m ABC has estimated that it has the following production function: Q = 1.5LK – 0.3L2 – 0.15K2 Labor (L) has a price of €60 and capital (K) has a price of €75. ABC wants to maximize the production with a total cost of €2025. (a) Determine the quantities of labor and capital the firm should use. (round results to 2 decimal places) (b) What quantity of output will be produced at the optimal combination of factors of p

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Q: a) Determine whether the following production functions exhibit increasing, constant, or decreasing…

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Q: Suppose you run a factory whose short-run production function is given by f (L) = 180L² – 3L³. (a)…

A: TPL = 180L2 - 3L3 APL = TP/L = 180L - 3L2 MPL = CHANGE IN TP/CHANGE IN L = 360L - 9L2

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A:

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A: the production function is the function that shows the factor of production.

Q: True or False? This marginal cost function is the derivative of the production function.

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Q: Consider a market with Qd= 50 - P and Q = 4P What is the consumer surplus in this market? 500 800…

A: SummaryFor the consumer surplus:The answer is 800.For the labor-capital combination:The answer is…

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A:

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Q: Problem 1. Determine the returns to scale for the following production functions. Give a…

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A: In economics, a production function is a means of examining the relationship between input and…