A firm produces TVs and ovens with a joint cost function that takes the form: C(x,y) = 3x^2 + 2y^2 + 2xy where x and y are the firm's output of TVs and ovens respectively. Suppose the cost function is subject to the constraint on the total output of the firm in the form 2x + y = 35. a) Find the optimum values x and that minimize the firm's total cost. b) Check your answer in (a) by using the bordered Hessian matrix. c) Determine the optimum value of the Lagrange multiblier À. Interpret your answer.

Q: Let a firm’s production function be f(K,L) = min{2K,L}. a) Solve for the contingent demand functions…

A: DISCLAIMER  “Since you have asked multiple questions, we will solve the first three questions for…

Q: A firm's total cost curve is TC-Q3-20Q2 +45Q+ 200. Its marginal cost is 3Q² - 40Q+45 Identify the…

A: Total cost(TC) refers to the overall expense incurred by a firm in producing a certain quantity of…

Q: 13. a) Pine Hill Dairy sells milk packs at different prices in Barbados (at price p) and in Antigua…

A: "Since you have posted multiple questions with multiple sub parts, we will provide the solution only…

Q: For the cost function C(Q) = 100+ 2Q+3Q, the total variable cost of producing 2 units of output is…

A: Costs basically refers to the expenses that incur in the process of production of goods or services.…

Q: If a store owner increases the size of his store producing more quantities of his product, and…

A:

Q: 2. The weekly marginal cost of producing x ice cream makers is 28+ 0.05x dollars per ice cream…

A: Cost function can be written as follows:

Q: Noah and Naomi want to produce 300 garden benches per week in two production plants. The cost…

A: The cumulative production across various production units is 300 units.The cost function in firm 1…

Q: Miguel and Jake run a paper company. Each week they need to produce 1,000 reams of paper to ship to…

A: Marginal rate of technical substitution is the ratio of marginal product of labor and marginal…

Q: a) Find the formula for the firm's isoquants, and sketch the isoquant for y = 16 in a diagram. D)…

A: a) Find the formula for the firm's isoquants, and sketch the isoquant for yˉ​=16 in a diagram.An…

Q: An oyster farmer produces two types of oysters - Crassostrea-Gigas (Pacific Oysters) and…

A: Total Cost function (For both goods  ) : TC  = 0.45P +  PK +  0.75KInverse demand function for P :…

Q: Suppose Ralph has a chicken Enteryour sarch term with the total cost function shown in the…

A: Fixed Cost refers to the cost that does not change with the change in level of output

Q: A Chinese high technology manufacturing firm has a production function of q=12L0.20 0.80 (based on…

A: Given  Production function: q=12L0.2K0.8                 ...... (1) Input prices are w=$2 and r=$8…

Q: 1.  It costs $25,000 to build 30 refrigerators. It costs $30,000 to build 40 refrigerators.…

A: Cost: It is the value of goods and services in terms of money.

Q: Consider three firms that produce two products with quantities denoted 91 and 92. The three distinct…

A: Here we have to calculate the Total Cost (TC), Average Cost (AC), Marginal Cost (MC), and…

Q: 25) If a firm has the cost function C(q) = 5q² + 20q + 180 and the marginal cost function MC(q) =…

A: average cost or unit cost is equal to total cost divided by the number of units of a good produced…

Q: A Chinese high technology manufacturing firm has a production function of 0.80 0.20 q=16L (based on…

A: The Average Variable Cost (AVC) is the total variable cost per unit of output. Variable costs are…

Q: Suppose a firm's total cost and marginal cost are given by TC= 200 + 100+90 and MC= 10 + 180. The…

A: Firm total cost function: Marginal cost function: The average total cost is the total cost divided…

Q: (Type a whole number.) The expression for the marginal cost function is (Simplify your answer. Type…

A: Total cost is the sum of fixed and variable costs. Variable costs change according to the quantity…