Suppose you are a baseball pitcher with two pitches, fastball and curve. Your opponents’ batting averages against these two pitches are as shown in the diagram below. If your goal is to minimize your opponents’ overall batting aver-age, what is the optimal proportion of fastballs? At this proportion, what are opponents’ batting averages against your two pitches?
Answer to relevant QuestionsSuppose that a firm with the production function Q = min (2K, 3L)Is currently using 6 units of capital and 5 units of labor. What are the marginal products of K and L in this case?A firm has access to two production processes with the following marginal cost curves: MC1 = 0.4Q and MC2 = 2 + 0.2Q.a. If it wants to produce 8 units of output, how much should it produce with each process? b. If it wants ...For the long- run total cost function LTC (Q) = Q2 + 10Sketch ATC, AVC, AFC, and MC.For a firm with the production function Q (K, L) = 3 ln K + 2ln L, find the optimal ratio of capital to labor if the price of capital is 4 and the price of labor is 6.A perfectly competitive firm faces a price of 10 and is currently producing a level of output at which marginal cost is equal to 10 on a rising portion of its short- run marginal cost curve. Its long- run marginal cost is ...
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