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If the production function is F(K,L)=A∗K0.4L0.6 then the marginal rate of technical subsitution is
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- Do not use chatgpt. Thank you! production function 10Q = 1600L-4,800, where L is hired labour hours. If the wage rate that laborers receive is $10/hour, what is the cost function?production function 10Q = 1600L-4,800, where L is hired labour hours. If the wage rate that laborers receive is $10/hour, what is the cost function?Given Q=100k0.5L0.5 , C=1200 w=30 r=40 (a)Determine the quantity of labour and capital the firm should use in order to minimize the cost. (b)What is the level of output at this level.
- how that the cost function for a firm with the constant returns Cobb–Douglas production function y = Az1a z21-a is given C( p, y) = yp1a p11-a B , where B is a function of A and a only. Sketch the cost curves. Derive the conditional input demands1) The Cobb-Douglas production function is y = 12 with a > 0 and 3 > 0. Show that MP₁ = ay/2₁, MP₂= By/22. What is the MRT S21? How does it vary with: (a) y: (b) 2/1. 2) Show that the cost function for a firm with the constant returns Cobb-Douglas production function y = Actis given by C(p, y) = ypip-B, where B is a function of A and a only. Derive the conditional input demands.Please no written by hand and no emage Consider the production function q = min{ l /2 , k/ 3 }. Where l is labour, k is capital and q is output. What is the associated cost function if l costs w per unit and k costs r per unit.
- Suppose the cost function is given byC(ω, υ, q) = qω^(1/3)υ^(2/3)(a) Use Shepard’s Lemma to find expressions for the conditional (on output)demands for capital and labour. (b) Use your results in part (a) to find the find the underlying production function for q.1/3 1/3 Farmer Joe's production function is f(x1, x2) = ", where xị is the number of pounds of lemons he uses and x2 is the number of hours he spends 1/21/2 2wi"wy3/2, where y is the squeezing them. His cost function is c(w1. w2, y) = number of units of lemonade produced. (a) If lemons cost $1 per pound, the wage rate is $1 per hour, and the price of lemonade is p, what is his marginal cost function?Find the value of Marginal cost if the marginal cost function is given is :- 3Q2 - 42 And the value of Q is 5
- A firm has production function F(K, L) = 1/4 (K1/2 + L1/2) . The wage rate is w = 1 and the rental rate of capital is r = 3. (a) How much capital and labor should the firm employ to produce y units of output? (b) Hence find the cost of producing y units of output (the firm’s cost function). (c) Differentiate the cost function to find the marginal cost, and verify that it is equal to the value of the Lagrange multiplierQ.2 Determine the values of K and L which minimise the cost function C = 3K + 5L subject to the production constraint, 250 = 10K0.5L0.5.Given Q=100kL0.5 , C=1200 w=30 r=40 (a)Determine the quantity of labour and capital the firm should use in order to minimize the cost.
