Question

for a Production function of a single input Φ(?)=10+(?−1000)^1/3, where ?≥0 denotes the quantity of input...

for a Production function of a single input Φ(?)=10+(?−1000)^1/3, where ?≥0 denotes the quantity of input employed by the firm. Let ?=1 denote the per-unit cost of the input incurred by the firm. Derive the firm’s total cost function ??(∙).

Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Suppose that a firm’s production function is given by Φ(?1,?2)=?1?2. The firm incurs per-unit input costs...
Suppose that a firm’s production function is given by Φ(?1,?2)=?1?2. The firm incurs per-unit input costs of ?1 and ?2 when employing inputs ?1 and ?2, respectively. Derive the firm’s conditional input demand functions ?1?(∙) and ?2?(∙) and the firm’s total cost function ??(∙).
7. Suppose that the price per unit of input C is 10 euros and the price...
7. Suppose that the price per unit of input C is 10 euros and the price per unit of input K is 8 euros. What is the minimum cost of producing 40 units of output Y for the firm if the firm’s production function is Y = min {C/2 ; 4K}, where Y denotes the quantity of output Y produced, C denotes the quantity of input C used and K denotes the quantity of input K used? (10 points)
Firm B’s production function is q = min {8L, 10K} where L is the quantity of...
Firm B’s production function is q = min {8L, 10K} where L is the quantity of labor and K is the quantity of capital used to produce output q. Let PL and PK denote price of labor and price of capital, respectively. Derive Firm B’s long-run total cost function. Show your work.
6. Suppose that the price per unit of input A is 12 euros and the price...
6. Suppose that the price per unit of input A is 12 euros and the price per unit of input B is 6 euros. What is the minimum cost of producing 120 units of output Y for the firm if the firm’s production function is Y = 4A + 2B, where Y denotes the quantity of output Y produced, A denotes the quantity of input A used and B denotes the quantity of input B used? (10 points)
1. Acme Inc. produces widgets. Its production function is ? = ? 1/3 (? − 1)...
1. Acme Inc. produces widgets. Its production function is ? = ? 1/3 (? − 1) 1/3 , for ? ≥ 0 and ? ≥ 1, where ? denotes units of capital input, ? denotes units of labor input, and ? denotes units of output. (Note that ? = 0 for all ? < 1.) The price of a unit of capital input is ? and the price of a unit of labor input is ?. a. Find Acme’s ???...
Consider the following Cobb-Douglas production function: y(K,L) = 2K^(0.4)*L^(0.6), where K denotes the amount of capital...
Consider the following Cobb-Douglas production function: y(K,L) = 2K^(0.4)*L^(0.6), where K denotes the amount of capital and L denotes the amount of labour employed in the production process. a) Compute the marginal productivity of capital, the marginal productivity of labour, and the MRTS (marginal rate of technical substitution) between capital and labour. Let input prices be r for capital and w for labour. A representative firm seeks to minimize its cost of producing 100 units of output. b) By applying...
A firm’s production function is given as y=(x1)^(1/2) * (x2-1)^(1/2) where y≥0 for the output, x1≥0...
A firm’s production function is given as y=(x1)^(1/2) * (x2-1)^(1/2) where y≥0 for the output, x1≥0 for the input 1 and x2≥0 for the input 2. The prices of input 1 and input 2 are given as w1>0 and w2>0, respectively. Answer the following questions. Which returns to scale does the production function exhibit? Derive the long-run conditional input demand functions and the long-run cost function.
Consider a firm that produces a single output with a single input, labor, using production function...
Consider a firm that produces a single output with a single input, labor, using production function F(L)=100L−4(L^2), for L∈[0,12.5]. The input price is W=2. 1. Determine the firm’s cost function C(Q), that is, the lowest cost of producing Q units of output. State the associated labor choice for a given required output, L(Q). Consider only the range Q ∈ [0, 12.5] . 2. What is the firm’s marginal cost curve, MC(Q)?
Pinnacle Inc. produces industrial pins. Its production function is ? = ?? 1/2 ? 1/2 ,...
Pinnacle Inc. produces industrial pins. Its production function is ? = ?? 1/2 ? 1/2 , for ? ≥ 0 and ? ≥ 0, where ? denotes units of capital input, ? denotes units of labor input, and ? denotes units of output. The price of a unit of capital input is ? and the price of a unit of labor input is ?. a. Find Pinnacle’s ??? and ??? functions. b. Find Pinnacle’s ??? function. c. Find Pinnacle’s long...
Consider a firm that produces a single output with a single input, labor, using 2 different...
Consider a firm that produces a single output with a single input, labor, using 2 different plants. Denote by L1 the assignment of labor input into plant 1 and by L2 the assignment of labor input into plant 2. Plant 1’s production function is F1 (L1) = 4√L1, for L1 ≥ 0. Plant 2’s production function is F2(L2) = 8√L2, for L2 ≥ 0. 1. State the average product function of each plant as a function of the labor assignment....
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT