Question: A firm estimates its production function as Q = -2.4 + 20L -.52 2 + 30K -1.00K2 + 15*F - 3*F2. Total cost is TC

A firm estimates its production function as Q =

A firm estimates its production function as Q = -2.4 + 20L -.52 2 + 30K -1.00K2 + 15*F - 3*F2. Total cost is TC = $2L + $2.5K + $1.75*F. The firm wishes to produce 400 units of output. Use Excel to find the cost minimizing amounts of L, K and F. How much F (Fuel) should the firm use? O A. F=7.90 O B. F=9.58 OC. F=10.75. OD.F=12.63. O E. F=14.88

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!

Q:

1a) A firm estimates its production function as Q = -2.4 + 20*L -.5*L 2 + 30*K -1.00*K 2 + 15*F -.3*F 2 . Total cost is TC = $2*L + $2.5*K + $1.75*F. The firm wishes to produce 400 units of output....

Q:

.A firm estimates its production function as Q = -2.4 + 20*L -.5*L2 + 30*K -1.00*K2 + 15*F -.3*F2. Total cost is TC = $2*L + $2.5*K + $.75*F. The firm wishes to produce 400 units of output. Find the...

Q:

Solve clearly A firm estimates its production function as O = -2.4 + 20*L -.5*L2 + 30*K -1.OO*K2 + 15*F -.3*F2. Total cost is TC = $2*L + $2.5*K + $1.75*F. The firm can sell all the output it wishes...

Q:

Due Sunday, 11/20: Problems from Zimmerman text: 2-11, 2-44, Case 2-3, 7-7, and 7-20 Chapter Two The Nature of Costs Chapter Outline A. Opportunity Costs 1. Characteristics of Opportunity Costs 2....

Q:

Hi again, I was hoping you can help with this investment management assignment. I am attaching the word document. It is 4 problems about asset management. Thank you for your help! Fin 6310 1. Assume...

Q:

A paper company dumps nondegradable waste into a river that flows by the firm's plant. The firm estimates its production function to be: Q = 6KP, where Q = annual paper production measured in pounds,...

Q:

Please see the attached Inbox - brittanycruell@gmail.com x https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fle. G pter 9 Homework i Saved Help...

Q:

A paper company dumps non-degradable waste into a river that flows by the firm's plant. The firm estimates its production function to be Q = 6KW; where O = annual paper production measured in pounds,...

Q:

5. (20') Long-run production A paper company dumps nondegradable waste into a river that flows by the firm's plant. The firm estimates its production function to be: Q=6KP where Q= annual paper...

Q:

A paper company dumps nondegradable waste into a river that flows by the firm's plant. The firm estimates its production function to be: Q = 2 K 2 W , where Q = annual paper production measured in...

Q:

1- Alkanes are characterized by the general molecular formula: A. CnH2n-2 B. CnH2n C. CnH2n+2 2-Cycloalkanes are characterized by the general molecular formula: A. CnH2n-2 B. CnH2n C. CnH2n+2 3-What...

Q:

For the given arrangement of the humidifier determine the mass flow rate of makeup water and volume flow rate of atmospheric air into the system. Warm Water 40C 40Kg/s Air Inlet Cool Water 30C Make...

Q:

The average annual cost for dialysis treatment, particularly hemodialysis, is estimated to range from $10,000 to $90,000. The cost of dialysis varies depending on the type of treatment, with...

Q:

What is an example of constructive feedback? provide reference