What is kobe mpl and mpk

Assignment Help Macroeconomics
Reference no: EM13862090

1. Pete's Choppers Company's cost data have been partially entered in the table. Following the arrest of the company's accountant, you are called to fill in the missing entries:

Output

TC

FC

VC

ATC

AVC

AFC

MC

0

3000

 

 

-

-

-

-

1

 

 

 

 

 

 

2400

2

 

 

5600

 

 

 

 

3

14000

 

 

 

 

 

 

4

 

 

 

 

 

 

8100

5

 

 

 

 

6200

 

 

6

 

 

 

8000

 

 

 

2. Kobe's production function for mini-basketball hoops is Q = LK. The price of labor services is w and the price of capital services is r. Suppose that w = $4, r = $2, and Kobe's total cost is $160.

(a) What is Kobe's MPL and MPK?

(b) What is Kobe's optimal input combination of L and K? What is Q?

(c) Suppose the wage rate is 8 times the rental rate and Q is the same as before. What is Kobe's optimal input combination of L and K after the price change?

3. Suppose that each firm in a perfectly competitive industry has the short-run cost function C = 5 + q + 2q2, and the market price is $45. What is the profit-maximizing output level for each firm? What is the total revenue? What are the profits?

4. Suppose that a perfectly competitive firm's total cost of producing output q is TC (q) = 10+10q-q2 +0.25q3 and market price P*=$10.

(a) Find the short-run supply curve of a firm in this industry.

(b) How much will the firm produce at P*=$10?

5. Crystal skulls are produced in a perfectly competitive industry in which each firm has a total cost function TC = 4r + wq2/4, where r is the price of a barrel of oil and w is the price of a barrel of water. Suppose that the crystal skull industry is in long-run equilibrium, with r = $25 and w = $1. What is the market price of a crystal skull? How many skulls does each firm produce?

Reference no: EM13862090

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