Question 1 make up your own constrained optimization, Ask an Expert

Economics

Question: 1. Make up your own constrained optimization problem for an objective function with two independent variables and solve it using the substitution method.

2. A firm faces the production function Q = 2K0.2L0.6 and can buy L at £240 a unit and K at £4 a unit.

(a) If it has a budget of £16,000 what combination of K and L should it use to maximize output?

(b) If it is given a target output of 40 units of Q what combination of K and L should it use to minimize the cost of this output?

View complete question

Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M92291129

Have any Question?Write your Review or question?

Related Questions in Microeconomics

Question economics conceptsreview your week 1 learning

Question: Economics Concepts Review your Week 1 Learning Activities, especially Ch. 1 of Focus on Personal Finance, Khan Academy Resources and Video Reflection, and Investopedia Resources located in the "Additional Readi ...

Question what change agent skills are necessary for helping

Question: What change agent skills are necessary for helping a dysfunctional group become more effective? What if problems exist between managers? What happens if they refuse the help of the change agent? Do you believe ...

Question 1 given the current state of the economy what

Question: 1. Given the current state of the economy, what should Fed. Do with monetary policy and why? 2. Compare the pros and cons of independent central bank? 3. Compare pros and cons of monetary rule and discretionary ...

Question - george ragsdale sells new cars for seekins ford

Question - George Ragsdale sells new cars for Seekins Ford. George usually sells the largest number of cars on Saturday. He has developed the following probability distribution for the number of cars he expects to sell o ...

Question suppose that the table presented below represents

Question: Suppose that the table presented below represents production and cost data from a single firm. The table displays the level of labor (L) and capital (K) chosen by the firm in each year from 2009-2017, along wit ...

Question calculate the equity each of these people has in

Question: Calculate the equity each of these people has in his or her home: a. Fred just bought a house for $200,000 by putting 10% as a down payment and borrowing the rest from the bank. b. Freda bought a house for $150 ...

Question would you agree or disagree with the following

Question: Would you agree or disagree with the following statement, "The single most important health policy choice in the United States over the past four decades has nothing to do with the Department of Health and Huma ...

Question according to the bird and borio readings global

Question: According to the Bird and Borio readings, global economic imbalances arise over time and are often the usually the result of financial or structural economic imbalances that manifest in external imbalances. Wha ...

Question assume that workers whose incomes are less than

Question: Assume that workers whose incomes are less than $10,000 currently pay no federal income taxes. Suppose a new government program guarantees each worker $5000, whether or not he or she earns any income. For all e ...

Question competency appraise the relationship between a

Question: Competency: Appraise the relationship between a heightened regulatory environment and corporate governance. Instructions: ABC Bank officials view compliance with regulations as a necessity for the very survival ...

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 Microeconomics Expert