Units of fixed input K Labor Hours (L) Output (Q) TFC TVC TC AFC AVC ATC MC 3 0 0               3 1 4               3 2 90               3 3 160               3 4 200               3 5 230               3 6 250               3 7 260               3 8 265               A firm has the following production function: Q=f (L/K). It must pay $20 per hour of labor and rents its fixed inputs (K) for $30 per unit. Complete the following table and answer the questions that follow:

Q: Total Cost AVC AFC ATC MC -- -- 1 25 40 65 a5 20 16 20 216 25 29 3 15 20 25 4 105 145 4 (15) For any…

A: Since you asked for only drawing the diagram, we are doing that only.

Q: The total cost functionbof a firm is define by TC=35+5Q-2Q+2Q,fine the marginal cost of the firm…

A: Given  Total cost function TC =35+5Q-2Q+2Q We have to find the marginal cost at Q= 3 and 5

Q: A firm's total cost curve is TC-Q3-20Q2 +45Q+ 200. Its marginal cost is 3Q² - 40Q+45 Identify the…

A: Total cost(TC) refers to the overall expense incurred by a firm in producing a certain quantity of…

Q: Examples of variable costs include sales commissions, utility costs, raw materials, administrative…

A: Administrative costs are not considered as variable costs

Q: A firm produces chocolate according to the production function: a= K2/3,. where K is measured in…

A: Total cost is the cost that is incurred in making goods and services by converting raw material into…

Q: A company produces canned drinks and sells them to supermarkets at $2 per unit. The resources the…

A: The optimal quantity of output is such a quantity of output where profit is maximized.

Q: Explain the difference between direct costs, indirect costs, fixed costs, and variable costs,…

A: Economic cost looks at the gains and losses of one course of action versus another. It does this…

Q: Suppose honey is produced in a beehive using bees and sugar. Each honey producer uses one beehive…

A: “Since you have posted a question with multiple sub-parts, we will provide the solution only to the…

Q: A firm produces output according to a production function: Q=F(K,L) = min (4K,8L). a. How much…

A: A production function exhibits the relationship between the inputs and the output. There are various…

Q: A firm's production function is q = 2K0.5 +5L 0.5 This production function exhibits decreasing Both…

A: The production function in economics is a task that relates the output a firm can produce to…

Q: Part C) Find the marginal productivities for 25 units of labor and 1435 units of capital

A: We have the following production functions: p(x,y) = 2000x4/5y1/5 Where p(x ,y) is the number of…

Q: As a production process requires labor L and capital K, q = F (L, K). The wage for a labor is $500,…

A: The optimal level of labor and capital is given by the point where the marginal rate of technical…

Q: The production function is given by f(x) = 4x¹/2. If the price of the commodity produced is $50 per…

A:

Q: a) Find the formula for the firm's isoquants, and sketch the isoquant for y = 16 in a diagram. D)…

A: a) Find the formula for the firm's isoquants, and sketch the isoquant for yˉ​=16 in a diagram.An…

Q: (4) w = 3. firm's production function is F(K, L) = 2√/K + L. Factor prices are r = 2 and (a) Find an…

A: The marginal product of labor represents the increase in output as a result of an increase in labor…

Q: FarFlung make computer keyboards. They use both labour, L, and materials, M, in their production of…

A: Q = LM Q = 160,000 MPL = dQ/dL = M MPM = dQ/dM = L

Q: 1. Find the cost minimizing input demand functions (x₂ (w, q)) and the cost function (c(w, q)) for…

A: The production function estimates the required inputs to produce the target output level. It defines…

Q: 1) The Cobb-Douglas production function is y = 2 with a > 0 and 3 > 0. Show that MP₁ = ay/=₁, MP₂=…

A: Introduction In cobb Douglas production function there are two input: z1 and z2 or we can say that…

Q: A firm can manufacture a product according to the production function Q = F(K, L) = KO.50LO.50. (a)…

A: The production function refers to the functional relationship between the given input and the…

Q: When the quantity of a variable input is increased from 3 units to 4 units the total output…

A:

Q: (v) Find the ratio of the marginal productivities of two inputs, at L =2 and K= 3 when the…

A: Q = 8LK - L2 -K2  MPk= ∆Q / ∆K = 8L - 2K  MPl= ∆Q / ∆L = 8K - 2L

Q: (e) Let P = $600. Find optimal output where r = $200 and w= $300. You can do this in a table or…

A: Break even price is that price level where total profits = 0  => Total Revenue - Total Cost = 0…

Q: Consider the input output table below Table (Inter) final Total (Agric) (Manuf) (Mining)demand…

A: Given information

Q: 4. Ikea Inc., a home remodeling business. The number of square fee they can remodel in a day is…

A: The optimal combination of inputs is where the ratio of their MPs (marginal product) is equal to the…

Q: What property does it display? O increasing returns diminishing returns O constant returns O…

A: A production function is a mathematical equation that describes the relationship between the…

Q: A firm has the following production function: Q=f (L/K). It must pay $20 per hour of labor and rents…

A: Figure -1 shows the AVC, AFC, ATC and MC curve as follows:

Q: When the quantity of a variable input is increased from 4 to 6 units, the total output increases…

A:

Q: Suppose that a firm's production function is: 112 95 Its marginal product functions are: 84 MP =…

A: Production function is the maximum set of output(s) that can be produced with a given set of inputs.…

Q: (a) Suppose we have the following production function: Q= Suppose K is fixed in the short- run at…

A: DISCLAIMER  “Since you have asked multiple questions, we will solve the first three questions for…

Q: The cost function of a firm is given by C (x) = 2x² + 3x + 5. Then the average cost producing 5…

A: The total cost of production: It is the function of output. As the output increases the total cost…

Q: unction for Soybeans Quantity of labor (workers) Quantity of soybeans (bushels) 1 25 45 3 60 4 70 75…

A: Here we calculate the total cost of 70 bushels by using the given information and choose the correct…

Q: What happens to product function if there ia firm removes labour

A: We can summarise our previous ideas in terms of a production function, which is a mathematical…

Q: Number of Workers Number of Chairs 1 10 2 18 3 24 4 28 5 30 6 28 7 25 a. Calculate the average and…

A: The average product of labor is derived by dividing the total product by the inputs. It is also…

Q: Problem 9: Given below is the cost schedule of a firm. Its average fixed cost is 20 when it produces…

A:

Q: Mzanzi-Ndizvo (Pty) is a vaccine manufacturing company that has the following costs of production.…

A: A production function is a concept in economics that represents the relationship between inputs…

Q: The estimated production function is Q = 12K ½ L1/4 The firm pays workers (L) and rents boats (K) in…

A: Q = 12K1/2L1/4 -------> Production function.  Where Q is the quantity of fish.  K is boats rented…

Q: 5. Consider the cost function for a firm with the production function from above, F(K, L) = K0.5 +…

A: We need to find whether this production function exhibits decreasing, decreasing, or constant…

Q: Suppose that the production function for Hannah and Sam's home remodeling business is             Q…

A: The production function for Hannah is The production function for Sam is The wage rate is $8000 per…

Q: 2. A firm has a production function given by the following table: Units of Labor 1 2 3 4 5 K=1 3 8…

A: Diminishing marginal returns occur when an increase in Labor led to increasing in output at…

Q: From 1 labor hour up to 7 labor hours, what sort of marginal productivity does this production…

A: The marginal productivity of labor describes the additional output (or production) that a firm…

Q: Consider the production function Q = 10KL. Will the MRTS for this production function remain…

A: Here,  Q = 10KL And, MRTS which is marginal rate of technical substitution is defined as the the…

Q: Suppose a firm has a production function q = f(L,K) = 3L + 2K, and the factor prices are w = $3 and…

A: Given:  Production function : Q = 3L + 2K  w (wage rate) = r (capital cost per unit) = $3  The firm…

Q: Determine the multifactor productivity for the combined input of the labor and the machine time…

A: Multifactor productivity is the ratio of output and combined costs of inputs and it determines the…