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ECO101H1 Chapter 7,9: ECO101H1 Chapter 7,: Tut 6 Ch7, 9

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salmontermite942
29 Oct 2019
School
UTSG
Department
Economics
Course
ECO101H1
Professor
Michael Ho

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Related Questions

On the following table of weekly operations, what quantity of workers should the firm hire to maximize profits if the weekly wage for these workers is $510?

Labor Output Price (of output)

15      200     $10

16      300      $9

17      400      $8

18      475      $7

19      525      $6

a. 15

b. 16

c. 17

d. 18

e. 19

9
Suppose that a firm in a competitive market faces the following revenues and costs:

Quantity

Total Revenue

Total Cost

0

$0

$10

1

$9

$14

2

$18

$19

3

$27

$25

4

$36

$32

5

$45

$40

6

$54

$49

7

$63

$59

8

$72

$70

9

$81

$82

How many units of output will be produced at the profit maximization level?

This is due today!! Thank you!!

Consider a firm with production function f(L, K)=2L+6K. Assume that capital is fixed at K=6. Then, the amount of labor necessary to produce q units is?

A  

L(q,6)= q-12
B  

L(q,6)= q/18-5
C  

L(q,6)= q/2-18
D  

L(q,6)= 3q/5-2
E  

L(q,6)= q2/2-12

Consider a firm with production function f(L, K)= 4L2/3K1/3. Assume that capital is fixed at K=1. Assume also that the price of capital r=4 and the price of labor w=2. Then, the average cost of producing q units is?

A  

AC(q)= 4/q+q1/2/4.
B  

AC(q)= 2/q+1/4q1/3.
C  

AC(q)= 2/3q+1/q1/3.
D  

AC(q)= 1/3q+q1/2.
E  

AC(q)=8/q+2q1/2.

Consider a firm with production function f(L, K)=3L1/3K2/3. Assume that capital is fixed at K=1. Assume also that the price of capital r=5 and the price of labor w=3. Then, the cost of producing q units is?

A  

C(q)=3+q2/9.
B  

C(q)=10+q3.
C  

C(q)=5+q3/9.
D  

C(q)=2/3+q2/3.
E  

C(q)=1/3+q3/3.