Could you solve last 3 questions? Thank you (a) Suppose we have the following production function: Q=K¹/4L³/4 Suppose K is fixed in the short-run at 16. State the firm's short-run cost minimization problem given the fixed input. Discuss.<(b) Let r = $200 and w = $300. Derive the short-run cost function so that we have costs as afunction of Q: eg C(Q) = ? Show your work/reasoning.<(c) Show that average costs first fall then rise with greater output. Note: look at Q in the range 0 to100. You can do this in a table or mathematically. Why does AC fall then rise? <(d) State the firm's profit maximizing problem.<(e) Let P = $600. Find optimal output where r = $200 and w = $300. You can do this in a table ormathematically. What are profits? <(f) A break-even price is one where the best a firm can do is earn zero profits. That is, totalrevenues equal total costs. How is the break-even price related to average costs? Explain. <(g) What is the break-even price if r = $200 and w = $300? Explain/show. <

Break even price is that price level where total profits = 0 => Total Revenue - Total Cost = 0…

(e) Let P = $600. Find optimal output where r = $200 and w= $300. You can do this in a table or mathematically. What are profits? < (f) A break-even price is one where the best a firm can do is earn zero profits. That is, total revenues equal total costs. How is the break-even price related to average costs? Explain. < (g) What is the break-even price if r = $200 and w = $300? Explain/show.

(e) Let P = $600. Find optimal output where r = $200 and w= $300. You can do this in a table or mathematically. What are profits? < (f) A break-even price is one where the best a firm can do is earn zero profits. That is, total revenues equal total costs. How is the break-even price related to average costs? Explain. < (g) What is the break-even price if r = $200 and w = $300? Explain/show.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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