(Answered) A firm produces output according to a production function

Economics

A firm produces output according to a production function Q=F(K,L)=min {2K,4L}

a. how much output is produced when K=2 and L=3?

b. if the wage rate is $30 perhour and the rental rate on capital is $10 per hour, what is the cost-minimizing input mix for producing 4 units of output?

View complete question

Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M9905211
Price:- $10

Verified Expert

Priced at $20 Now at $10, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Macroeconomics

Question positions on whether the constitution should be

Question: Positions on whether the Constitution should be amended to require a balanced budget reflect opposing views about whether such an amendment would be an appropriate solution to the problem of persistent federal ...

Question 1 true or xfalse1 opportunity cost is the cost for

Question: 1. (True) or X(False) 1. Opportunity cost is the cost for obtaining an opportunity. 2. Positive economics is an economic activity for positive results. 3. Beef and chicken are Normal Goods. 4. Peanut Butter and ...

Question this problem demonstrates how multiple regression

Question: This problem demonstrates how multiple regression models can be used to measure discrimination in labor markets. The data, taken from the 1991 Current Population Survey, contain information on wages, education, ...

Question one of the big differences between the national

Question: One of the big differences between the National Football League and Power Five conference college football is that professional athletes receive payment for their services while collegiate athletics is strictly ...

Question a monopolist faces the following informationthe

Question: A monopolist faces the following information: The market demand: Q=300-2P The cost Structure: TC=100+50Q a) what is the profit-maximizing price-output combination and what are the levels of profits and consumer ...

Question go to the internet and find a news article

Question: Go to the internet and find a news article published within the last three months that discusses macroeconomic effects of exchange rates, summarize key points and post in the Discussions area. Reflection - the ...

Discussion questionsquestion 1 what are the main reasons

Discussion Questions Question 1: What are the main reasons why Nigerians living in extreme poverty? Justify. ( 7) Question 2: Why GDP per capita wouldn't be an accurate measure of the welfare of the average Nigerian? Exp ...

Economics assignment -topic evaluation of macroeconomic

Economics Assignment - Topic: Evaluation of Macroeconomic performance of Australia and New Zealand. Task Details: Complete a research-based analysis and evaluation of the relative macroeconomic performance of Australia a ...

Assignment 2 global economy national economies and

Assignment 2: Global Economy, National Economies, and Competition In the first part of the twenty-first century a great recession struck most of the countries in the world. The next decade has been severally impacted wit ...

Question describe the effects of employment discrimination

Question: Describe the effects of employment discrimination on wages. How could this impact ones business decisions in relation to labor costs? The response must be typed, single spaced, must be in times new roman font ( ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Macroeconomics Expert