08 Jun Question 1. A small company produces a
Question
1. A small company produces a product (X) that requires two types of inputs, A and B during production. Each unit of X requires exactly 5 units of A and 2.5 units of B. If the cost of A is $10 a unit and the cost of B is $6 a unit, how much will it cost to produce X =100 units of output? In general, if the company needs X units of product, what is the total cost? What is the marginal cost of production?
2. A small company uses input labor L to generate an output Q, and the production function is Q = 0.25L2. The cost of labor L is $4 a unit. Find the company’s total cost of producing output level Q.
3. A firm produces Q with the production function Q = 10K2 + 10L0.5, and K is fixed at 4 units. If the price of K is $5 and the price of L is $1, find the total cost of producing Q units of output? What is the marginal cost of production for the firm?
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