the marginal product of labor. (b) On two separate axes, graph T PL, APL, and MPt. The diagrams do not need to be scale, but be sure they are internally consistent. In other words, make sure that all relevant relationships between the three lines are correct. If you have trouble figuring out what the graph looks like, feel free to use a graphing calculator or an online graphing tool to find the basic shape. Find the quantity of labor associated with each of the following points and label it on your diagram: (i) the maximum value of TPL, (ii) the maximum value of APL, (ii) the maximum value of M PL. (c) For what values of L does the production function exhibit each of the following: i. increasing marginal labor productivity ii. diminishing marginal labor productivity iii. negative marginal labor…
- Suppose you run a factory whose short-run production function is given by f (L) = 180L² – 3L³. (a) Find mathematical expressions for the total product of labor, the average product of labor and the marginal product of labor. (b) On two separate axes, graph TPL, APL, and M PL. The diagrams do not need to be scale, but be sure they are internally consistent. In other words, make sure that all relevant relationships between the three lines are correct. If you have trouble figuring out what the graph looks like, feel free to use a graphing calculator or an online graphing tool to find the basic shape. Find the quantity of labor associated with each of the following points and label it on your diagram: (i) the maximum value of TPL, (ii) the maximum value of APL, (iii) the maximum value of MPL. (c) For what values of L does the production function exhibit each of the following: i. increasing marginal labor productivity ii. diminishing marginal labor productivity iii. negative marginal labor…Leann's Telecommunication firm production function is given by y(K,L) = 200(KL)2/3 where K is the number of internet servers and L is the number of labor hours she uses. Does this production function exhibit increasing, constant or decreasing returns to scale?. Show your working. Holding the number of internet servers constant at 8, is the marginal product of labor increasing, constant or decreasing as more labor is used?. Show your workingBoth capital and labor are variable inputs. Suppose the wage rate of labor is 16 (per hour) and the rental price of capital is 20 (per hour). The downward sloping smooth curves that bend in towards the origin are a firm's isoquants. The downward sloping straight lines are isocost lines. If the ferm plans to produce 20 units of output lper hour), its minimized cost is Capital slope=-0.8 (6,5.5) (4,5) (2,3) q=30 q=20 q=10 Labor O 180 O 160 O 164 O 122
- Consider the production function Q = 10KL. Will the MRTS for this production function remain constant along the Q = 200 isoquant? Explain briefly. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). 三v A v In BIUS Paragraph Arial 10pt 田田 田田 EX + x' X2q = 35L + 40 K (1) (2) 0.5, For the production functions of (1) and (2) create the isoquants for q = 100, and for q = 144 with K on the vertical axis and L on the horizontal axis. (Use excel's scatter plot to draw these pictures. So, two pictures with two isoquants each.) Suppose that K is fixed at K = 9. Using excel draw the total product curves for equation (1). In a separate excel chart draw the marginal product and average product for K = 9 in equation (1). Give an explanation for the shapes of the total product, marginal product, and average product curve.The production function is f (L, M) = 5L1/2M1/2, where L is the number of units of labor and M is the number of machines. If the amounts of both factors can be varied and if the cost of labor is $9 per unit and the cost of using machines is $64 per machine, then the total cost of producing 12 units of output is a. $438. b. $108. c. $576. d. $115.20. e. $57.60.
