Q: Cobb-Douglas type,?(?,?)=???? with?+?< 1, resulting in strictly convex isoquants and is the same in…
A: Bitcoin mining= output=B the input needed by the bitcoin miner for mining the bitcoin is Electricity…
Q: Note that the two terms in the Product Rule correspond to the separate effects of increasing the…
A:
Q: An Accra Chemical Factory discharges waste products into a river. These wastes kill many tilapia…
A: A negative externality is a side effect or consequence of an economic activity or transaction that…
Q: (b) If the average cost function of a good is 16 4· AC = 12x + 4 + find an expression for marginal…
A: The total cost incurred by a firm operating in a market includes fixed costs and variable costs.…
Q: The chemical X-2000 is produced using two inputs, benzene (B) and labor (L) in the exact proportions…
A: Given: There are two inputs, benzene (B) and labor (L). Production function: qX = min[B, 0.5L]…
Q: Let p=17-√√x and C(x) = 323+2x, where x is the number of garden hoses that can be sold at a price of…
A: Revenue function will be found out by multiplying the price function with the number of units sold.…
Q: Problem Four: A company sells soda cans estimates that the cost of producing x cans is given by C(x)…
A: When one additional or marginal unit is generated and sold, a firm or person earns a marginal…
Q: Coca cola uses labour(L) and capital (k) in its production process. It estimates that the…
A: Q= K0.5 L0.5 The selling price of a bottle of coke = GH4 Cost of machine (capital) = GH3 Cost of…
Q: In a factory an article is produced whose production function is: z = 15 – 2x2 + 12x – 3y? + 6y for…
A: Production function is given as: z = 15 -2x2+ 12x-3y2+6yPrice of input x = 6Price of input y =…
Q: After finding the optimal quantities of X1, X2 that maximize the function Z = (X1^0.2)*(X2^(1-0.2)),…
A: In the context of optimization problems, the term "optimal quantities" refers to the specific values…
Q: The daily demand function for x LED lights sold by a major retailer is p = 715 - 0.75x dollars, and…
A: The demand function for LED light for a retailer: P=715−0.75x.Average cost function: AC=220+2x.To…
Q: Cost, revenue, and profit are in dollars and x is the number of units. A firm knows that its…
A: The cost of production in economics means the total expenses incurred by a firm in the process of…
Q: An Accra Chemical Factory discharges waste products into a river. These wastes kill many tilapia…
A: We are given the following equations about the costs and damages:Here, MD represents the marginal…
Q: Your company is contemplating bidding on an RFP (Request For Proposal) to produce 100,000 units of a…
A: A Request for Proposal (RFP) is a formal document issued by an organization, typically a company or…
Q: Green et al. (2005) estimate the supply and demand curves for California processed tomatoes. The…
A: Market equilibrium: At the market equilibrium we have demand equals to supply. Or at market…
Q: You manage two chocolate factories. Using only these two factories, you must produce exactly 420 kgs…
A: Total Cost refers to the overall cost incurred by the firm
Q: A firm has two plants that produce identical output. The cost functions are C1=346q−8q2+0.5q3 and…
A: Average cost curve is the U shaped curve which means the at first it decreases and reaches at…
Q: the mahogany cabinet and furniture company makes chairs. the fixed coat per month of making chairs…
A:
Q: The wage rate of Zeta Corp. employees is 20 million per month, while the cost of one unit of machine…
A: The optimal level of production is the result where the minor income got from the last unit…
Q: Take the partial derivative of profit with respect to each output (Qd and Qc) and set each equal to…
A: Given the firm's profit function as: Profit, Z = PQd + PQc - C(Qd) - C(Qc), (where using Z to denote…
Q: An entrepreneur owns a factory with two plants that produce the same skateboards but differ in the…
A: A production function shows the relationship between the output derived using the combination of…
Q: The variable x represents the number of HDTVs manufactured and sold in a given month. The variable…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: Kusho Industries produces and sells computer chips. Its (hourly) production function is Q=4K 0.4L…
A: The money spent to purchase the factor of production to produce final goods and services is termed…
Q: A firm manufactures a commodity at two different factories, Factory X and Factory Y. The total cost…
A: There are two factories available to a firm for undertaking production.Cost function : C(x , y ) =…
Q: Both coal and wind energy are used in Minnesota to generate electricity for household use. The two…
A: Given information Supply function of coal Qc=-10+P Qw=-200+2p Total demand for energy Qd=410-P
Q: ExxonMobil runs two oil refinery plants, one in Indonesia and the other in Malaysia. The total cost…
A: Answered belowIndonesia=1, Malaysia=4. -40.Explanation:Step 1:To find the optimal production levels…
Q: Best Orange Juice Company is located in Oman. The cost function for total orange juice production…
A: MC = dC/dx = 0.5x = 0.5xs + 0.5xm Pm = (100 - xm) / 2 = 50 - 0.5xm Ps = (100 - xs) / 4 = 25 - 0.25xs…
Q: The total cost function for a product is given by C(x) = 3x3-9x² -243x + 1229, where x is the number…
A: Given cost function C(X)=3X3-9X2-243X+1229TC should be 50000 at least
Q: A product is processed on a station S1, which produces 75% good units, while the remaining P₁= 25%…
A: As given S1 which produce 75% goods P1 = 25% P2 = 10%
Q: Uver is a ride-sharing service that has become very popular in large cities. In one of these large…
A: Explanation is given below Explanation:
Q: An electric power plant uses solid waste for fuel in the production of electricity. The cost Y in…
A: The objective of the question is to find the value of X (megawatts) that gives the maximum profit…
Q: A large company in the communication and publishing industry has quantified the relationship between…
A: Demand function is:- P=150-0.02D TR= Price×Demand…
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: Your automobile assembly plant has a Cobb-Douglas production function given by x0.4 0.6 q= where q…
A: The production function is the mathematical relationship between output and inputs employed. It…
Q: Uver is a ride-sharing service that has become very popular in large cities. In one of these large…
A: The economics of the taxi cab market is based on the interplay of supply and demand, shaped by…
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: You are the manager of a firm that produces furniture. All your clients are in Kumasi (K) and Accra…
A: It is a profit maximization problem with 2 plants at different locations. Profit will be maximized…
Q: TC= 1/3 Q^3 – 15Q^2 + 480Q- a) Write down the equa b) Find the values of Q f c) Plot the graph of…
A: AFC which is known as Average Fixed Cost refers to the per-unit cost (fixed) of production, which is…
Q: A small company produces organic cookies. When the price is $6.00 per dozen, the average daily sales…
A:
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: (a) A firm has production function q(k,l) = k'/³12/3, where k denotes the capital used and I denotes…
A: Given : q(K,L)=K1/3L2/3 This depends upon two inputs K and L subject to the budget constraint.…
Q: Consider the following function: f(x,y,w) =(x2/y) + (2w2/x). Is this homogeneous? If so, to what…
A: A function is a homogeneous function if it can be expressed as f(kx,ky,kw) = knf(x,y,w)
Q: The Brain Bucket Company (BBC) produces helmets for winter sports. It has production facilities in…
A: GIVEN DATA The Brain Bucket Company (BBC) produces helmets for winter sports. It has production…
Q: Suppose the input combination currently used by a producer is such that the TRS is equal (in…
A: The statement that the producer is maximizing profits when the Total Resource Substitution (TRS) is…
Suppose the joint cost function of a firm producing two products X and Y is given by C = 250X2 + 120Y2. Assuming that output of the two products is restricted at 4144. Using Lagrangian multiplier technique find the amounts of X and Y that will minimize cost and compute this cost. Also examine the cost implications of changing this optimal combination so as to produce equal amounts of both products.
Step by step
Solved in 3 steps
- Coca cola uses labour(L) and capital (k) in its production process. It estimates that the production function facing it is given by Q= K0.5 L0.5. The company can sell a bottle of coke at GH4. The cost of a machine is GH3 and that of Man- hour is GH5. The firm's total cost if production at the end of production is expected to be GH 3000. Required: Determine The optimal level of capital and labour usage The firm’s firm’s profit at the optimal levels of capital and labour usage The firm’s elasticity of output with respect to labour and capital and interpret itAssume the industrial conditions of red pepper production in the market for homogeneous products there are many manufacturers where each manufacturer has a market share (market share) the same, relatively small and can not affect the price of the change strategies carried out by these manufacturers in the market. If it is known that the function the demand is Q = 2000-P, and the total cost of each manufacturer is the same that is, TCi = 100 + 5q2i. Where Q = [2]I qi, where i is the producer of i and i is 1, 2, 3,..., n. Questions: - What is the number of companies in the long term of the competitive marketi perfect for this homogeneous product, where every company has the same market share? - What is the selling price of thi product in market? - Calculate the Herfindahl-Hirschman Index (HHI) of the red pepper producer industry here!Suppose that a function P(x) gives the total profit in dollars on the sale of items. Interpret the meaning of MP * (106) = 840
- The daily demand function for x LED lights sold by a major retailer is p = 1112.5 0.75x dollars, and the average cost of sales is C = 250 + 3x dollars. Find the quantity that will maximum profit, the selling price at that quantity and the maximum profit. a) Selling LED lights will maximum profit. b) The selling price at the answer in part (a) is $ c) The maximum profit is $The production of a certain good in terms of the amount of labour invested L and the amount of capital invested K, is given by the production function Q = 5 L²/3 K ¹/3 At this moment 512 units of labour and 1 000 units of capital are invested daily. This means that at this moment 3200 units are produced daily. a) The company receives an order for 3200 units. Give an implicit equation for the combinations (L, K) resulting in a production of 3200 units. b) Determine K'(L) for L = 100 using implicit differentiation. Interpret your result in a sentence in the context of the word problem. c) Determine the following expression and interpret your result in a sentence in the context of the word problem: 100 K'(100) K d) Set up the graph of K as a function of L using a logarithmic scale on both axes. Interpret the slope in L = 100.Suppose that the Travnikar Corporation manufactures widgets. Analysts that work for the company have found a function C(x) which reports the cost to produce x widgets and a function R(x) which reports the total revenue from selling x widgets. Currently, the company is producing 500 widgets, but the analysts find that R'(500)=85 and C'(500)=79. In order to maximize profits, should the analysts recommend increasing or decreasing production?
- Suppose that you can sell as much of a product (in integer units) as you like at $60 per unit. Your marginal cost (MC) for producing the qth unit is given by: MC = 7q This means that each unit costs more to produce than the previous one (e.g., the first unit costs 7*1, the second unit (by itself) costs 7*2, etc.). If fixed costs are $80, what is the optimal integer output level? Please specify your answer as an integer. If fixed costs are $80, what is the profit at the optimal integer output level? Please specify your answer as an integer.Let the demand function for a product be given by the function D (q) 1.45 q + 290, where q is the quantity of items in demand and D (q) is the price per item, in dollars, that can be charged when q units are sold. Suppose fixed costs of production for this item are $ 5,000 and variable costs are $ 6 per item produced. If 138 items are produced and sold, find the following: A) The total revenue from selling 138 items (to the nearest penny). Answer: $ B) The total costs to produce 138 items (to the nearest penny). Answer: $ C) The total profits to produce 138 items (to the nearest penny. Profits may or may not be negative.). Answer: $ =Your automobile assembly plant has a Cobb-Douglas production function given byq=x0.4y0.6, where q is the number of automobiles it produces per year, x is the number of employees, and y is the daily operating budget (in dollars). Annual operating costs amount to an average of $28,000 per employee plus the operating budget of $365y. Assume that you wish to produce 3,000 automobiles per year at a minimum cost. How many employees should you hire? (Round your answer to the nearest employee.)x = Incorrect: Your answer is incorrect. employees
- Question 5 A manufacturing company produces the quantity q of a product that depends on I units of labour and a capital amount K as given by the equation 3 1 q = 6 (L) ³² (K) ² Labour costs are $10 per labour unit and capital costs are $20 per unit of capital and the total cost budget is $3,000. (a) Find the optimal solution using Lagrange Multipliers. G (b) Demonstrate the following economic principle for the optimal solution found in (a) that The marginal productivity of labour / The marginal productivity of capital = aq = Cost per unit of labour / Cost per unit of capital aq ☆ ƏL Challenge Level (c) Recompute the optimal values for L and K when the budget is increased by $1 and check that this allows for the production of an extra λ units where is the Lagrangian multiplier.The water Economist has estimated short run water responsiveness function for rice farming under major irrigation condition in the Dry Zone of "x" counry as follows;Y = 21W +30.3W2 – 3W3, Where Y = Output (paddy kg /Acre) , W = irrigation Water (Cubic Meter – m3) a) Determine three stages of this short run production process and graphically show the result. b) Determine rational production stage and what is the maximum and minimum output level of this rational stage. c) Determine the range of water level which is representing the low of diminishing marginal returns.Answer all questions otherwise skip.
