Maurice Tutor

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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 28 Feb 2018 My Price 7.00

Jake and Paul

Jake and Paul run a paper company. Each week they need to produce 1,000 reams of paper to ship to their customers. The paper plant’s longrun production function is Q = 4 K0.75L0.25 , where Q is the number of reams produced, K is the quantity of capital rented, and L is the quantity of labor hired. For this production function, the MPL = K 0.75 / L0.75 and the MPK = 3 L0.25 / K0.25. The weekly cost function for the paper plant is C = 10K + 2L, where C is the total weekly cost.

a. What ratio of capital to labor minimizes Jake and Paul’s total costs?

b. How much capital and labor will Jake and Paul need to rent and hire in order to produce 1,000 reams of paper each week?

c. How much will hiring these inputs cost them?

Use a diagram to explain the following: In the case of perfect substitutes, if the ratio of input prices equals the MRTS, will a unique solution to the firm’s cost-minimization problem exist? In the case of perfect substitutes, if the ratio of input prices does not equal the MRTS, where will we find the solution to the firm’s costminimization problem graphically?

Answers

Maurice Tutor
(5)
Status NEW Posted 28 Feb 2018 08:02 PM My Price 7.00

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