Question
In: Economics
Alternative ways of making 100 shirts a day are in the table below: Method Labor (hours)...
Alternative ways of making 100 shirts a day are in the table below:
|
Method |
Labor (hours) |
Capital (machines) |
|
A |
10 |
50 |
|
B |
20 |
40 |
|
C |
50 |
20 |
|
D |
100 |
10 |
- Which methods are technologically efficient?
- Which method is economically efficient if:
(i) The wage rate is $1 an hour and the rental cost of amachine is $100 an hour?
(ii) The wage rate is $5 an hour and the rental cost of amachine is $50 an hour?
(iii) The wage rate is $50 an hour and the rental cost of a machine is $5 an hour?
Solutions
Rahul Sunny answered 1 year agoRelated Solutions
The Great Table Co uses labor hours and lathe machine hours to produce tables. Making a...
The Great Table Co uses labor hours and lathe machine hours to
produce tables. Making a table requires at least two labor hours
and at least one lathe hour. Also, the total number of hours
must be six in any combination. (I.E., 5 labor
hours and 1 lathe hour suffice to produce a TABLE, just as 4 and 2,
3 and 3, and so on. But 5 lathe and 1 labor hour are insufficient,
as it takes a minimum of...
The table below gives the number of hours spent unsupervised each day as well as the...
The table below gives the number of hours spent unsupervised
each day as well as the overall grade averages for seven randomly
selected middle school students. Using this data, consider the
equation of the regression line, yˆ=b0+b1x, for predicting the
overall grade average for a middle school student based on the
number of hours spent unsupervised each day. Keep in mind, the
correlation coefficient may or may not be statistically significant
for the data given. Remember, in practice, it would...
The table below gives the number of hours spent unsupervised each day as well as the...
The table below gives the number of hours spent unsupervised
each day as well as the overall grade averages for seven randomly
selected middle school students. Using this data, consider the
equation of the regression line, yˆ=b0+b1x, for predicting the
overall grade average for a middle school student based on the
number of hours spent unsupervised each day. Keep in mind, the
correlation coefficient may or may not be statistically significant
for the data given. Remember, in practice, it would...
The table below gives the number of hours spent unsupervised each day as well as the...
The table below gives the number of hours spent unsupervised
each day as well as the overall grade averages for seven randomly
selected middle school students. Using this data, consider the
equation of the regression line, yˆ=b0+b1x, for predicting the
overall grade average for a middle school student based on the
number of hours spent unsupervised each day. Keep in mind, the
correlation coefficient may or may not be statistically significant
for the data given. Remember, in practice, it would...
The table below gives the number of hours spent unsupervised each day as well as the...
The table below gives the number of hours spent unsupervised
each day as well as the overall grade averages for seven randomly
selected middle school students. Using this data, consider the
equation of the regression line, yˆ=b0+b1x, for predicting the
overall grade average for a middle school student based on the
number of hours spent unsupervised each day. Keep in mind, the
correlation coefficient may or may not be statistically significant
for the data given. Remember, in practice, it would...
The table below gives the number of hours spent unsupervised each day as well as the...
The table below gives the number of hours spent unsupervised
each day as well as the overall grade averages for seven randomly
selected middle school students. Using this data, consider the
equation of the regression line, yˆ=b0+b1xy^=b0+b1x, for predicting
the overall grade average for a middle school student based on the
number of hours spent unsupervised each day. Keep in mind, the
correlation coefficient may or may not be statistically significant
for the data given. Remember, in practice, it would...
The table below gives the number of hours spent unsupervised each day as well as the...
The table below gives the number of hours spent unsupervised
each day as well as the overall grade averages for seven randomly
selected middle school students. Using this data, consider the
equation of the regression line, yˆ=b0+b1xy^=b0+b1x, for predicting
the overall grade average for a middle school student based on the
number of hours spent unsupervised each day. Keep in mind, the
correlation coefficient may or may not be statistically significant
for the data given. Remember, in practice, it would...
The table below gives the number of hours spent unsupervised each day as well as the...
The table below gives the number of hours spent unsupervised
each day as well as the overall grade averages for seven randomly
selected middle school students. Using this data, consider the
equation of the regression line, yˆ=b0+b1x, for predicting the
overall grade average for a middle school student based on the
number of hours spent unsupervised each day. Keep in mind, the
correlation coefficient may or may not be statistically significant
for the data given. Remember, in practice, it would...
The table below gives the number of hours spent unsupervised each day as well as the...
The table below gives the number of hours spent unsupervised
each day as well as the overall grade averages for seven randomly
selected middle school students. Using this data, consider the
equation of the regression line, yˆ=b0+b1x, for predicting the
overall grade average for a middle school student based on the
number of hours spent unsupervised each day. Keep in mind, the
correlation coefficient may or may not be statistically significant
for the data given. Remember, in practice, it would...
The table below gives the number of hours spent unsupervised each day as well as the...
The table below gives the number of hours spent unsupervised
each day as well as the overall grade averages for seven randomly
selected middle school students. Using this data, consider the
equation of the regression line, yˆ=b0+b1x, for predicting the
overall grade average for a middle school student based on the
number of hours spent unsupervised each day. Keep in mind, the
correlation coefficient may or may not be statistically significant
for the data given. Remember, in practice, it would...
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