The total cost function of a firm that produces its product on two assembly lines is given as TC (x,y) = 3x2+6y2-xy The problem facing the firm is to detrmine the least-cost combination of output on assembly lines x and y subject to the side condition that total output equal 20 units. Find the out put of x and y subject to a total of 20 units that minimize total cost by using both substitution and Lagrangian multiplier methods

Q: ompute the MRTS for this production function: Y (K,L) = 2K+5L

A: MRTS also known as the marginal rate of technical substitution is actually the rate at which…

Q: machines (K). The quantity of products produced in a month is given by the function Q = 3KL. Each…

A: Q = 3KL Fixed Cost = 15,000 Variable Cost = 5000

Q: Which of the following cost functions exhibits economies of scope when three (3) units of good one…

A: Economies of scale are a term used in economics to describe the cost benefits or efficiency…

Q: The total cost function of a firm that produces its product on two assembly lines is given as  TC…

A: Total cost is the sum of all expenses incurred by a firm in producing a certain level of output. It…

Q: Define a production function F:R X X 12 F(x, x2 ) = { x₁ + x2 1 2 + if x +x >0 1 2 0 if x +x¸ = 0 1…

A: If these conditions are satisfied, then the solution is a local minimum. If λ>0, these conditions…

Q: For the cost function C(Q) = 100+ 2Q+3Q, the total variable cost of producing 2 units of output is…

A: Costs basically refers to the expenses that incur in the process of production of goods or services.…

Q: A Cobb-Douglas production function for new company is given by ?(?, ?) = ?³/⁵ ?²/⁵ where K…

A:

Q: The production function is given by F(L) = 622/3. Suppose that the cost per unit of labor is $8 and…

A: A mathematical equation that describes the relationship between inputs (such as labor, capital, and…

Q: Suppose a firm produced 2 goods x and y and must produce x + y = 42 and have a cost function of c =…

A: Total cost is the summation of total fixed cost and total variable cost. Total fixed cost is the…

Q: For the total cost in function: TC=15Q-8Q2+Q3, what is the output level (Q) when producing at…

A: The objective of the question is to find the output level (Q) at which the average total cost (ATC)…

Q: a) Does the product function provide constant, increasing, or decreasing scale benefits? b) Kjell…

A: x = 100N0.8K0.2 When both inputs are doubled, new production function is x* = 100 x (2N)0.8(2K)0.2 =…

Q: A Cobb-Douglas production function for new company is given by F(K,L) = K3/5L2/5 where K represents…

A: We know, at equilibrium, MPLMPK=wr

Q: A company makes solar panels. The company’s revenue function, in dollars, is R(n)=10n , where n is…

A: Note: Since more than 3 sub-questions are asked, due to Bartleby policy we are allowed to answer not…

Q: For the total cost in function: TC=15Q-8Q2+Q3, what is the output level (Q) when producing at…

A: The objective of this question is to find the output level (Q) that minimizes the average total cost…

Q: If a firm is using optimal input proportions, it is minimizing its costs

A: A firm determines optimal input proportions by equating the slope of the isocost line with the slope…

Q: 7. Given the Average Coat function: AC = x2 + 2y² - 2y- 6x + 207 – 2x %3D 7.1 Find the quantities of…

A: In a market, an optmial level of output, at which average cost is minimized, is the one at which…

Q: Farmer Joe’s production function is f(x1, x2) = x 1/3 1 x 1/3 2 , where x1 is the number of pounds…

A: Given; Farmer Joe’s production function; f(x1, x2) = x11/3x21/3 where; x1 is the number of pounds of…

Q: 1. 1 Example 1: Let y = F(l, k) = l¾k₹ be the production function, p = 30, w = 10, and r = 5. Find…

A: This problem could be solved by lagrangian function. The lagrangian function is a mixture of…

Q: Suppose Honda operates a car engine manufacturing plant in Canada and one in Mexico. Suppose further…

A: Given,The production function of Honda's car engine manufacturing unit in Canada is The production…

Q: If the production function is given by f(x1, x2) = min{x1, x2} + min{x3, x4}, what is the minimum…

A: A production function in economics describes the technological relationship between the quantities…

Q: Consider three firms that produce two products with quantities denoted 91 and 92. The three distinct…

A: Here we have to calculate the Total Cost (TC), Average Cost (AC), Marginal Cost (MC), and…

Q: A Cobb-Douglas production function means that as long as either of the 2 input is nonzero, the…

A:

Q: Define the cost function c(w1,w2 ,y) =w1×1(w1,w2.y) + w2x2(w1,w2,y). Show that the cost function is…

A: Given function C(W1,W2,y)=W1X1(W1,W2,Y)+W2X2(W1,W2,Y) Here W1=first input prices W2= second input…

Q: A farmer can produce f(x,y) = 208-√4x² + y² units of produce by utilizing x units of labor and y…

A: To calculate the marginal productivity of labor at a specific point, we can take the partial…

Q: Suppose that a furniture manufacturer produces tables. The manufacturer's production function is…

A: Cost minimizing is a process where firm chooses their desired level of output and using optimal…

Q: Considering the Production Function →Y= 95 - 2X,2 + 3X1 + 5X,X2 - 6X22 + 18X2 Find the values of X,…

A: Given information, Production Function: Y=95-2X12+3X1+5X1X2-6X22+18X2 where Y is the output and X1…

Q: The cost, C, to produce a product as a function of the quantity, q, is given by…

A: The objective of the question is to find the quantity that minimizes the cost of production. This is…

Q: The production function is f (L, M ) = 5L1/2M 1/2, where L is the number of units of labor and M…

A: The production function is given as L is the number of labor units.M is the number of machines. The…

Q: Ais Ezhel employs Dj Artz (A) and Bugy (B) to produce songs according to following production…

A: We are going to use cost minimization method to answer this question.

Q: For the total cost in function: TC=15Q-8Q2+Q3, what is the output level (Q) when producing at…

A: The objective of the question is to find the output level (Q) that minimizes the average total cost…

Q: A company produces commercials. A 2-minute commercial, for example, needs exactly 5 minutes of…

A: Production function is used to explain how inputs and outputs relate to one another during the…

Q: Write the technical rate of substitution expression for f(x1, x2) = (x1 - 1)0.25 x20.5

A: The marginal rate of technical substitution (MRTS) is an concept that explains the rate by which one…

Q: Let the production function be given by q=2(square root of L)(square root of K)} and Price of K be 8…

A:

Q: A firm's cost function is given by C(x,y)=2x²+y²+2, where two outputs are produced, x and y. What…

A: The Hessian matrix is a square matrix of second-order partial derivatives of a function with respect…

Q: The Cobb-Douglas production function for a particular product is N(x,y) = 40x0.6.0.4, where x is the…

A: Production function:N (x,y) = 40x0.6y0.4 Wage per labor (w) = $40Rent per capital (r) = $120Budget…

Q: Isocost and Production functions What is the optimal mix of x₁ and X₂? C = 5x₁ + 10x₂ Q = 10x₁³x₂+

A: To find the optimal mix of factors of production of a production unit, the least-cost combination of…

Q: 3. Minimize the following total cost function: TC =Q3 – 10Q2 + 48Q + 46.

A: Given  Total cost function TC=Q33-10Q2+48Q+46           ......(1) We will use application of…

Q: For the given cost function C(x)=250√x+ x^2/3375 -find a) The cost at the production level 1100…

A: Given: C(x) =250x+x23375

Q: Consider the following production function of DVDS: Q = K0.5L 0.5, where Q represents DVDS (boxes…

A: A technological connection between the physical inputs (i.e., components of production) and the…