Assuming constant returns to scale, the equation, Y = A(t)F(K, N) can be rewritten as: Options: A) Y/N = A(t)f(K/N) B) q = A(t)f(k) C) Y/N A(t)f(KXN) = D) both a and b E) both b and c
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- For the following functions, show if they exhibit increasing, decreasing, or constant returns to scale using the proportionality factor t. 1 (a) q(L, K) = 2L K (c) q(L, K) = 3L+2K %3D %3D (b) q(L, K) = L² + K² (d) q(L, K) = }LKSally Statistics is implementing a system of statistical process control (SPC) charts in her factory in an effort to reduce the overall cost of scrapped product. The current cost of scrap is $X per month. If a 75% learning curve is expected in the use of the SPC charts to reduce the cost of scrap, what would the percentage reduction in monthly scrap cost be after the charts have been used for 6 months? (Hint: Model each month as a unit of production.)Consider the following production and cost functionsq=〖(10K^(2/5)+5L^(2/5))〗^(5/2)1250=20K+8LWhich implies〖MP〗_K=10〖(10K^(2/5)+5L^(2/5))〗^(3/2) K^(-3/5)〖MP〗_L=5〖(10K^(2/5)+5L^(2/5))〗^(3/2) L^(-3/5)What is the profit maximizing combination of K and L?
- The total relevant cost (TRC) of holding inventory in a plant for purchased materials is given as: TRC = (6000)(60/Q) + (0.30)(12)(Q/2) + (6000)(12) where Q = economic order quantity. Determine the total optimum relevant cost (TRC).All details solution step must be shown. Suppose the total cost in dollars of manufacturing q units of a certain commodity is given by the function C(q)=q^(3)-30q^(2)+400q+500. a. Compute the cost of manufacturing 20 units. b. Compute the cost of manufacturing the 20th unit.= A certain seed and fertilizer company compiled the following estimates for its operations. Capacity per period is sales of $170,000. (a) the revenue function (b) the cost function (a) Write an algebraic expression for the revenue function. Assume a selling price of $1. Total Revenue = (Type an expression using x as the variable. Do not include the $ symbol in your answer.) Sales Fixed cost Total variable cost Total cost Net income $39,300 63,840 $152,000 103,140 $48,860
- Needed to be solved correctly in 10 minutes and get the thumbs up please show neat and clean work Please do in 10 minutes onlyA company produces two different versions of a certain product. Let q₁ indicate the amount produced of the first version. The cost function c(q₁) for the first version (expressed in euros) can be described by the equation c(q₁) = 9₁ · √√0.59² +59₁ 10 a) For which value(s) of q₁ is the instantaneous rate of change of the cost function equal to 1.75? You may use the graphical calculator to find zeros of a polynomial function if needed. b) Using the result from a), give a precise economic meaning for the instantaneous rate of change of 1.75. We now denote 92 as the amount produced of the second version. The equation of the cost function c(9₂) for the second version is unknown. We do know that the current cost for a production of 2 units of the second version is 50 monetary units and that the elasticity of the cost in terms of the produced amount when 92 = 2 is equal to 1.88. c) Give a linear approximation ƒ of the cost function c(9₂) for production amounts close to q₂ = 2.Don't use excel
- production function is Q = An orange grower has discovered a process for producing oranges that requires two inputs. The min{2x1, x2}, where x₁ and x2 are the amounts of inputs 1 and 2 that he uses. The prices of these two inputs are w₁ = 5 and w₂ = = 2, respectively. The minimum cost of producing 140 units is (a) $980 (b) $630 (c) $1400 (d) $280 (e) $700Please show equations used. No excel.The variation of the total production cost with the production rate for a process is defined as follows. ALL = 2 000 000 + 4q + 2.5 q1.1 (ECU / year) q [=] kg / year a) Plot the change of total production cost according to the production speed. b) Find the annual fixed and variable costs for the case where the production rate is 2 000 000 kg / year. c) Find the average and interface costs for the same production capacity. d) If the market selling price of the product is 20 ECU/ unit, what should be the minimum production rate in order not to damage the organization?
