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A monopolist has a production function 27 (L-2)(K+1) Q(L,K) where L, Kis the amount of labor...
A monopolist has a production function 27 (L-2)(K+1) Q(L,K) where L, Kis the amount of labor...
A monopolist has a production function 27 (L-2)(K+1) Q(L,K) where L, Kis the amount of labor and capital. The wage rate is denoted by w and the rental rate of capital is denoted by r. The inverse demand function the monopolist is faced with is given by P = 12- 3Q where P is the market price and Q is the quantity sold. 13. Write down the optimization problem of the monopolist. 14. Write down the first order condition(s) 15....
Consider a production function Q=Q(K,L)=6K^(1/2)L^(1/3) with K as capital and L as labor input. Let the...
Consider a production function Q=Q(K,L)=6K^(1/2)L^(1/3) with K as capital and L as labor input. Let the price per unit of output be P=$0.50, the cost or rental rate per unit of capital be r=$0.10 and let the price (wage rate) of labor be w=$1. a) find the profit max level of K and L and check with second order condition (my answer was L=3.375 and K=1.5) b) Find max profit (I got profit=1.986)
Suppose that a rm's production function is Y = (3)L^(1/4)K ^(1/2), where L is the number...
Suppose that a rm's production function is Y = (3)L^(1/4)K ^(1/2), where L is the number of employees, K is the amount of capital, and Y is the quantity of output. The wage rate is w= 4, the rental rate of capital is r = 1, and the output price is p= 6. What are the optimal L and K in the long-run? What's the long-run profit?
For a firm, assume the following: Production function is: Q = min(L, 2 K) Wage rate...
For a firm, assume the following: Production function is: Q = min(L, 2 K) Wage rate = 50 Rent = 90 Cost Outlay = 4,000 (Take all calculations to 2 decimal places) Part 1: What is the optimal amount of labour hired?Number Part 2: What is the optimal amount of capital employed? Number Part 3: What is the optimal amount of output produced?
Priyanka's company has the production function Q=100K^0.5L^0.5, where Q measures output, K measures machine hours, and...
Priyanka's company has the production function Q=100K^0.5L^0.5, where Q measures output, K measures machine hours, and L measures labor hours. Suppose that the rental rate of capital is R=$30, the wage rate is W=$15, and the firm wants to produce 5,000units of output. Use the Lagrange method to find the optimal input mix. What the optimal level of K & L?
For a firm, assume the following: Production function is: Q = min(L, 3 K) Wage rate...
For a firm, assume the following: Production function is: Q = min(L, 3 K) Wage rate = 25 Rent = 80 Cost Outlay = 5,000 Part 1: What is the optimal amount of labour hired? Part 2: What is the optimal amount of capital employed? Part 3: What is the optimal amount of output produced?
A perfectly competitive firm's production function is Q=17LK where Q is the amount produced, L is...
A perfectly competitive firm's production function is Q=17LK where Q is the amount produced, L is the amount of labour hired and K is the amount of capital used. P is the price that the firm gets for its product. What is the marginal revenue product of labour?
Aamir's company has the production function Q=8K^0.75L^0.25, where Q measures output, K measures machine hours, and...
Aamir's company has the production function Q=8K^0.75L^0.25, where Q measures output, K measures machine hours, and L measures labor hours. Suppose that the rental rate of capital is R=$120, the wage rate is W=$20, and the firm wants to produce 800 units of output. Use the Lagrange method to find the optimal input mix. What the optimal level of K?
Suppose that a firm had a production function given by q-21 K The rental rate for...
Suppose that a firm had a production function given by q-21 K The rental rate for the fim is $10 and the wage is s5 Solve the optimization condition for K and then fill in the value that appears in front of L K- Round to the nearest 2 decimal places if necessary.) Suppose that a firm had a production function given by q-L025k075. The wage rate (w) is $10 and the rental rate () is $10 Calculate the amount...
For a firm, assume the following: Production function is: Q = min(L, 4 K) Wage rate...
For a firm, assume the following: Production function is: Q = min(L, 4 K) Wage rate = 30 Rent = 100 Cost Outlay = 9,000 (Take all calculations to 2 decimal places) Part 1: What is the optimal amount of labour hired? Part 2: What is the optimal amount of capital employed? Part 3: What is the optimal amount of output produced?
A monopolist has a production function 27 (L-2)(K+1) Q(L,K) where L, Kis the amount of labor and capital. The wage rate is denoted by w and the rental rate of capital is denoted by r. The inverse demand function the monopolist is faced with is given by P = 12- 3Q where P is the market price and Q is the quantity sold. 13. Write down the optimization problem of the monopolist. 14. Write down the first order condition(s) 15....
Suppose that a firm had a production function given by q-21 K The rental rate for the fim is $10 and the wage is s5 Solve the optimization condition for K and then fill in the value that appears in front of L K- Round to the nearest 2 decimal places if necessary.) Suppose that a firm had a production function given by q-L025k075. The wage rate (w) is $10 and the rental rate () is $10 Calculate the amount...
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