Firm has production function-what is total cost to produce

Assignment Help Business Economics
Reference no: EM13977125

A firm has a production function (products of the whole year) given by q = 500 (LK)^1/2 . Wage is $40000 per year and capital rental rate is $90000 per year. (Details and steps required) a. Find the best way to produce 6000 products in a year. What is the total cost to produce? b. Find the best way to produce 12000 products in a year. What is the total cost to produce? c. Draw the isoquant curves map and solution point. d. From parts a, b could you find the total cost function? Write down this function. e. Find AC, MC functions.

Reference no: EM13977125

Questions Cloud

Round your answer to two decimal places : Then water containing 1/2 lb of salt per gallon is poured into the tank at a rate of 2 gal/min and the mixture is allowed to leave at the same rate.
Which one descends faster the bullet or the hat : A tank shoots a bullet horizontally from the top of a mountain of 50 meters with a velocity of 2776 km/h. If at the same time, a captain drops his hat from the same place, which one descends faster, the bullet or the hat?
How can it be that the major mnc breweries : How can it be that the major MNC breweries today are from relatively small countries(Demark, Belgium, Holland and South Africa) and not from large countries( such as Germany, the UK, the Us) which also have long tradition of brewing?
What does this imply about the slope of the production : What does this imply about the slope of the production possibility frontier?  What is the opportunity cost of increasing the annual output of potatoes from 200 to 400 pounds?
Firm has production function-what is total cost to produce : A firm has a production function (products of the whole year) given by q = 500 (LK)^1/2 . Wage is $40000 per year and capital rental rate is $90000 per year. (Details and steps required) a. Find the best way to produce 6000 products in a year. What i..
Write an integral which calculates work required to pump oil : The tank in the shape of a semicircle is fileld with crude oil to a depth of 2 meters. The oil has a density of 875 kg/m3. Write an integral which calculates the work required to pump the oil of of the outlet.
Able to engage in price discrimination : Firms in which of the following market structures are NOT able to engage in price discrimination?
What is the reading on each of the scales : A 54kg woman stands on a very light, rigid board that rests on a bathroom scale at each end, as shown in figure,  What is the reading on each of the scales? On the left scale Express your answer using two significant figures. in kg

Reviews

Write a Review

Business Economics Questions & Answers

  Inflation and quantity theory of money

Inflation and Quantity theory of Money. Adapted from Jones Q3 Ch 8: What is the key endogenous variable in the quantity theory? (Read chapter 8 if this isn't clear) Explain the effect on this key variable of the following changes (holding everything ..

  Print shop that makes posters for large companies

Karen runs a print shop that makes posters for large companies. It is a very competitive business. The market price is currently $1 per poster. She has fixed costs of $100. Her variable costs are $1,000 for the first thousand posters, $800 for the se..

  Find out the real rate of interest earned by albert in each

Find out the real rate of interest earned by Albert in each of the three years and his total real return over the three-year period. Suppose that interest earnings are reinvested each year and themselves earn interest.

  Mortality among children remains constant

If total mortality among children remains constant whereas the incidence of that mortality shifted from late childhood to untimely rates of fertility declined.

  Discuss how the distribution of income among various groups

Discuss how the distribution of income among various groups of income earners have changed in this country during the past 50 years. In your opinion, do we need to initiate any policy to address the distribution of income?

  Q1 short run profit maximizingthe producer of high-quality

q1. short run profit maximizingthe producer of high-quality flatbed scanners is tiresome to decide what price to set

  What is the bid price that maximizes expected contribution

Why would your company have bid with a zero mark-up on some past tenders? Why didn't it win all of those contracts? What is the bid price that maximizes the expected contribution of the contract?

  Considering luxury apartment building project

You are considering a luxury apartment building project that requires an investment of $12,500,000. The building has 50 unites. You expect that the maintenance cost for the apartment building will be $250,000 in the first year, and to rise to $300,00..

  What is the amount of this bank reserves

What is the amount of this bank's deposits that are in M2? What is the amount of this bank's reserves?

  Elucidate how closely do real world conditions match

Elucidate how closely do real world conditions match the charateristics listed in the model. Do they compete using price. Is the good in question standardized.

  China raises reserve requirementsthe peoples bank of china

china raises reserve requirementsthe peoples bank of china the countrys central bank raised the reserve requirements of

  Dominated by any other strategy in the reduced form game

In the same election game played in class, assume that we have three candidates. Now are strategies 1 and 10 still dominated by strategies 2 and 9 respectively? If not, check and see if they are dominated by strategies 3 and 8 respectively? If so, ar..

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!

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