1a) Suppose a firm’s TC = 50Q.75. What is Marginal Cost for the 100th unit of production? Use a spreadsheet or otherwise and incremental analysis (not calculus) to answer this question b) A firm estimates its production function as Q = 2.4 + 30*L -.5*L2 + 30*K -1.00*K2 + 15*F -.3*F2. Total cost is TC = $2.5*L + $2*K + $.75*F.  The firm wishes to produce 500 units of output.  Use Excel Solver or otherwise to find the cost minimizing amounts of L, K and F. What is the cost-minimizing amount of capital (K)? c) A firm’s production function is:  Q = 20L -.5L2.  The firm can sell all the output it wishes at $10 per unit.  The wage rate for labor is PL=W=$20.  a.  How much labor should be hired to maximize profits? You can use either a spreadsheet, Solver (or calculus) to find the

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Factors of Production

Factors of production – in simple words means the factors that are used for producing any product or service. This includes the resources which are necessary for the manufacturing of products. Factors of production are also known as the building blocks of the economy.