The production function for a product is given by Q = 100KL. If the price of capital is $120 per day and the price of labor is $30 per day, what is the minimum cost of producing 1000 units of output? The MPK = 100L and MPL = 100K.
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- A firm produces according to the following production function: F(L,K)=L0.7K0.3. The price of capital is $3 and the wage rate is $7. What is the optimal combination of labor and capital in order to produce 100 units of output? Multiple Choice L*=50,K*=50 L*=100,K*=50 L*=100,K*=100 L*=10,K*=10Suppose a firm with a production function given by Q = 30K0.5L0.5 produces 4,000 units of output. The firm pays a wage of $50 per unit and pays a rental rate of capital of $30 per unit. MPL = 15K0.5/L0.5 and MPK = 15L0.5/K0.5. How many units of labor and capital should the firm employ to minimize the cost of producing 4,000 units of output, and what would be the total cost?Suppose a ceiling fan manufacturer has the total cost function C(x) = 35x + 1200 and the total revenue function R(x) = 65x. (a) What is the equation of the profit function P(x) for this commodity? P(x) = (b) What is the profit on 20 units? P(20) = Interpret your result. The total costs are less than the revenue. The total costs are more than the revenue. The total costs are exactly the same as the revenue. (c) How many fans must be sold to avoid losing money? fans
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