What is the firms total cost function

Assignment Help Microeconomics
Reference no: EM13694577

The firm's production function is y=min{2X1,X2}. The cost function of the firm is given by C=w1X1+w2X2. What are the firm's conditional input demands for input 1 and input 2? What is the firm's total cost function? Draw the graph.

Reference no: EM13694577

Questions Cloud

How can big data impact an organization : What is an example of big data either from your personal experience or outside research? How can big data impact an organization?
The growth of businesses such as coin star : The growth of businesses such as Coin star that convert coins into bank notes or gift cards caused money to ____ and the actual money multiplier to ____, ceteris paribus.
Amount of consumer surplus and producers surplus : Matt has an inverse demand function for current movie DVDs of P(Q) = 25-3Q. The supply of DVDs is given by P(Q) = 5+Q. Matt's maximum willingness to pay for one DVD is $115. The cost of producing DVD is $25. Find the consumers' and producer's surplus..
Change in variable cost due to the change in output : Marginal Cost = dC/dy = dCv(y)/dy. That is the marginal cost = change in total cost due to the change in output = change in variable cost due to the change in output. Mathematically show the proof.
What is the firms total cost function : The firm's production function is y=min{2X1,X2}. The cost function of the firm is given by C=w1X1+w2X2. What are the firm's conditional input demands for input 1 and input 2? What is the firm's total cost function? Draw the graph.
Ignoring total factor productivity-what is total output : Assume the country of Fredonia has $500 of capital per worker and has a workforce of 20 million. Also assume that labor and capital split output evenly between themselves. Ignoring total factor productivity. What is output per worker? What is total o..
Random sample of teenagers asks how many minutes : A random sample of teenagers asks how many minutes per day they watch TV. There is a population variance of 625. The null hypothesis you want to test is H0 : µT V
Number of cars at which average cost is minimum : Michel's cost function for his car is C=y^2+16; where y is the number of cars that Michel can afford. Find the average cost and marginal cost functions. Find the number of cars at which average cost is minimum.
Existing machine be replaced with the new machine : A machine was installed 5 years ago. Its market value is now $15,000 and is expected to decline by 10%/year over the next five years. It is projected that this machine will be operational for another five years, after which time it will be scrapped (..

Reviews

Write a Review

 

Microeconomics Questions & Answers

  Most serious flaw in the medicare system is the fact

Possibly, the most serious flaw in the Medicare system is the fact that

  Write the possible work disincentives created by

outline the possible work disincentives created by anti-poverty programs. is there a way to solve this problem without

  Using specific welfare effects of both a tariff and a quota

Using specific welfare effects of both a tariff and a quota, explain why ececonomist generally prefer tariffs to quotas?

  Do these changes imply upward sloping demand curve

Through a five year period, the ticket sales for the football team have increased 45 percent whereas the average ticket prices have increased by 70 percent. Do these changes imply an upward sloping demand curve? Describe

  Consider two neighboring countries islands called c and f

consider two neighboring countries islands called c and f. they each have 4 million labor hours available that they

  What will be the excess demand for apartments

Recent increases in rents have caused the citizens of Elmville to vote for a rent ceiling of $1200. Assuming all rental units in Elmville are identical and the supply and demand for rental units are given by Qs = -1000 + 20P

  Explain in economic theory

Suppose Virginia withdrew $10,000 from her bank. If the reserve ratio is 2 percent theen this transaction willl lead to decreasing ____ in checking account balance.

  Worker adjustment and retraining notification act

Suppose that you are the general manager at a plant that will be closing in one year. It is a small plant, and so is not subject to the Worker Adjustment and Retraining Notification Act (WARN). Must you give your employees advance notice of the closi..

  Compute expenditure schedule and determine the equilibrium

in an economy with no government sector investment is 1000 net exports are 100 and the consumption function isincome

  Public sector employment increased most dramatically

List the factors that help describe why public sector employment rose faster than private sector employment among 1950 and 2008. At what levels of government has public sector employment increased most dramatically?

  Describe issue of health care in context of the given

as prices increase should health economists advocate giving something up opportunity coststrade-offs? as the quantity

  After surveying their customers the theater estimates that

question a movie theater has been charging 7.50 per person and selling about 400 tickets on a typical weeknight. after

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