Question 1 The total cost function facing a manufacturer is TC 30 q 2 1000 q 180 q ln q 1200 where q represents the units of ouput If the manufacturer is interested in minimising average cost, what would be the number of units of output needed to achieve that minimum (a)10 units (b)20 units (c)40 units (d)50 units (e)100 units Question 2 20 If a production function for output, Q, in terms of labour input, L, and capital input, K, is as follows Q 4LK3L2 2K2 100 then which of the following statements would be true Question 20 continued (a) aQ 4K6L 6L aQ 4L 6L 4K 0)) 6K (c) 59 4L 4K 6K ((1) Both (a) and (b) are true (e) Both (a) and (c) are true

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Question: Question 1: The total cost function facing a manufacturer is TC =30 q^ 2 +1000 q ?180 q ln q +1200 where q represents the

Question 1:

The total cost function facing a manufacturer is TC =30q^2 +1000q?180qlnq+1200

where q represents the units of ouput. If the manufacturer is interested in minimising average cost, what would be the number of units of output needed to achieve that minimum?

(a)10 units

(b)20 units

(d)50 units

(e)100 units

Question 2:

Question 1: The total cost function facing a manufacturer is TC =30q^2

20. If a production function for output, Q, in terms of labour input, L, and capital input, K, is as follows: Q = 4LK3L2 +2K2 +100 then which of the following statements would be true? Question 20 continued. (a) aQ=4K6L 6L aQ = 4L 6L + 4K 0)) 6K (c) 59 = 4L + 4K 6K ((1) Both (a) and (b) are true. (e) Both (a) and (c) are true

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