Question 1 a firm faces the demand schedule p 650

Economics

Question: 1. A firm faces the demand schedule p = 650 - 3q and the production function q = 4K0.5L0.5 and has to pay £8 per unit to buy L. If K is fixed at 4 units how much L should the firm use if it wishes to maximize profits?

2. If a firm operates with the total cost function TC = 4 + 10(9 + q2)0.5, what is its marginal cost when q is 4?

3. Given the production function q = (6K0.5 + 0.5L0.5)0.3, find MPL when K is 16 and L is 576.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M92291091

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