A firms production function is given by Q = 50KL Unit capital and labour costs are $2

Question:

A firm’s production function is given by Q = 50KL Unit capital and labour costs are $2 and $3, respectively. Find the values of K and L which minimise total input costs if the production quota is 1200.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Mathematics for Economics and Business

ISBN: 978-1292191669

9th edition

Authors: Ian Jacques

See More Books

Question Posted: Apr 18, 2019 10:05 AM

See More Questions

A firms production function is given by Q = 80KL. Unit capital and labour costs are $2 and $1, respectively. The firm is contracted to provide 4000 units of output and wants to fulfil this contract...
A firms production function is given by Q = 16K + 6L where Q, K and L denote output, capital and labour, respectively. The cost of providing each unit of capital and labour is $80 and $27,...
A firms production function is given by Q = 18K 1/6 L 5/6 . (a) Show that this function displays constant returns to scale. (b) Find expressions for the marginal products of capital and labour. (c)...
Modify the symbol-table API to handle values with duplicate keys by having get() return an iterable for the values having a given key. Implement BST and Index as dictated by this API. Discuss the...
Calculate the mole fraction of each component and the gas constant of the mixture for each of the following mixtures: a) 4 kg N2, 1 kg O2, 3 kg CO2 b) 4 kg N2, 1 kg CH2, 3 kg NH3 c) 5 kg air, 3 kg...
Debate and critically discuss what is cash and what are its most important features.
Find the following probabilities for the standard normal random variable z: a.~(-l
Answer the following questions with reference to Figure . a. The base case for a program is priced out at $22 million. The companys chief executive officer is required to obtain written permission...
d . Determine Heather's federal Income taxes due or payable. Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates. ) for reference. Note: Round your Intermedlate computations and final answer...
Fox Enterprises is owned by Edmund Fox and has a January 31 fiscal year end. The company prepares adjusting entries on an annual basis. The following trial balance was prepared before adjustments:...
Find the maximum value of z = 80x 0.1x 2 + 100y 0.2y 2 subject to the constraint x + y = 500
The total cost of producing x items of product A and y items of product B is TC = 22x 2 + 8y 2 5xy If the firm is committed to producing 20 items in total, write down the constraint connecting x and...
An organization can have no structure. Do you agree or disagree with this statement? Explain. LO4
Question (4) seen, 20 vehicles/km moving at 100 km/h and 30 vehicles/km traveling at 120 km/h. Two successive videos showing stationary traffic on the road were examined. Two groups of platoons were...
?In civil engineering, what is the main use of a slump test in concrete technology?
Explain the process of compression resin transfer molding(CRTM)?in composite manufacturing. What are the benefits of using CRTM for producing composite structures?
Explore the role of post-occupancy evaluation in commercial and industrial architecture. How do architects use feedback from building users to improve future designs?
Discuss the principles of geotechnical engineering in slope stability analysis. How can engineers assess slope stability, mitigate landslide risks, and design effective stabilization measures to...
State the definition of probability from memory. Give simple examples.
Use integration by parts to evaluate the following. Check your answer by taking the derivative. x2e-xdx
In Problem find and simplify each of the following, assuming h 0 in (C). f(x) = 4x - 3 (A) f(x + h) (B) f(x + h) - f(x) f(x + h) - f(x) (C) h
In Problem find and simplify each of the following, assuming h 0 in (C). f(x) = 4x - 3 (A) f(x + h) (B) f(x + h) - f(x) f(x + h) - f(x) (C) h
In Problem find and simplify each of the following, assuming h 0 in (C). f(x) = 4x - 3 (A) f(x + h) (B) f(x + h) - f(x) f(x + h) - f(x) (C) h
Portfolio return and beta Personal Finance Problem Jamie Peters invested $ 1 1 3 , 0 0 0 to set up the following portfolio one year ago: a . Calculate the portfolio beta on the basis of the original...
. Emerson Cammack wishes to purchase an annuity contract that will pay him $7,000 a year for the rest of his life. The Philo Life Insurance Company figures that his life expectancy is 20 years, based...
Integrity Inc. can sell 20-year, $1,000 par value bonds paying semi-annual interests with a 10% coupon. The bonds can be sold for $1,050 each; flotation cost of $50 per bond will be incurred in this...

A firms production function is given by Q = 50KL Unit capital and labour costs are $2

Question:

Step by Step Answer:

50 KL1200K 241 TC 2 K 3 L48I 3L At ...View the full answer

Mathematics for Economics and Business

Students also viewed these Mathematics questions