11. If output is produced according to Q = 5Lk (L is the quantity of labor and k is the quantity of capital), the price of K is $12, and the price of L is $6, then the cost minimizing combination of K and L capable of producing 4,000 units of output is

A.  L = 25 and k = 32.

B.  L = 30 and k = 26.67.

C.  L = 10 and k = 80.

D.  L = 20 and k = 40.

E.  L = 40 and k = 20.

12. Hilltop Corporation has the following total function TC= Q²Â + 120 Q + 400. The level of output where average cost is minimized for Hilltop Corp. is

A. 40.

B. 20.

C. 30.

D. 10.

E. 15.

18. If elasticity of demand is -2, marginal cost is 4, and average cost is 6, a profit maximizing markup price is

A.  4.

B.  6.

C.  8.

D.  10.

E.  12.

21. A firm has a division which produces chemical Y, whose average total costs are

ATC = 50 + 2Q (where Q is the quantity of Y), and a marketing division which adds its own average total costs of ATC = 20 + 3Q. There is no external market price of Y. The transfer price of Y should be

A.  $50.

B.  $4Q.

C.  $50 + 4Q.

D.  $2Q.

E.  $5Q.

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