Suppose your company seeks to maximize their production. Maximizeyour company's production function of: 2A + 4B, subject to the followingconstraints:DM: 1A 1B < = 750DL: 1A5B < = 1,000OH: 1A 1B < = 900Please graph each constraint on the same graph. Put B on the verticalaxis. Label the quantity intercept, for each item, on each constraint. Labelthe point, on each axis, where the maximized function provides theoptimal quantity of each item.

Step 1:Graph all the constraints in a graphing calculator with A = x and B = y. Step 2: Identify…

Answered: Suppose your company seeks to maximize…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Refer to the attached image to determine the price and quantity for the following questions below. allocative efficiency dynamic efficiency Pareto efficiency
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
Explain the technique of constrained optimization in relation to utility functions and how it relates to consumer equilibrium.
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:
6
0.50.2 Given the production function q = f(x1, x2) = 1.32 × xx2, input price vector (w1, w2) and output price P, what are correct about the input demands x(w1, w2, p), x (w1, w2, p) ? Numerical results are rounded to the nearest 3-digit. Select one or more: Select one or more: O x (8, 5, 17) = 3.336 and x (8, 5, 17) = 2.202 O x(4, 7, 12) = 4.398 and x (4, 7, 12) = 0.833 O x (8, 5, 16) = 1.874 and x(8, 5, 16) = 1.199 O x (5, 7, 12) = 2.01 and x (5, 7, 12) = 0.982
Answer the Constrained Optimization: Cobb-Douglas Production Function:3. Solve for the formulas of the Marginal Product of Labor (MPL), and Marginal product of Capital (MPK)4. Using your knowledge of the tangency condition in Producer’s theory, find the combination of K and L that the firm should use to produce the maximum possible output. Do not solve the problem using the Lagrangian method.Note: The tangency conditions just states that the slope of the production function must beequal to the slope of the isocost function.5. What is the maximum possible output that the firm could earn given the constraint it faces
For the demand function d(x) and supply function s(x), complete the following. d(x) = 300 - 0.09x², s(x) = 0.03x² (a) Find the market demand (the positive value of x at which the demand function intersects the supply function). X = (b) Find the consumers' surplus at the market demand found in part (a). (c) Find the producers' surplus at the market demand found in part (a). $
K0.8 10.2 Consider a firm with the production function F(K, L) 10. (Concretely, imagine that due to technological imperfections, the first 10 units of output are unus- able, so that if the firm produces 100 units of a good, only 90 are of sufficient quality). If the firm is currently using L = 20 units of labor and K = 20 units of capital, what is the elasticity of substitution? (a) 1 (b) 2 (c) 4 (d) 8 (e) 10 =
None
Let y = f(x1, x2)=x11/2 + x1x2 be a firm’s production function, where x1≥0, x2≥0. Write down the firm’s production possibility set, and its input requirement set. Is this production function concave, quasi-concave? Is this production function homogenous? Find its returns to scale when x1=1, and x2=1.

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