A firm's production function is Q = 100L.0 K-4. The firm's input prices are PL = $40 and PK = $30. The firm wishes to produce Q = 3,000 units of output andminimize the cost of production. How much labor (L) should the firm employ?O A. L=20.96.O B. L=31.45.O C. L=34.26.O D. L=38.45.O E. L=41.22.QUESTION 2A firm estimates its production function as Q = -2.4 + 20*L -.5*L2 + 30*K -1.00*K2+ 15*F -.3*F2. Total cost is TC = $2*L + $2.5*K + $1.75*F. The firm wishes to produce 400 units of output. Use Excel to find the cost minimizing amounts of L, Kand F. How much F (Fuel) should the firm use?O A. F=7.90.O B. F=9.58.O C. F=10.75.O D. F=12.63.O E. F=14.88.

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A firm's production function is Q = 100L-6 K-4. The firm's input prices are PL = $40 and PK = $30. The firm wishes to produce Q = 3,000 units of output and minimize the cost of production. How much labor (L) should the firm employ? O A. L=20.96. O B. L=31.45. O C. L=34.26. O D. L=38.45. O E. L=41.22.

A firm's production function is Q = 100L-6 K-4. The firm's input prices are PL = $40 and PK = $30. The firm wishes to produce Q = 3,000 units of output and minimize the cost of production. How much labor (L) should the firm employ? O A. L=20.96. O B. L=31.45. O C. L=34.26. O D. L=38.45. O E. L=41.22.

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter7: Production And Cost In The Firm

Section: Chapter Questions

Problem 3.8P

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