Question
In: Economics
(show all your work and calculations) A certain production process employs two inputs¾labor (L) and raw...
(show all your work and calculations)
A certain production process employs two inputs¾labor (L) and raw materials (R). Output (Q) is a function of these two inputs and is given by the following relationship:
Q = 6L2 R2 - 0.1L3 R3
Assume that raw materials (input R) are fixed at 10 units
5 - Find the number of units of input L that maximizes the marginal product function
6 - Find the number of units of input L that maximizes the average product function
7 - Determine the boundaries for the three stages of production
8 - Find the number of units of input L where the law of Diminishing Marginal Returns starts to take effect first
Solutions
Rahul Sunny answered 2 years agoRelated Solutions
Consider a production function of two inputs, labor and capital, given by Q = (√L +...
Consider a production function of two inputs, labor and capital,
given by Q = (√L + √K)2. Let w = 2 and r = 1. The marginal products
associated with this production function are as follows:MPL=(√L +
√K)L-1/2MPK=(√L + √K)K-1/2
a) Suppose the firm is required to produce Q units of output.
Show how the cost-minimizing quantity of labor depends on the
quantity Q. Show how the cost-minimizing quantity of capital
depends on the quantity Q.
b) Find the equation...
Suppose there are two inputs in the production function, labor and capital, and these two inputs...
Suppose there are two inputs in the production function, labor
and capital, and these two inputs are perfect substitutes. The
existing technology permits 5 machines to do the work of 2 workers.
So the production function is f(E, K) = 2K + 5E. The firm wants to
produce q units of output, where q > 0 is some number. Suppose
the price of capital is $10 per machine per hour. What combination
of inputs will the firm use if the...
Suppose there are two inputs in the production function, labor and capital, and these two inputs...
Suppose there are two inputs in the production function, labor
and capital, and
these two inputs are perfect substitutes. The existing
technology permits 3 machines to do the work of 2
worker. So F(E,K)=2K+3E. The firm wants to produce 60 units of
output. Suppose the price of capital is
$10 per machine per hour. What combination of inputs will the
firm use if the wage rate is $10 or $15 or
$20 per hour? What if the firm wants to...
Capital and labor are the only two inputs for the following production process. Capital is fixed...
Capital and labor are the only two inputs for the following
production process. Capital is fixed at 4 units, which costs 50
dollars each unit per day. Workers can be hired for 100 each per
day. Complete the following table and plot the marginal cost (MC),
average total cost (ATC), average variable cost (AVC), average
fixed cost (AFC) on the same graph.
The quantity of labor input
Total output per day
AFC
AVC
ATC
MC
0
0
1
100...
Show all of your work in the space provided. Show all of your work to get...
Show all of your work in the
space provided. Show all of your work to get full credit. All
answers have to be in SI units(20 pints for each
questions).
2.Following are the two sets of
position and time data collected using a motion sensor and
cart.
Table 1. table 2
Time
(s)
Position
(m)
V(instantaneous)
(m/s)
0
10.0
0.25
13.0
0.50
16.5
0.75
21.0
1.00
26.5
1.25
32.3
1.50
38.0
1.75
44.5
2.00
52.0
2.25
60.0
2.50
68.5...
Show your work. Carry out all calculations to at least 3 significant digits. A manufacturer of...
Show your work. Carry out all calculations to at least 3
significant digits.
A manufacturer of TV sets claims that at least98% of its TV sets
can last more than10years without needing a single repair. In order
to verify and challenge this claim, a consumer group randomly
selected 800 consumers who had owned a TV set made by this
manufacturer for 10 years. Of these 800 consumers, 60 said that
their TV sets needed some repair at least once.
a....
Suppose there are two inputs in the production function, labor and capital, which are substitutes. The...
Suppose there are two inputs in the production function, labor
and capital, which are substitutes. The current wage is $10 per
hour and the current price of capital is $25 per hour.
Given the following information on the marginal product of
labor and the marginal product of capital, find the firm’s
profit-maximizing input mix (i.e. number of workers and units of
capital) in the long-run. Show your work and explain.
L
MPL
K
MPK
1
125
1
130
2
100...
PLEASE SHOW ALL WORK IN EXCEL!!!!!!! SHOW CALCULATIONS / FORMULAS IN EXCEL!!!!!!!! Voters arrive at a...
PLEASE SHOW ALL WORK IN EXCEL!!!!!!!
SHOW CALCULATIONS / FORMULAS IN
EXCEL!!!!!!!!
Voters arrive at a polling station at an average of 4 per minute
(Poisson) where the service rate is 50 per hour (Poisson).
a. What is the average number of voters in the system with 5
voter booths? (10 pts)
b. What is the minimum number of voting booths needed to keep
the average time in the system under three minutes? (10 pts)
PLEASE SHOW ALL WORK IN...
Show all work and show the formulas used for the calculations. Given the information below: 2018...
Show all work and show the formulas used for the
calculations.
Given the information below:
2018
2017
Current Assets
12,785
13,220
Total Long-Term Assets
16,999
15,877
Current Liabilities
10,034
10,866
Total Liabilities
15,034
15,966
Common Stock
4,010
3,980
Retained Earnings
10,740
9,151
Depreciation Expense:
850
EBIT
4,950
Interest Expense
625
Taxable Income*
4,325
*Assume a tax rate of 24% round to the nearest dollar
Calculate the following for 2018. Show all work or formulas
used.
Free Cash Flow (Cash Flow...
Show all work and calculations In a mixture of argon and hydrogen, occupying a volume of...
Show all work and calculations
In a mixture of argon and hydrogen, occupying a volume of 1.18 L
at 894.6 mmHg and 44.1oC, it is found that the total mass of the
sample is 1.25 g. What is the partial pressure of argon?
A 18.8-g mixture of nitrogen and carbon dioxide is found to
occupy a volume of 13.5 L when measured at 759.1 mmHg and 25.6oC.
What is the mole fraction of carbon dioxide in this mixture?
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