A firm estimates its production function as Q = -2.4 + 20*L -5*L2 + 30*K -1.00*K2 + 15*F 3*F?. Total cost is TC = $2*L+ $2.5*K + $1.75*F. The firm ca 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. В. F=12. C. F=16. D. F=19. Е. F=25.

A firm estimates its production function as Q = -2.4 + 20L -5L2 + 30K -1.00K2 + 15F 3F?. Total cost is TC = $2L+ $2.5K + $1.75*F. The firm ca 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. В. F=12. C. F=16. D. F=19. Е. F=25.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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