where… Show more Suppose you have a short-run production f

Homework Assistance Economics where… Show more Suppose you have a short-run production f

Economics

where… Show more Suppose you have a short-run production f

where… Show more Suppose you have a short-run production function estimated to be Output = 124L + 120L 2 – 4L 3 where L = number of workers. At what number of workers will you first experience diminishing returns? L = Answer Question 3 Answer saved Marked out of 5.00 Flag question Question text Suppose a perfectly competitive firm has the short-run cost function C = 76 + 2q 2 . If market price is $26, what level of output should this firm produce in order to maximize profits? q = Answer Question 4 Not yet answered Marked out of 5.00 Flag question Question text The total cost curve of each firm in a perfectly competitive industry is given to be TC = 352+50q – 14q 2 + 8q 3 . The short-run shutdown price for this firm = $Answer DO NOT ENTER THE $ SIGN IN YOUR ANSWER. Question 5 Not yet answered Marked out of 5.00 Flag question Question text If input prices are w = $9, and r = $6, and q = L 0.7 K 0.5 . What is the minimizing quantity of labor required to produce 60 units of output? L = Please show your work! • Show less

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