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- suppose noW that the firm must pay a fixed cost of ē > 0 in order to produce (e.g., this could be the cost of buying a manufacturing plant). If the firm chooses not to produce at all, it does not incur the fixed cost. If it chooses to produce any strictly positive quantity, it must incur the full fixed cost of č. Suppose p = w = r = 4. When will the firm choose to produce a strictly positive amount of the good Y? Write down the firm's supply and profit functions.For the cost function C(Q) = 100 + 2Q + 3Q², the total variable cost of producing 2 units of output is Multiple Choice о 16. 10. 4. 12.The production of a certain good in terms of the amount of labour invested L and the amount of capital invested K, is given by the production function Q = 5 L²/3 K ¹/3 At this moment 512 units of labour and 1 000 units of capital are invested daily. This means that at this moment 3200 units are produced daily. a) The company receives an order for 3200 units. Give an implicit equation for the combinations (L, K) resulting in a production of 3200 units. b) Determine K'(L) for L = 100 using implicit differentiation. Interpret your result in a sentence in the context of the word problem. c) Determine the following expression and interpret your result in a sentence in the context of the word problem: 100 K'(100) K d) Set up the graph of K as a function of L using a logarithmic scale on both axes. Interpret the slope in L = 100.
- ***PLEASE NOTE - An answer is NOT needed for parts A, B and C; these are included to assist with answering part D. Only an answer for part D is required, but it is derived from the previous answers*** Given: A farmer raises peaches using land (K) and labor (L), and has an output of ?(?,?)= ?0.5?0.5 bushels of apples. a. Find several input combinations that give the farmer 6 bushels of apples. Sketch the associated isoquant on a graph, with L on the x-axis and K on the y-axis. b. In the short run, the farmer only has 4 units of land. What is his short-run production function? Graph it for values of L from 0 to 16, with L on the x-axis and output on the y-axis. What is the name of the slope of this curve? c. Assuming the farmer still only has 4 units of land, how much extra output does he get from adding 1 extra unit of labor if he is already using only 1 unit of labor? How much extra output does he get from adding 1 extra unit of labor if he is already using 4 units of labor?…Suppose that you can sell as much of a product (in integer units) as you like at $60 per unit. Your marginal cost (MC) for producing the qth unit is given by: MC = 7q This means that each unit costs more to produce than the previous one (e.g., the first unit costs 7*1, the second unit (by itself) costs 7*2, etc.). If fixed costs are $80, what is the optimal integer output level? Please specify your answer as an integer. If fixed costs are $80, what is the profit at the optimal integer output level? Please specify your answer as an integer.Your automobile assembly plant has a Cobb-Douglas production function given byq=x0.4y0.6, where q is the number of automobiles it produces per year, x is the number of employees, and y is the daily operating budget (in dollars). Annual operating costs amount to an average of $28,000 per employee plus the operating budget of $365y. Assume that you wish to produce 3,000 automobiles per year at a minimum cost. How many employees should you hire? (Round your answer to the nearest employee.)x = Incorrect: Your answer is incorrect. employees
- A cookshop hires two chefs. The workload, equipment and materials are evenly distributed. The result is a significant increase in the marginal number of lunch dishes made daily. Then 2 more chefs are hired. Now the workload per chef is lessened and there are conflicts over the use of materials and equipment. There is still an increase in the marginal number of lunch dishes made daily, but the increase occurs at a slower rate than before. This is an example of:The water Economist has estimated short run water responsiveness function for rice farming under major irrigation condition in the Dry Zone of "x" counry as follows;Y = 21W +30.3W2 – 3W3, Where Y = Output (paddy kg /Acre) , W = irrigation Water (Cubic Meter – m3) a) Determine three stages of this short run production process and graphically show the result. b) Determine rational production stage and what is the maximum and minimum output level of this rational stage. c) Determine the range of water level which is representing the low of diminishing marginal returns.The production of a product is characterised by the function f(x, y) = 16x/4y3/4, where x is the number of units of labour and y is the number of units of capital needed to produce f(x, y) units of the product. Each unit of labour costs £50 and each unit of capital costs £100. You are given a budget of £500,000 and are asked to calculate the number of units of labour that maximise the production. Enter your answer as an integer. Answer:
- N⁵q1The Cobb-Douglas production function for a particular product is N(x,y) = 60x0.7 0.3, where x is the number of units of labor and y is the number of units of capital required to produce N(x, y) units of the product. Each unit of labor costs $40 and each unit of capital costs $120. Answer the questions (A) and (B) below. (A) If $800,000 is budgeted for production of the product, determine how that amount should be allocated to maximize production, and find the maximum production. Production will be maximized when using units of labor and units of capital.After an analysis of a large number of small businesses with two to nine employees, it was determined that, in a certain market sector, the operating costs C, in thousands of dollars, could be modeled by the function(pic#2)...., where p is the number of employees working for the firm. On the other hand, the realized revenue, R, of a firm could be determined as a function of the operating costs C, where R=(pic#1)... R and C are expressed in thousands of dollars. a) Based on the analysis, what would be the operating costs for a business with three employees? b) What would be the revenue for a company with three employees? c) Determine the equation that would model the realized revenue, R, as a function of the number of employees.