Economics

Suppose your firm needs to produce 40 units if computers at the minimum cost. The function for production equates to Q=10L^2/3 K^1/3 with prices, L=50 and K=200.

Compute for the Minimum Total Cost and optimal combination to produce the required units

  1. 0
asked by PseudoName

Respond to this Question

First Name

Your Response

Similar Questions

  1. Economics

    Consider the problem of a firm that needs to decide how much output, denoted by x, to sell. The marginal revenue function of the firm is given by 10−x. It's marginal cost function is goven by x. In addition, the firm faces a
  2. Microeconomics

    A perfectly competitive industry has a large number of potential entrants. Each firm has an identical cost structure such that long run average cost is minimized at an output of 10 units (qi=10 ). The minimum average cost is R5
  3. Economics/Math

    In a perfectly competitive industry, the market price is $25. A firm is currently producing 10,000 units of output, its average total cost is $28, its marginal cost is $20, and its average variable cost is $20. Given these facts,
  4. Math

    A company is planning to produce and sell a new line of computers. The fixed cost will be $320,000 and it will cost $600 to produce each computer. Each computer will be sold for $800. 1. Write the cost function, C, of producing
  5. MATH HELP

    The cost to produce a product is modeled by the function f(x) = 5x^2 − 70x + 258 where x is the number of products produced. Complete the square to determine the minimum cost of producing this product. 5(x − 7)^2 + 13; The
  6. Mathematics in Economy

    A firm produces two different kinds A and B of a commodity. The daily cost of producing x units of A and y units of B is C(x,y) = 0.04x2 + 0.01xy + 0.01y2 +4x + 2y +500 Suppose that firm sells all its output at a price per unit of
  7. Economics - URGENT

    Suppose we now care about the long run decisions of a firm that has a production function of the form q = 4L^1/2 + K Suppose w = 1 and r = 0.5 Assume that, at the beginning when w0 = 1 and r = 0.5, the firm chose to produce q0 =
  8. econ

    1. Consider a pure monopolist with short-run total cost function given by STC = 1000 +200 Q + 12.5 Q2. Suppose also that this firm faces an inverse market demand function given by P = 800 – 20 Q. a. How much should this firm
  9. economics

    A monopolist faces an upward-sloping marginal cost curve. Its profit-maximizing quantity will be a. at the minimum point of the marginal cost curve b. less than the (total) revenue-maximizing quantity c. equal to the (total)
  10. advanced math

    The marginal cost of a product can be thought of as the cost of producing one additional unit of output. For example, if the marginal cost of producing the 50th product is $6.20, it cost $6.20 to increase productionn from 49 to 50

More Similar Questions