Answer to Question #295005 in Microeconomics for Meselech

Question

1.suppose the production function is given by Q(L,K) = L3/4K1/4. Assuming capital is fixed, find APL and MPL

2. consider the following short run production function: Q = 6L2 – 0.4L3 a) find the value of L that maximizes output b) find the value L that maximizes marginal product c) find the value of L that maximizes average product

3. given the short run cost function as TC = 1/3Q3 – 2Q2 + 60Q + 100, find the minimum value of AVC and MC

4. a firm operates in a perfectly competitive market. The market price of its product is 4Birr and the total cost function is given by: TC = 1/3Q3 – 5Q2 + 20Q + 50. a) what level of output should the firm produce to maximize its profit? b) determine the level of profit at equilibrium. c) what minimum price is required by the firm to stay in the market?

Answer 1

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