Find function for how much capital and labor firm

Assignment Help Business Economics
Reference no: EM13860749

A firm has a production function represented by: q=L^(.75)K^(.25)

Find a function for how much capital and labor a firm should hire to produce a given level of production in terms of the price of labor, w, and the price capital, r.

Suppose w=15 and r=5. What amounts of labor and capital should the firm choose in order to produce 100 units of this good in the least expensive manner?

Please answer the questions completely. One tutor answered incomplete and I gave him a negative rating and that person is now removed. So please answer completely.

Reference no: EM13860749

Current rate of inflation or deflation

What is the current rate of inflation or deflation? Which one do think might be more disruptive for an economy, and why? Describe a policy in the AS-AD model that would reduce

Effects of price change on demand-supply-equilibrium price

The price of hamburger meat in College Town has recently fallen. Explain in detail the effects of this price change on the demand, supply, equilibrium price, and equilibrium q

Units of product-marginal cost equals average total cost

If the total cost of 20 units of a product is $20, and the total cost of 21 units is $21, then from 20 to 21 units of product the: Marginal cost equals average total cost. Mar

Demand with quasi-linear utility function

Essential Problems in bold: Demand with a quasi-linear utility function. Consider a consumer with the following utility function u(x1, x2) = √x1 + x2. This is an example of a

Two inputs in the production function-labor and capital

Suppose there are two inputs in the production function, labor and capital, and these two inputs are perfect substitutes. The existing technology permits 1 machine to do the w

Couple can hold fred liable in contract for the services

Daniel, a recent college graduate, is on his way home for the Christmas holidays from his new job. He gets caught in a snowstorm and is taken in by an elderly couple, who prov

About the local business person

Everett McCleskey, a local business person, is a good friend of Al Miller, the owner of a local candy store. Every day on his lunch hour, McCleskey goes into Miller’s candy st

What is estimated explicit cost of your proposed business

You are thinking about becoming a Paradise Coffee franchisee. Franchisees are offered a business specializing in producing an exclusive line of exotic coffee drinks (similar t


Write a Review

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd