If the production function is q = min{L, K/3} and the price of L is $3 per

Fantastic news! We've Found the answer you've been seeking!

Question:

If the production function is q = min{L, K/3} and the price of L is $3 per unit (w=3), and the price of K is $1 (r=1), Then the cost function is given by:

Group of answer choices

c(w,r,q)= 5q

c(w,r,q)= q

None of the above

c(w,r,q)= q(w+r)2

c(w,r,q)= 6q

Related Book For answer-question

Microeconomics An Intuitive Approach with Calculus

ISBN: 978-0538453257

1st edition

Authors: Thomas Nechyba

See More Books

Posted Date: Jan 02, 2024 05:45 AM

See More Questions

A firm has a production function for output Y given by Y = F(K, AL, Q) = K(AL) Q , K is capital input, L is labor input, and Q is use of land. Capital can be hired at the rental rate R per unit,...
A tractor with a bounce frequency of 3.5 Hz and a damping ratio of 10% travels at a constant speed over a rough plowed field. Using a quarter-car model, calculate and plot the rms acceleration of the...
What is the frequency of light that has a wavelength of 1 8 5 nm ? (c= 3 . 0 0 1 0 8 m/s)
Modify Lookup to make a program LookupAndPut that allows put operations to be specified on standard input. Use the convention that a plus sign indicates that the next two strings typed are the...
At the end of 2019, Sapporo Group tests a machine for impairment. The machine is carried at depreciated historical cost, and its carrying amount is ¥150,000. It has an estimated remaining useful...
If all of D&R Products other relationships hold, how will Allens worst-case and best-case projections affect the income statement and balance sheet in the first year? D&R Products, Inc., used as an...
Split the National Football League data used in Problem 3.1 into estimation and prediction data sets. Evaluate the statistical properties of these two data sets. Develop a model from the estimation...
Clott was chairman and chief executive officer of First American Mortgage Company, Inc. (FAMCO), which originated loans and sold the loans to investors, including E. F. Hutton Mortgage Corp....
Where did they get 8550 for patient days?? patients x days in month 95 x 30=2,850 not 8550. Monthly Food Cost Number of Patients Days in the month Patient Days PPD $16,356.00 95 30
On January 1, 2010, Porter Company purchased an 80% interest in the capital stock of Salem Company for $850,000. At that time, Salem Company had capital stock of $550,000 an retained earnings of...
1. A car moving with a velocity of +10m/s enters a freeway entrance ramp. Four seconds later it is moving +30 m/s. a. What is the car's acceleration? b. What is the car's velocity 1.5s after entering...
A fellow designer has asked you to review the dialogue to be used in several screens for a new application. Do you think the following messages comply with the guidelines for tone and terminology?...
You own a house worth $800,000 that is located on a river bank. If the river floods moderately, the house will be completely destroyed. This happens about once every 50 years. If you build a seawall,...
Despite the inroads being made by other input methods, the venerable keyboard is still far and away the most common method used for data input, and it is likely to stay that way for a while. But...
Database centralization is one of a number of distribution options, but it violates the rule that data should be managed and stored in close proximity to its users. Discuss the reasons why many data...
At the conclusion of this chapter, the textbook mentions that data and process modeling may eventually become obsolete due to the increasing popularity and usage of object-oriented modeling and...
Amrit Corporation has outstanding share capital consists of Preferred shares standing: 3,000 shares $300,000 Common shares outstanding: 7,000 shares $280,000 The preferred shares carry a dividend of...
Perform the operation by first converting the numerator and denominator to scientific notation. Write the answer in scientific notation. 7,200,00/0.000009
We discussed in the text that the market failure that emerges in the presence of externalities can equally well be viewed as a failure of markets to exist, and we discussed the related idea that...
Uncle Vern has just come into some money $100,000 and is thinking about putting this away into some investment accounts for a while. A: Vern is a simple guy so he goes to the bank and asks them...
Suppose that you have 60 hours per week of leisure time and that you can earn $25 per hour in the labor market. Part of the reason you do not have more time to work is that you need to do a variety...
Consider a two-level system, with basis $|1angle,|2angle$, and in this basis, a Hamiltonian with elements $\left(\begin{array}{ll}1 & 1 \\ 1 & 1\end{array} ight)$. Use the first form of the...
Use the practical variational method for the same harmonic oscillator ground state energy, with trial wave function $\psi_{a}(x)=e^{-a y^{2}}$.
Use the Ritz variational method for the harmonic oscillator, with trial wave functions $\psi_{1}(x)=$ $e^{-y^{2} / 2}, \psi_{2}(x)=e^{-y^{2}}, \psi_{3}(x)=e^{-2 y^{2}}$, where \(y=x \sqrt{m...

If the production function is q = min{L, K/3} and the price of L is $3 per

Question:

Expert Answer:

The detailed answer for the above question is provided below ... View the full answer

Microeconomics An Intuitive Approach with Calculus

Students also viewed these economics questions