User Account

All Pages

Determine firms minimum cost of making unit of output

Assignment Help Microeconomics
Reference no: EM13134994

A firm has the following production function: q = KL where q = output, L = labour measured in person hours, K = capital measured in machine hours. (The marginal product of labour is K in this case and the marginal product of capital is L here.) The wage is €1 per hour and the capital rental charge is €1 per hour. Determine the firm's minimum cost of making 1 unit of output

Reference no: EM13134994

Questions Cloud

What is the final volume : A 98 L sample of dry air cools from 138°C to -30.°C while the pressure is maintained at 2.85 atm. What is the final volume?
What is the budgeted gross margin in dollars for february : What is the budgeted gross margin in dollars for February?
Determining the dimensions of rectangle : The length of a rectangle is 1 cm longer than its width. If the diagonal of the rectangle is 4 cm, what are the dimensions (the length and the width) of the rectangle?
Define geometric angle of attack : Geometric angle of attack, The Piper Cherokee has a wing area of 170 ft2 and a wing span of 32 ft. Its maximum gross weight is 2450 lbs. The wing uses a NACA 65-415 airfoil, which has a lift slope of 0.10331deg^-1 and alpha(L=0)= -3.0deg. Assume th..
Determine firms minimum cost of making unit of output : Determine the firm's minimum cost of making unit of output and the wage is €1 per hour and the capital rental charge is €1 per hour.
What unit cost figure is relevant for setting selling price : If the company wishes to sell them through regular distribution channels, what unit cost figure is relevant for setting a minimum selling price? Explain.
Find probability that whole shipment will be accepted : If a particular shipment of thousands of components actually has a 6 percent rate of defects, what is the probability that this whole shipment will be accepted?
Washer method-cylindrical shell method : Determine the volume of the solid of revolution formed when R is revolved about the x-axis. Use the washer method (and no other method) to dertermine the volume of the solid of revolution formed when R is revolved about the line x=7.
E-activity, determine what social issues you see : From the e-Activity, determine what social issues you see when you investigated food deserts near your hometown and around the country.

Reviews

Write a Review

Microeconomics Questions & Answers

  Demand and supply curves - free perfect market

The task is to interpret the following article in the light of your understanding of supply and demand. Where possible you should illustrate your discussion of the changing situations with demand and/or supply curves, indicating values where app..

  Analyze optimal amount of production

Amityville has a competitive chocolate industry with supply curve Ps =440+Q. While market demand for chocolate is Pd=1200-Q, there are external profits that the citizens of Amityville derive from having

  What proportion of annual salary will be economic rent

How much will Jacob earn? What proportion of his annual salary will be economic rent? Why won't the advertising company for which Jacobs works be able to earn an economic profit?

  Consequences of decriminalizing illegal drugs

The consequences of decriminalizing illegal drugs have long been debated. Some claim that legalization will lower the price of these drugs and reduce related crime. Others claim that more people will use these drugs.

  Analyze arts problem with consumption theory

Functions monotonic transformations? You can determine it by drawing a graph or calculating their derivatives. Assume u > 0 throughout.

  Calculate the long-run equilibrium values

What happens to equilibrium output and the equilibrium interest rate in the short-run, and equilibrium output and theequilibrium price level in the long-run.

  Linear demand function

Demand estimation and forecasting and income elasticity of demand

  What is cost of afc per paper

What is cost of AFC per paper, what is MC per paper and what is minimum amount must charge to break even on costs?

  What is the market clearing price -locational marginal price

Consider the following problem: There are two generators in this system and there is a load of 1,000MW. There is only one node in this network.

  Excise tax on a commodity

Identify the fallacy in the following discussion: "The effect of an excise tax on a commodity might seem at 1st sight to increase the value that buyer pay.

  Determining elasticity of demand-aztec enterprises

Aztec Enterprises depends heavily on advertising to sell its products. Management at Aztec is allowed to spend $2 million monthly on advertising, but no more than this amount.

  Determining optimal combination of labor-capital

Crew Brew produces a popular brand of beer in its mini-brewery located on a small river in Kentucky. Assume that capital can be purchased for $8 per unit, and labor costs $6 per unit. What is the optimal combination of inputs for the firm to employ..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd