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Optimization of Cobb-Douglas Functions1. Maximize the following Cobb Douglas production function subject to the given constraint by A. Forming the Lagrange function.B. Finding the critical values for K and L. C. Test the second order conditions to ensure that you have found a maximum.D. Evaluate the total function at the critical values.With given PK=28, PL=10, and budget B=$4000.Constrained Optimization in Economics2. Minimize costs for a firm with a cost function Subject to the production quota A. Form the Lagrange function.B. Find the critical values for X, Y and λ.C. Evaluate the total function at the critical values.D. Estimate additional costs if the production quota is increased to 40.3.Optimization of Cobb-Douglas Functions1. Maximize the following Cobb Douglas production function subject to the given constraint by A. Forming the Lagrange function.B. Finding the critical values for K and L. C. Test the second order conditions to ensure that you have found a maximum.D. Evaluate the total function at the critical values.With given PK=28, PL=10, and budget B=$4000.Constrained Optimization in Economics2. Minimize costs for a firm with a cost function Subject to the production quota A. Form the Lagrange function.B. Find the critical values for X, Y and λ.C. Evaluate the total function at the critical values.D. Estimate additional costs if the production quota is increased to 40.3. A manufacturer of parts for a tricycle (3-wheel bicycle) industry sells 3 tires X for every bike frame Y. Thus, If the demand functions are:Total costs are:Find the profit maximizing level of a) output, b) price, and c) profit.A. Form the profit function after finding Px and PY.B. Form the Lagrange function.C. Calculate the critical values for X and Y.D. Evaluate the total function at the critical values.E. Test the second order conditions to ensure that you have found a maximum.Optimization4. A firm produces two goods in pure competition and has the following total revenue and total cost functions: A. Write the profit function.B. Calculate the critical values for X and Y.C. Evaluate the total function at the critical values.D. Test the second order conditions by taking the second derivatives and evaluating the signs to ensure that you found a maximum.Interest Compounding5. Find the value of $2500 at 10% interest for two years compounded A. Quarterly.B. Annually.C. Continuously.Exponential Growth Functions6. A firm with sales of $150,000 a year expects to grow continuously at 8% a year. Determine the expected level of sales in 6 years by using the formula .7. The cost of food has been increasing by 3.6% a year. What can a family with current annual food expenditures of $7200 expected to pay for food in 5 years.Break-Even Analysis8. Given the total revenue function and total cost function below, find the breakeven point of output.Supply and Demand Analysis9. Given the following supply and demand equations find the equilibrium price and quantity.Supply: Demand: Total costs are:Find the profit maximizing level of a) output, b) price, and c) profit.A. Form the profit function after finding Px and PY.B. Form the Lagrange function.C. Calculate the critical values for X and Y.D. Evaluate the total function at the critical values.E. Test the second order conditions to ensure that you have found a maximum.Optimization4. A firm produces two goods in pure competition and has the following total revenue and total cost functions: A. Write the profit function.B. Calculate the critical values for X and Y.C. Evaluate the total function at the critical values.D. Test the second order conditions by taking the second derivatives and evaluating the signs to ensure that you found a maximum.Interest Compounding5. Find the value of $2500 at 10% interest for two years compounded A. Quarterly.B. Annually.C. Continuously.Exponential Growth Functions6. A firm with sales of $150,000 a year expects to grow continuously at 8% a year. Determine the expected level of sales in 6 years by using the formula .7. The cost of food has been increasing by 3.6% a year. What can a family with current annual food expenditures of $7200 expected to pay for food in 5 years.Break-Even Analysis8. Given the total revenue function and total cost function below, find the breakeven point of output.Supply and Demand Analysis9. Given the following supply and demand equations find the equilibrium price and quantity.Supply: Demand:
A few years ago, a construction manager earning $70,000/ year working for a regional home builder decided to open his own home building company.
Suppose that in the short run k=100. Moreover, wage of labor is w=5 and price of the product is p=10. What are the optimal units of labor?
What is the company -level production function. You are currently using three printing presses and five employees to print 100 sales manuals per hour.
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A lump sum of $5.2 million in the first year. Assume the market interest rate will be 6% for all these years.
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Illustrate what does your organization or an organization with which you are familiar consider opportunity costs when evaluating strategic opportunities.
Suppose that the participation variable, voucher, is completely randomized in the sense that it is independent of both observed and unobserved factors that can affect the test score.
what could affect every also a Discussion of why it is more accurate to examine both when trying to conclude a nation's economic success.
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