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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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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- General Account QuestionsA 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?
- 1) What level of output would generate a profit of $15,000 if a product sells for $24.99, has unit variable costs of $9.99, and total fixed costs of $55,005?E Perfect Pop spends $1.00 on direct materials, direct labour, and variable manufacturing overhead for every unt (12 pack of soda) it produces Fed manufacturing overhead costs $3 milion per yer The plant which is currently operating at only 70% of capacity, produced 15 million units this year Management plans to operate closer to full capacity next year, producing 20 million units Management does not anticipate any changes in the prices it pays for materials, labour, and manufacturing overhead Requirements Requirement a. What is the current total product cost for the 15 million units), including faed and varable costs? Determine the formula, then calculate the current total product cost milion millon GID Total product costs milloni need the answer quickly
- The revenue for selling x units of a product is R = 150x. The cost of producing x units is C = 125x + 800. For what values of x will this product generate a profit?Assume that the linear cost and revenue models apply. An item costs $13 to make. If fixed costs are $1600 and profits are $5700 when 100 items are made and sold, find the revenue equation. (Let x be the number of items.)R(x) =A firm will produce either product A or B. The total costs (TC) for both products can be estimated by the equations Product A: TC = $300,000 + ($23 x Sales volume) Product B: TC = $100,000 + ($29 x Sales volume) The firm believes there is a 20% chance for the sales volume of each product to equal 10,000 units and an 80% chance they will both equal 20,000 units. The selling price of product A is $42, and the selling price of product B is $40. The expected profit from producing product B equals a. $680,000 b. $390,000 c. $98,000 d. $120,000
- Let S represent the amount of steel produced (in tons). Steel production is related to the amount of labor used (L) and the amount of capital used (C) by the following function: S = 20 L0.30 C 0.70 In this formula L represents the units of labor input and C the units of capital input. Each unit of labor costs $50, and each unit of capital costs $100. (a) Formulate an optimization problem that will determine how much labor and capital are needed in order to produce 50,000 tons of steel at minimum cost. If your answer is zero, enter “0”. Min L + C s.t. L0.30 C 0.70 L, C (b) Solve the optimization problem you formulated in part a. Hint: When using Excel Solver, start with an initial L > 0 and C > 0. Do not round intermediate calculations. Round your answers to the nearest whole number. L = C = Cost = $What is average fixed cost?Total fixed cost of a product is IDR 10,000,000 and variable cost is IDR 50,000 per unit. The sale price is IDR.75,000 per unit . How much products should be produced to get BEP? Prove your answer and make a graphic. ..And If the company need profit IDR 10,000,000. How much is the sales price? Prove your answer.