How to choose optimal combinations of factors of production?

How does a firm choose the optimal combination of fctors of production when it wants to minimise costs for a given output, and when it wants to maximise output for given cost?

Need help with these problems

OK HERE ARE THE CORRECTIONS. IN PROBLEM 2 THE ANSWER TO #1 IS $2 PER GALLON OF GAS. HE SAID USING THIS YOU COULD SOLVE THE REST OF THE PROBLEMS. I HOPE!!! PLEASE SEE ATTCHMENT

4 economics questions

1. Just answers the 4 questions below using some economic concepts. Choose an occupation that you are interested in and research what the average salary is for someone employed in that field. Using what you have learned in this chapter about the determination of wages, justify why someone in this position would be paid the wage ...continues

econ question

Choose an occupation that you are interested in and research what the average salary is for someone employed in that field. Using some economic concepts and the determination of wages, justify why someone in this position would be paid the wage that they are paid.

How to find the monopoly price and quantity if P = 800 - 5Q and MC = 15Q?

How to find the monopoly price and quantity if P = 800 - 5Q and MC = 15Q?

Follow-up question regarding solving for price and quantity

For monopoly set the price when MC=MR For calculating MR first write the equation for total revenue (TR) TR=P*Q = (800-5Q)*Q --------(1) Differentiate (1) w.r.t. Q to get MR MR=dTR/dQ = 800 - 10Q----------(2) MC = 15Q Equate MC and MR, we get Q = 32 Put this in equation for P to calculate P, P=640 The above resp ...continues

Solving for price & quantity with perfect competition

If P=800-5Q and MC=15Q - how do I determine P & Q under perfect competition? Thank you

Response to OTA's questions

OTA Comments: I need 3 pieces of information. 1) You are missing a crucial piece of information and that is the market price or marginal revenue. 2) You have what appears to be a demand fxn. I don't know if it is a market or firm demand function though. Your cost fxn. is fine for this type of problem. Ple ...continues

Need to doulbe check these problems

If possible please explain why each one is true false or uncertain in a short paragraph. Thanks for you help

Determine: Equlibrium Level of Output in Given Market; Equilibrium Price Paid by Consumers; Profits to Industry; Amount of Labour Used

I. Each of 5000 consumers that are buyers of goods X and Y per period has the utility function: (see attachment) where X is the number of units of good X consumed and Y represents all other goods that the consumer purchases. The income of each consumer is $1000. You may assume the price of Y is $1 per unit of other goo ...continues