Consider a firm with production function: q = 2LK + K, where L is the amount of labor used and K is the amount of capital used. Let w represents the price of labor and r represents the price of capital. a) Consider the long-run cost minimization problem of the firm for a given level of output q. Derive the conditional factor demand function for L and K as a function of q, w and r. b) Derive the marginal cost as a function of q, w and r. Now, suppose that in the short-run, capital input is fixed at 100, and w = 2, r = 2. c) Write down the short-run cost minimization problem. Then derive the short-run total cost function as a function of. Determine the firm's short-run variable cost and fixed cost.

Q: City Beautiful Brewer is a beer maker in Orlando that produces and sells four varieties of beer.…

A: Total revenue refers to the revenue from sales at different levels of output.Average cost refers to…

Q: plz write for me a 60 min economics presentation about cryptocurrency include lots of interesting…

A: The Currency of Tomorrow: Unraveling the World of CryptocurrencySlide 1: Introduction to…

Q: Beth is a hard-working college senior. One Sunday, she decides to work nonstop until she has…

A: Marginal means an addition. Here marginal gain means additional problem's solution by berth for 1…

Q: The marginal, or additional, gain from Teresa's second hour of work, from 9:00 AM to 10:00 AM, is…

A: Teresa is a hard-working second-year university student. One Thursday, she decides to work nonstop…

Q: what will happen if two assets are earning the same exoected return, but one is risker than the…

A: You are presented with two assets in your investment portfolio.Both of these assets are expected to…

Q: Discuss how your priorities would affect the underlying interests ofbothyour team and the other…

A: Objective Alignment:Positive Impact: Teams are more aware of how their work affects the overall…

Q: Hello.  Could you also please include the graph how is it changed?

A: Macroeconomic equilibrium refers to the condition of an economy where the quantity of goods and…

Q: We have the results from our first Facebook ad campaign. The following table summarizes the results…

A: Given that, We have the results from our first Facebook ad campaign. The following table summarizes…

Q: Calculate total revenue for shoes firm whose profit is $400 and Total cost is $800

A: The data presented in the question above is:- Profit of the firm = $400 Total cost = $800  Total…

Q: You just received your midterm exam results andyour professor wrote the following note: “Youreceived…

A: In economics, positive statements are those that are objective as well as testable in nature. Such…

Q: What are the different types of costs?

A: Cost is the amount that has to spend for obtaining something. There are different types of costs;…

Q: Intertemporal Substitution Hypothesis

A: The measure which measures the consumer's willingness to substitute between two types of consumption…

Q: he cost a company incurs each month when it produces q pairs of shoes. Graph the average cost and…

A: AC(average cost) is the ratio of TC(total cost) and q(quantity). MC(marginal cost) is the derivative…

Q: Use the table to answer the following questions. The marginal, or additional, gain from Eleanor's…

A: Marginal benefit is the additonal benefit that the consumer gets from consumption of an additional…

Q: PLS HELP ASAP ON BOTH

A: Participating preferred shares are a type of preferred stock that comes with the benefit of allowing…

Q: Profits for Mia's chocolate shop is $2300 Total revenue generated is $4100  Find the value of…

A: The information being given is:- Profit for chocolate shop = $2300 Total revenue = $4100  We have to…

Q: Alex is a hard-working college sophomore. One Saturday, he decides to work nonstop until he has…

A: Marginal gain is the addition to the total gain by employing an additional unit of input. Time spend…

Q: What are some of the benefits of segmentation within a company?

A: Company segmentation is the process where a company divides their current market into quadrants,…

Q: Michael Scott's recently founded paper company, aptly named "Michael Scott Paper Company" sets the…

A: Given Information Total Cost = 3q +10Price = $5.5/reamTotal Revenue = $34,100

Q: following question that I posted is considered as a one question

A: expected rise in future prices has direct impact on current demand of a product . for example when…

Q: Identify the explicit costs incurred by this business. Why are they explicit costs?

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Simone is a hard-working college junior. One Thursday, she decides to work nonstop until she has…

A: Given: Answered=66 problems Work starts at=8:00 AM

Q: describe new changes to kiwisaver

A: A number of modifications to KiwiSaver will be finalized immediately by the government. KiwiSaver…

Q: get step by step solutions

A: Step 1: Kindly try reuploading the question.I think you forgot to ask the question so, nothing can…

Short-Run Costs and Long-Run Costs

Cost of short-run and the long-run is an economic term that describes the cost involved in the production of goods in a firm in the short as well as long period.