User Account

All Pages

Minimizing combination of labor and capital

Assignment Help Business Management
Reference no: EM131695251

Suppose a firm can use either Capital (K) or Labor (L) in a production process. The firms Production function is given by Q = 5L + 15K. The price of Capital is $20 per unit and the price of Labor is $8 per unit.

What is the firm's Total Cost function?

TC(Q) = ____________________________

Suppose the firm is producing 30 units of output (Q = 30). Using a graph, draw the firm's isoquant for Q = 30. Also, on the same graph, draw the isocost line associated with the total cost of producing Q = 30. Your graph should be accurate and carefully labeled. Please put the units of Capital (K) on the vertical axis, and the units of Labor (L) on the horizontal axis. Make sure to clearly indicate the cost-minimizing combination of Labor and Capital that the firm should use, and to clearly label both the isocost line and the isoquant.

Reference no: EM131695251

Questions Cloud

What are the reactions of the countries in the region : Why China has initiated the One Belt One Road project, what implications it has for the regional security. What are the reactions of the countries in the region
Find the bond interest expense for the six months ended : Legion records interest at the effective rate. Legion should report bond interest expense for the six months ended June 30, 2016, in the amount of
Destcribe the facts of the case : If you were a Justice on the Supreme Court at the time of this case, would you be in the majority or the dissent?
The female college students are driving cadillac with pink : Perfect niche market- Pink Cadillac for Mary Kay sales reps. Also, young female college students are driving Cadillac with pink
Minimizing combination of labor and capital : Make sure to clearly indicate the cost-minimizing combination of Labor and Capital that the firm should use, and to clearly label both the isocost line.
Explain the evolution of the internet : Explain the evolution of the Internet and how it changes the way customers, suppliers and companies interact.
Why is it important for accountants to act in ethical manner : Why is it important for accountants to act in an ethical manner? How does the public view the ethical obligation of governmental accountants
What is the firm marginal cost of production : If the price of Labor, w = $12 per unit of Labor, what is the firm's Marginal Cost of production when the firm is producing 48 units of output?
Airline mergers have increased in the twenty first century : Airline mergers have increased in the twenty first century.

Reviews

Write a Review

Business Management Questions & Answers

  Caselet on michael porter’s value chain management

The assignment in management is a two part assignment dealing 1.Theory of function of management. 2. Operations and Controlling.

  Mountain man brewing company

Mountain Man Brewing, a family owned business where Chris Prangel, the son of the president joins. Due to increase in the preference for light beer drinkers, Chris Prangel wants to introduce light beer version in Mountain Man. An analysis into the la..

  Mountain man brewing company

Mountain Man Brewing, a family owned business where Chris Prangel, the son of the president joins. An analysis into the launch of Mountain Man Light over the present Mountain Man Lager.

  Analysis of the case using the doing ethics technique

Analysis of the case using the Doing Ethics Technique (DET). Analysis of the ethical issue(s) from the perspective of an ICT professional, using the ACS Code of  Conduct and properly relating clauses from the ACS Code of Conduct to the ethical issue.

  Affiliations and partnerships

Affiliations and partnerships are frequently used to reach a larger local audience? Which options stand to avail for the Hotel manager and what problems do these pose.

  Innovation-friendly regulations

What influence (if any) can organizations exercise to encourage ‘innovation-friendly' regulations?

  Effect of regional and corporate cultural issues

Present your findings as a group powerpoint with an audio file. In addition individually write up your own conclusions as to the effects of regional cultural issues on the corporate organisational culture of this multinational company as it conducts ..

  Structure of business plan

This assignment shows a structure of business plan. The task is to write a business plane about a Diet Shop.

  Identify the purposes of different types of organisations

Identify the purposes of different types of organisations.

  Entrepreneur case study for analysis

Entrepreneur Case Study for Analysis. Analyze Robin Wolaner's suitability to be an entrepreneur

  Forecasting and business analysis

This problem requires you to apply your cross-sectional analysis skills to a real cross-sectional data set with the goal of answering a specific research question.

  Educational instructional leadership

Prepare a major handout on the key principles of instructional leadership

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