i just need the answers to #3, #4, #5, and #6. I have posted the answers to #1 and #2 below to help u answer them.
Please show as much work as possible and be neat. Please answer ASAP, and please include graphs and images where it would help. Please answer ALL parts of this question and label them. Thank you so much, and I will give a thumbs up if you do this!
2 40 ACC 88 0 18 10 . 14 110 112 22 se 1 50 15 13 16 12 22 >> > . 1 . 210 H Chart Title 200 110 100 se MC 1 Units 2 ATE TVC AVE 0 26 s o 1 2 3 4 5 6 7 8 Okay, TCTVC TFC ATOAVAC MCATC-TC1) 888882 * 62 18 10 6 14 22 36 64 - 96 110 132 168 232 7 3 9 10 11 12 13 RXNXX 54 50 74 96 132 196 15 148 16 18.857 24.5 Chart Title 250 200 150 15 16 17 18 19 20 21 22 23 24 25 26 27 -10 MC ATC TVC -AVC 100 SO 0 0 1 2 3 5 6 7 8 29 30 31 Sheet1 Shert? Sheet 1. A certain firm produces output (X) with machine hours of capital (K) and with hours of labor (L). Its production function is given by X=1/2VKL. 1. Fill in the following table with all the integer values of machine hours and labor hours that generate 2, 3, 4, 5 and 6 units of output. Those input combinations that generate 1 unit of output have been filled in below. output X-1 K=1, L=4; K=2, L=2; K=41=1 X=2 X =3 X =4 X=5 X-6 2. Plot the factor combinations from Table 1 on a graph (figure 1) with units of labor on the X axis and units of capital on the Y axis. (You may leave out the extreme input combinations that generate output levels of 5 and 6 units, e.g. 144K, 1L.) 3. Solve for the marginal rate of technical substitution. 4. If a machine can be rented for $24 per hour and a laborer can be hired for $6 per hour, solve for the best i.e. the most inexpensive) combinations of K and L for producing from 1 to 6 units of output. Sketch the solution in figure 1. 5. Use your results to compute the long run total cost, average total cost and marginal cost curves. 6. Suppose that our firm has already rented four units of capital and can obtain no more over the next production period. Solve for the short run total cost, short run average cost and short run marginal cost curves. 2 40 ACC 88 0 18 10 . 14 110 112 22 se 1 50 15 13 16 12 22 >> > . 1 . 210 H Chart Title 200 110 100 se MC 1 Units 2 ATE TVC AVE 0 26 s o 1 2 3 4 5 6 7 8 Okay, TCTVC TFC ATOAVAC MCATC-TC1) 888882 * 62 18 10 6 14 22 36 64 - 96 110 132 168 232 7 3 9 10 11 12 13 RXNXX 54 50 74 96 132 196 15 148 16 18.857 24.5 Chart Title 250 200 150 15 16 17 18 19 20 21 22 23 24 25 26 27 -10 MC ATC TVC -AVC 100 SO 0 0 1 2 3 5 6 7 8 29 30 31 Sheet1 Shert? Sheet 1. A certain firm produces output (X) with machine hours of capital (K) and with hours of labor (L). Its production function is given by X=1/2VKL. 1. Fill in the following table with all the integer values of machine hours and labor hours that generate 2, 3, 4, 5 and 6 units of output. Those input combinations that generate 1 unit of output have been filled in below. output X-1 K=1, L=4; K=2, L=2; K=41=1 X=2 X =3 X =4 X=5 X-6 2. Plot the factor combinations from Table 1 on a graph (figure 1) with units of labor on the X axis and units of capital on the Y axis. (You may leave out the extreme input combinations that generate output levels of 5 and 6 units, e.g. 144K, 1L.) 3. Solve for the marginal rate of technical substitution. 4. If a machine can be rented for $24 per hour and a laborer can be hired for $6 per hour, solve for the best i.e. the most inexpensive) combinations of K and L for producing from 1 to 6 units of output. Sketch the solution in figure 1. 5. Use your results to compute the long run total cost, average total cost and marginal cost curves. 6. Suppose that our firm has already rented four units of capital and can obtain no more over the next production period. Solve for the short run total cost, short run average cost and short run marginal cost curves
