Given the production function , F(L,K)= L^1/3 K^1/3 find the long-run cost minimizing input combination L and K as functions of q, w and r, where q is the output level the firm is producing. Write the cost function.

Given the production function , F(L,K)= L^1/3 K^1/3 find the long-run cost minimizing input combination L and K as functions of q, w and r, where q is the output level the firm is producing. Write the cost function.

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter7: Proudction Costs

Section: Chapter Questions

Problem 8SQ

See similar textbooks

Related questions

Q: help please answer in text form with proper workings and explanation for each and every part and…

A: Detailed explanation: IntroductionThe question asks us to analyze the impact of government-imposed…

Q: 6-11. Compare two projects: Project A with an initial investment of $100,000 and returns of $30,000…

A: Internal rate of return (IRR) is the discount rate that makes the net present value (NPV) of a…

Q: Answer in step by step with explanation. Don't use Ai and chatgpt. Answer in all options.

A: Teresa, cyclically unemployed: Teresa became unemployed because of a fall in demand due to economic…

Q: 2.2 In terms of general functions of Econometrics, explain how econometrics helps in…

A: See above.

Q: Don't use Ai and chatgpt. Answer in step by step with explanation.

A: using 6,000 pounds for demand and 3,000 pounds for supply, based on the price of $2 from the…

Q: GDP distribution of output between Zimbabwe and South Africa with aid of a diagram

A: To illustrate the GDP distribution of output between Zimbabwe and South Africa, we can create a bar…

Q: Answer in step by step with explanation. Don't use Ai and chatgpt

A: Let's think through this step-by-step:1) The global economy is dominated by a few major currencies,…

Q: Consider the following EOY cash flows for two mutually exclusive alternatives (one must be chosen).…

A: Let's go through the brief calculations for both parts:Part a: Annual Worth (AW) Calculation Part b:…

Q: Which of the following statements regarding monopolistic and competitive markets is correct? In a…

A: The question is asking why the competitive equilibrium in a perfectly competitive market for bread…

Q: List all the variable constraints to this problem and show step by step to input into excel to get a…

A: Step 1: Define Decision VariablesFor this transportation problem, the decision variables represent…

Q: Information on a prospective investment for Wells Financial Services is given below.…

A: Step-by-Step Breakdown: Summary of Investments and Borrowing:Period 1: Invest 3000, borrow 3000,…

Q: Market demand is a- Qd = { ²², p = [0, a] 0, p> a a, b >0. There are n competitive firms in the…

A: Given that the firm hires l units of labor at a unit cost w to produce q1 = 210 units, the cost of…

Q: WEEK Model 1 2 3 4 5 6 7 8 Standard model Sports model 320 400 175 125 There are currently 70…

A: The MRP framework thus provides a structured approach in the effective management of materials and…

Q: Please correct answer and don't use hand raiting

A: Part (c): The effects of the tariffConsumption effect: The consumption effect measures the decrease…

Q: in the year 6 reading comprehension, a weekend in the lakes, why does the writer think it is too…

A: I hope you learned something. If you have any questions, clarifications and need more information…

Q: Answer in step by step with explanation.

A: Based on the given scenario, the strategy of the three existing firms is that of a grim triggerGrim…

Q: A national online business magazine reports that the average cost of a speeding ticket in Miami,…

Q: A venture capitalist, willing to invest $1,000,000$1,000,000, has three investments to choose from.…

A: Step 1:Let X is random variable represents returning profit or loss P(x ) representes the…

Q: Calculate each term using the binominal formula showing all steps involved for the following: =…

A: An effective mathematical tool for expanding expressions of the form (a+b)^n, where n is a positive…

Q: What are the potential positive economic effects of applying trade remedies in a particular COMESA…

A: Applying trade remedies in a COMESA (Common Market for Eastern and Southern Africa) country can lead…

Q: What is the advantages and disadvantages of EX works, FOB, FAS, C&F, CIF in Australia? Explain.

A: Explanation:In international trade, various Incoterms (International Commercial Terms) define the…

Q: 1. Suppose that you wish to receive 5,000 dollars, once a month, for 20 years after retirement. You…

A: Step 1: Determine the Monthly Payment After RetirementYou want to receive $5,000 each month for 20…

Q: You borrow $780,000 at 7.00% per year and will pay off the loan in equal payments starting one year…

A: Phase 1: First 5 YearsLoan Amount: $780,000Interest Rate: 7% per yearDuration (before…

Q: Answer in step by step with explanation. Don't use Ai.

A: Given information:Probability distribution for the payoffs of two investments:PayoffProbabilities…

Q: Use the following hypothetical demand schedule for movies to do exercises 1-2 Price. /. Quantity 100…

A: First, let's arrange the given data in a tableGiven formula:Price Elasticity of demand (PED) =…

Q: 5. Costs in the short run versus in the long run Cloud Nine is a shoe manufacturer in Memphis,…

A: Suppose Cloud Nine is currently producing 500 shoes per month in its only factory. It's short run…

Q: What is the price determination for the shipment of goods in Australia for Kroger Grocery Delivery?…

A: 1. Kroger's Absence in Australia:Kroger, the U.S.-based grocery giant, operates primarily within the…

Q: 1 Calculate the missing information in the table 3.1. Table 3.1 Year Real GDP Nominal GDP GDP…

A: PART 1The GDP deflator is given by the following formula:GDPDeflator=RealGDPNominalGDP∗100 2013 -…

Q: Jerry was working as a dish washer at Hyatt Hotel for years. A few months ago, the hotel installed…

A: The machines are replacing human dishwashers because automatic commercial dishwashing machines are…

Q: Please correct answer and don't use hand raiting

A: To complete the T-account for Southeast Mutual Bank after Carlos deposits $250,000 into his checking…

Q: Not use ai please

A: Explanation: In the given case, we are provided with two statements and we are required to analyze…

Q: 7-34. Refer to Problem 6-77. The alternatives all have a MACRS (GDS) property class of three years.…

Q: Attempts Average 2 1. Questioning the classical position Classical theorists maintain that Say's law…

A: 1. The correct answers are:Investment is affected by many factors, some of which may be more…

Q: Don't use Ai and chatgpt. Answer in step by step with explanation.

A: Option a) Zero because his income has exceeded the limit: This option is incorrect because it…

Q: Please correct answer and don't use hand rating

A: Problem Breakdown:In this scenario:Hamlet is willing to trade 2 pizzas for 1 six-pack of beer and…

Q: Not use ai please

A: a. Cost of options:Price per contract: $2.85 (last price) * 100 shares/contract = $285Total cost:…

Q: Please see attached: Can you help me set this problem up in Excel Solver? What is the most effective…

A: REQUIRED: Problem Setup Objective: Maximize total reach from ads across multiple programs.…

Q: Please correct answer and don't use hand raiting

A: Step 1: Present Worth (PW) Calculation for Machine ASince Machine A has a 3-year lifespan, it will…

Q: Suppose you like to keep a jar of change on your desk. Currently, the jar contains the following: 5…

A: To find the probability of grabbing a nickel and then followed by a dime without replacement, you…

Q: Suppose that at a given price level the following values exist in a hypothetical classical economy.…

A: Step 1: Determine TE at the initial equilibrium level TE =.C + I + G + (X − IM )TE = 2,000 + $1,900…

Q: Exporting vs FDI: The Proximity-Concentration Trade-Off. Your firm wants to sell its product in each…

A: Part a: Export Option (as a function of distance, d) The firm exports to a country located at a…

Q: Need help international trade part D and E

A: Part (d): Finding Equilibrium Quantities and PriceKodak's Reaction Function: We are given that…

Q: Solve the following

A: The problem requires the determination of the Equivalent Annual Worth or sometimes referred to as…

Q: An engineer has designed a valve that will regulate water pressure on an automobile engine. The…

A: Step 1:valve designed to produce mean pressure was 6.1 psi.μ=6.1 Population standard deviation is…

Q: es/1527/quizzes/19089/take Question 3 When is it best to implement a low-cost provider strategy?…

A: A low-cost provider strategy is a pricing strategy in which a company offers a relatively low price…

Q: Consider utility function U(x, y) = √xy, income M, price px = py = 1. State your understanding of…

A: Duality of consumer choice is a fundamental concept in economics that essentially states there are…

Q: 1. Choose and briefly discuss one (1) multivariate economic model of your choice.2. From appropriate…

A: Let's choose the Cobb-Douglas production function as our multivariate economic model. This model is…

Q: Question Two Given a utility function: U = u(X,Y) = of two products. x²+x² = 3 where X and Y are the…

A: (a) How to Graph the Utility Function Manually The utility function is U=3x2+y2. This function…

Q: Drug usage in the workplace costs employers incredible amounts of money each year. Drug testing…

A: Step 1: To find the probability that a drug-free person would fail both tests, we need to calculate…

Q: Assume that Lucky Bank is required to hold a 10% deposits as reserves, and there is a $3000…

A: Given:Required reserve ratio: 10%Increase in demand deposit: $3,000 1. Money multiplier: 10Money…

Question

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Let the production function be F(K,L) = sqrt(KL) Find the minimum cost for the long run
What is AC(y) for cost function c(y) = y3? Input prices are taken as constants.
.
Diminishing returns A cost function of the form C(x) = 1/2 x2reflects diminishing returns to scale. Find and graph the cost,average cost, and marginal cost functions. Interpret the graphs andexplain the idea of diminishing returns.
Find the cost function for the marginal cost and fixed cost. Marginal Cost Fixed Cost (x = 0) C = dC + 40 $2,100 dx 80
Cost is in dollars and x is the number of units. Find the marginal cost function. MC for the given cost function. C(x) = 700 + 5x + 0.04x^2 MC =?
A firm producing hockey sticks has a production function given by q = 2Vkl In the short run, the firm's amount of capital equipment is fixed at k = 100. The rental rate for k is r = 5, and the wage rate for r = $1, and the wage rate for l is w = $4. (a) Calculate the firm's short-run total cost curve. Calculate the short-run average cost curve. (b) What is the firm's short-run marginal cost function? What are the SC, SAC, and SMC for the firm if it produces 25 hockey sticks? Fifty hockey sticks? One hundred hockey sticks? Two hundred hockey sticks? (c) Graph the SAC and the SMC curves for the firm. Indicate the points found in part (b). (d) Where does the SMC curve intersect the SAC curve? Explain why the SMC curve will always intersect the SAC curve at its lowest point Suppose now that capital used for producing hockey sticks is fixed at ki in the short run. (e) Calculate the firm's total costs as a function of q, w, r, and k1. (f) Given q,w,and r, how should the capital stock be…
As a production process requires labor L and capital K, q = F (L, K). The wage for a labor is $500, the cost for one capital is $250. If the firm has a budget of $7500 to produce, what is the firm's optimum output 250 200 100 150
The cost function of a firm is given as C1 = 400 + 20Q + 4Q using this cost function what is the efficient scale of the firm?.
For a production function at a given level of output in the short run, the marginal product of labor is less than the and the marginal cost average product of labor. This means the average product of labor must be must be___the average variable cost. increasing above increasing below O decreasing below O decreasing above
A food truck gyro vendor has weekly fixed costs of $550, and variable costs of $4.55 for each gyro combo prepared. Let x represent the number of gyro combos prepared and sold each week. Write the weekly cost function, C, for the food truck vendor. (Hint: The cost function is the sum of fixed and variable costs.)
What is the relationship between average variable cost and marginal cost? a) They are always equal b) Marginal cost is always higher than average variable cost c) Marginal cost is always lower than average variable cost d) The relationship varies depending on the production level