Question: A firms production function is Q = 80L.4 K.6. The firms input prices are PL = $30 and PK = $50. The firm wishes to

A firm’s production function is Q = 80L.4 K.6. The firm’s input prices are PL = $30 and PK = $50. The firm wishes to produce 3,000 units of output and minimize the cost of production. How much L should the firm employ?

A.20.51.

B.25.42.

C.30.25

D.39.95

E.46.45.

Step by Step Solution

★★★★★

3.34 Rating (154 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Ans Given Firms production function is Q 80L04K06 Firms input prices a... View full answer

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 Economics Questions!

Tiny car, tiny price tag, tiny gasoline bill. The Smart Car, made by Daimlers Mercedes Car Group in Hambach, France, first appeared on U.S. roads in 2008, just as prices at the gas pump were hitting...

A firm's production function is Q = 5L2/3K1/3 with MPK = (5/3)L2/3K2/3 and MPL = (10/3)L1/3K1/3. a) Does this production function exhibit constant, increasing, or decreasing returns to scale? b) What...

A manufacturing firm's production function is Q = KL + K + L. For this production function, MPL = K + 1 and MPK = L + 1. Suppose that the price r of capital services is equal to 1, and let w denote...

A firm's production function is Q = min(K , 2L), where Q is the number of units of output produced using K units of capital and L units of labor. The factor prices are w = 4 (for labor) and r = 1...

A firms production function is Q = 100L^.6 K^.4. The firms input prices are PL = $30 and PK = $40. The firm wishes to produce 2,000 units of output and minimize the cost of production. How much labor...

1.A firms production function is Q = 100L^.6 K^.4 The firms input prices are PL = $30 and PK = $40. The firm wishes to produce 2,000 units of output and minimize the cost of production. How much...

A firms production function is Q = 100L .6 K .4 . The firms input prices are PL = $30 and PK = $40. The firm wishes to produce 2,000 units of output and minimize the cost of production. How much...

need these fast 1. Which of the following is an example of a positive statement? O A. If this good is bad for you, you should not consume it. O B. If you consume this good, you will get sick. O C....

need this quick. Thanks 1. Which of the following is an example of a positive statement? O A. If this good is bad for you, you should not consume it. O B. If you consume this good, you will get sick....

Question 10: Suppose a consumer has $600 to spend on goods F andN . The market prices of these two goods are P f =$10 and P n =$40. a.What is the market rate of substitution between goods F and N ?...

Section A. . Answer the following questions. (30 marks) The local council of a city plans to reduce pollution by imposing a tax on gasoline. To avoid any backlash from voters, they decide to impose...

A 176-pound man and a 132-pound woman went to Burger King for lunch. The man had a BK Big Fish sandwich (720 Cal), medium French fries (400 Cal), and a large Coke (225 Cal). The woman had a basic...

A DC10 airplane travels 3000 km with a tailwind in 3 hr. It travels 3000 km with a headwind in 4 hr. Find the speed of the plane and the speed of the wind.

LLC net income and statement of members' equity respectively. Amounts equal to the salary and interest allowances were withdrawn by the members. a . Determine the division of income among the three...

George large worked as a salesman for Toy boat, inc. he received a salary of $80,000 ($8,500 of federal income taxes withheld and $1,800 of state income taxes withheld) plus an expense reimbursement...

George Large (SSN 000-11-1111) and his wife Marge Large (SNN 000-22-2222) live at 2000 Lakeview Drive, Cleveland, OH 49001 and want you to prepare their 2014 income tax return based on the...

If a product has an income elasticity of demand of -2.5 (minus 2.5), and buyers incomes decrease by 50%, then: purchases of this product will fall by 50%. purchases of this product will fall by 2.5%....

Schuepfer Inc. bases its selling and administrative expense budget on budgeted unit sales. The sales budget shows 2,700 units are planned to be sold in March. The variable selling and administrative...

| log (1+x) dx

A country's education department reported that in 20232023, 61.461.4% of high school graduates ages 16-24 were enrolled in colleges or universities. In 20252025, a random sample of 164164 high school...

Solve the following.,,, Question 1 (total 15 points). A firm has a production function: f(K, L) = 50LK0-5 + 12 K2 - 13K3 a. What is its short-run production function if capital is fixed at K=4? b....

Part A. Production Problem 1. Consider the Cobb-Douglas production function f(x,y) = 12x0.4y0.8. (A) Find the intensities (? and 1 ? ?) of the two factors of production. Does this firm have...

Kindly solve the following questions. Production Problem 1. Consider the Cobb-Douglas production function f(x,y) = 12x0.4y0.8. (A) Find the intensities (? and 1 ? ?) of the two factors of production....

:solve the following questions. Problem 1. Consider the Cobb-Douglas production function f(x,y) = 12x0.4y0.8. (A) Find the intensities (? and 1 ? ?) of the two factors of production. Does this firm...

Consider the problem of a firm. The firm produces output using a single input. Let the firm's production function be given by y = f(n). The firm receives revenues of Pyy from selling its y units of...

2. Problems and Applications Q2 Show the effect of each of the following events on the market for labor in the architecture industry. A slowdown in the economy reduces the demand for new buildings. O...