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Teaching Since: Apr 2017
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  • MBA,PHD in Psychology
    Northwest Florida State College
    Jun-1992 - May-1997

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    Northwest Florida State College,
    Aug-2006 - Nov-2015

Category > Economics Posted 05 May 2017 My Price 9.00

Catalina Films produces video shorts using digital editing equipment (K) and editors (L)

1. Catalina Films produces video shorts using digital editing equipment (K) and editors (L). The firm has the production function Q = 30K0.67L0.33 , where Q is the hours of edited footage. The wage is $25, and the rental rate of capital is $50. The firm wants to produce 3,000 units of output at the lowest possible cost. a. Write out the firm’s constrained optimization problem.

b. Write the cost-minimization problem as a Lagrangian.

c. Use the Lagrangian to find the cost-minimizing quantities of capital and labor used to produce 3,000 units of output.

d. What is the total cost of producing 3,000 units?

e. How will total cost change if the firm produces an additional unit of output?

2. A firm has the production function Q = K0.4L0.6 . The wage is $60, and the rental rate of capital is $20. Find the firm’s long-run expansion path.

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CourseWork
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Status NEW Posted 05 May 2017 01:05 PM My Price 9.00

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