A firm estimates its production function as Q = -2.4 + 20*L -.5*L2 -3*F2. Total cost is TC = $2*L+ $2.5*K+ $1.75*F. The firm can sell all the output it wishes at $200 per unit. Use Excel to find the cost minimizing and profit-maximizing amounts of L, K and F. How much F (Fuel) should the firm use? A.F=7. B.F=12. C.F=16. D.F=19. E. F=25. + 30*K -1.00*K² + 15*F

A firm estimates its production function as Q = -2.4 + 20L -.5L2 -3F2. Total cost is TC = $2L+ $2.5K+ $1.75F. The firm can sell all the output it wishes at $200 per unit. Use Excel to find the cost minimizing and profit-maximizing amounts of L, K and F. How much F (Fuel) should the firm use? A.F=7. B.F=12. C.F=16. D.F=19. E. F=25. + 30K -1.00K² + 15*F

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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