5. Production Function Question: Why don't we care about production-maximization in the context of this course? a. There is no hard boundary to production-maximization. b. Maximizing production would simply demand E*=everyone, and K*=all of it. c. Without a cost function or any type of constraint, production-maximization is trivial. d. All of the above. 6. Profit Maximization by Choosing E* Suppose the hourly wage w=$25, the price of capital r=$20, and the price of output P=$100 in a perfectly competitive setting. Further, assume we are in the short run, and as such, capital is fixed at K=100 units. If the production function is Q=f(EK)=K1/2E1/2, what is E*, the optimal level of labor? (numbers only, if the answer is "10 workers", type "10" ONLY, without quotations) 7. Profit Maximization by Choosing E* Suppose the hourly wage w=$25, the price of capital r=$20, and the price of output P=$100 in a perfectly competitive setting. Further, assume we are in the short run, and as such, capital is fixed at K=100 units. If the production function is Q=f(E.K)=K1/2E1/2, what is the optimal level of profits? (numbers only, if the answer is "$10", type "10" ONLY, without quotations)

5. Production Function Question: Why don't we care about production-maximization in the context of this course? a. There is no hard boundary to production-maximization. b. Maximizing production would simply demand E=everyone, and K=all of it. c. Without a cost function or any type of constraint, production-maximization is trivial. d. All of the above. 6. Profit Maximization by Choosing E* Suppose the hourly wage w=$25, the price of capital r=$20, and the price of output P=$100 in a perfectly competitive setting. Further, assume we are in the short run, and as such, capital is fixed at K=100 units. If the production function is Q=f(EK)=K1/2E1/2, what is E, the optimal level of labor? (numbers only, if the answer is "10 workers", type "10" ONLY, without quotations) 7. Profit Maximization by Choosing E Suppose the hourly wage w=$25, the price of capital r=$20, and the price of output P=$100 in a perfectly competitive setting. Further, assume we are in the short run, and as such, capital is fixed at K=100 units. If the production function is Q=f(E.K)=K1/2E1/2, what is the optimal level of profits? (numbers only, if the answer is "$10", type "10" ONLY, without quotations)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

If a consumer's Engle curve for a certain product is downward sloping then (a) the product must be a normal good. (b) the product must be an inferior good. (c) the product must be a bad. (d) the product must be a neuter. +
Which type of graph will be suitable for representing the above sales revenue by regions
Typed plz and asap please provide a quality solution for better ratings and take care of plagiarism
Exercise: 01 Issue a promissory note: ⑴Amount ￡3,026.00 ⑵Date and place of issue 8/August/2009，Guangzhou, China ⑶Tenor At 90 days after date ⑷Maker Guangdong Imp. & Exp. Co., Guangzhou ⑸Payee Chemicals Import & Export Company London ⑴Drawer Thames Enterprises Ltd., London ⑵Drawee The National Westminster Bank Ltd., London ⑶Payee Philips Hong Kong ⑷Date and place of issue 07/01/2001，London ⑸Amount GBP79,014 Exercise: 02 Issue a check:
Prepare a flow chart for a typical family of 4 (3 drivers), taking a two-week (Monday is 1st-14th is a Sunday) vacation driving from New York to Orlando in August. Your return to workday is 15th of the month which is a Monday. Discuss areas of concerned revealed by the flow chart.
help
What are the ethical issues that could be encountered when running an e-commerce platform?
AutoSave File Document! Word Chris Navo Home Insert Draw Design Layout References Mailings Review View MathType Help Acrobat Graphs Format Cobb and Douglas used economic data published by the government to obtain Table 2. Year P Year 1899 100 100 DOL 1911 148 216 1900 101 105 107 1912 155 1901 112 110 114 1912 1902 122 117 122 1014 169 152 244 1903 124 122 131 1915 109 156 266 1904 122 121 138 1916 225 183 1905 143 125 149 1917 227 1905 152 124 163 1915 223 201 1907 151 140 170 1919 218 19.08 126 123 485 1920 231 104 407 19.09 155 143 198 1921 179 146 417 1910 159 208 1922 240 161 431 Table 2 Swords et Predictions. The Cobb Douglass formula is P(L, K) = bLa K¹-a Determine monetary value of all the goods produced in 1 year or simply the production level in 1920 for a=.20 and b=1.01. Round to one decimal place.
What is the 4p ( Product, price, place, promotion) of caribou coffee ?
can you do part b, c, d and e i can hse 4 questions for it