Reference no: EM13862090
1. Pete's Choppers Company's cost data have been partially entered in the table. Following the arrest of the company's accountant, you are called to fill in the missing entries:
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Output
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TC
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FC
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VC
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ATC
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AVC
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AFC
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MC
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0
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3000
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-
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-
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-
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-
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1
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2400
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2
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5600
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|
|
|
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3
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14000
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4
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|
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|
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8100
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5
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|
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6200
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6
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|
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8000
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2. Kobe's production function for mini-basketball hoops is Q = LK. The price of labor services is w and the price of capital services is r. Suppose that w = $4, r = $2, and Kobe's total cost is $160.
(a) What is Kobe's MPL and MPK?
(b) What is Kobe's optimal input combination of L and K? What is Q?
(c) Suppose the wage rate is 8 times the rental rate and Q is the same as before. What is Kobe's optimal input combination of L and K after the price change?
3. Suppose that each firm in a perfectly competitive industry has the short-run cost function C = 5 + q + 2q2, and the market price is $45. What is the profit-maximizing output level for each firm? What is the total revenue? What are the profits?
4. Suppose that a perfectly competitive firm's total cost of producing output q is TC (q) = 10+10q-q2 +0.25q3 and market price P*=$10.
(a) Find the short-run supply curve of a firm in this industry.
(b) How much will the firm produce at P*=$10?
5. Crystal skulls are produced in a perfectly competitive industry in which each firm has a total cost function TC = 4r + wq2/4, where r is the price of a barrel of oil and w is the price of a barrel of water. Suppose that the crystal skull industry is in long-run equilibrium, with r = $25 and w = $1. What is the market price of a crystal skull? How many skulls does each firm produce?
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Evaluate the role of religion and superstition on art
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What is kobe mpl and mpk
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