Question: DSC3707 : An efficient small firm has a production function q(k; l) = k ^1/4 l^1/4 , where k denotes the number of capital units

DSC3707 : An efficient small firm has a production function q(k; l) = k ^1/4 l^1/4 , where k denotes the number of capital units used, and l the number of labour units used. The unit costs for capital and labour are 32 and 2 respectively. The upper limit on the firm's production level is 10

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 Economics Questions!

QUESTION ECONOMICS 'u \\-r.r} 9 J.' 4. An efficient small firm has a production function q[k;i] = ici'i'i'. where is denotes the number of capital units used. and i the number of labour units used....

DSC3707 : An efficient small firm has a production function q(k; l) = k [10] 1 4 l 1 4 , where k denotes the number of capital units used, and l the number of labour units used. The unit costs for...

I need the answer to the question, thanks for your help Problem 1. Cost function derivation [1 point] A firm has a production function q = 4K0.75 L 0.25, where q is the amount of output produced, K...

answ There are 10 potential entrants into the market for tomatoes. All tomato growers are identical. They face a fixed cost of 500 if they choose to enter the market and then have a marginal cost of...

explain all 1. (55 points) Egbert consumes only axes (X) and mead (Y ). His utility function is U = XY , his income is I and the prices of axes and mead are pXand pY respectively. (a) What is...

Buinesss The statistics from tradingeconomics.com (based on Statistics Canada numbers) below show the change in Canada's real GDP (first graph) and inflation rate (second graph). The yellowish bars...

1. A firm's analysts estimate that the firm can manufacture a product according to the production function : Q = F (K ,L) = K 3/4 L 1/4 a. Calculate the average product of labour, APL, when the level...

below are the questionsss The statistics from tradingeconomics.com (based on Statistics Canada numbers) below show the change in Canada's real GDP (first graph) and inflation rate (second graph). The...

Kindly solve these for me 4. (5 points) Consider the utility function u(x, y) = 10 In(x) + y. (a) Let px = 10 denote the price of x, let py = 1 denote the price of y and let / = 100 denote the...

QUESTIONS : Correct answers please!! B vg hjjjj T e x t yo u r an s w ers pl e a se e) (12 points) Graph these curves: a. profit-maximizing labor demand: part d (w on vertical axis, L on horizontal...

Labor Day was created by the U.S. labor movement over 100 years ago. It was subsequently adopted by most states as an official holiday. In a Gallup Poll, 1003 randomly selected adults were asked...

Consider Meltzer and Richards (1981) model with only two types of income: yp (poor) and yr (rich). Normalize population to 1 with the share of rich being 8

has to do with the speed and accurncy of poocessing a boy or sell ceder at tee beat rualable price. Semi - strong efficiency thformotional efficiency Weak - form efficiency Strong - form efficiency...

have limited time Pls help quickly just 15 minutes Consider the following double sampling plan for the inspection of the lots whose size is 800. n1=150, c1=5, n2=200, c2=6. The nonconforming...

3. In what way can preconceptions affect what we perceive in new situations?

7. List examples from your everyday situation where using the CI strategy could have provided a better solution in a communication situation than the solutions you chose.

6. What is meant by: accessibility carries greater weight than relevance?