A construction company in Dubai is tasked with building a multi-story skyscraper. The number of stories built, qS, is a function of amount of labor used qL and the number of cranes, qK. The figure shows two production functions with qL variable and qK fixed at 2 and 4. Approximately how many fewer workers are required if it builds 20 stories with 4 cranes compared to 2 cranes? To review this concept, see the section The Production Function. quantity of stories (qs) 40 35 30 25 20 15 (3,15) 10 5 4 9k=4 (6,30) 9k=2 5 6 7 quantity of laborers (q)
A construction company in Dubai is tasked with building a multi-story skyscraper. The number of stories built, qS, is a function of amount of labor used qL and the number of cranes, qK. The figure shows two production functions with qL variable and qK fixed at 2 and 4. Approximately how many fewer workers are required if it builds 20 stories with 4 cranes compared to 2 cranes? To review this concept, see the section The Production Function. quantity of stories (qs) 40 35 30 25 20 15 (3,15) 10 5 4 9k=4 (6,30) 9k=2 5 6 7 quantity of laborers (q)
Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Chapter7: Production Economics
Section: Chapter Questions
Problem 5E
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![A construction company in Dubai is tasked with building a multi-story skyscraper.
The number of stories built, qS, is a function of amount of labor used qL and the
number of cranes, qK. The figure shows two production functions with qL variable
and qK fixed at 2 and 4. Approximately how many fewer workers are required if it
builds 20 stories with 4 cranes compared to 2 cranes?
To review this concept, see the section The Production Function.
quantity of stories (qs)
40
35
30
25
20
15
(3,15)
10
5
6
5
4
3
2
3
4
9k=4
(6,30)
6
9k=2
quantity of laborers (q)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5634f0d4-68d3-4386-9f5e-460bf7bcc478%2F3bb8c9bc-9a6e-4ce3-b61a-8da9f2ddbac2%2Fgq0mxmw_processed.png&w=3840&q=75)
Transcribed Image Text:A construction company in Dubai is tasked with building a multi-story skyscraper.
The number of stories built, qS, is a function of amount of labor used qL and the
number of cranes, qK. The figure shows two production functions with qL variable
and qK fixed at 2 and 4. Approximately how many fewer workers are required if it
builds 20 stories with 4 cranes compared to 2 cranes?
To review this concept, see the section The Production Function.
quantity of stories (qs)
40
35
30
25
20
15
(3,15)
10
5
6
5
4
3
2
3
4
9k=4
(6,30)
6
9k=2
quantity of laborers (q)
![A software company uses coders (qL) and computers (qK) to produce software
programs. The figure shows an isoquant for the production 20 programs. At point F,
the marginal product of labor is compared to point M.
To review this concept, see the section Isoquants.
quantity of computers(qk)
501
45
40
35
30
25
20
F(3,20)
15
10
M (10,6)
5
=20
5 10 15 20 25 30 35 40 45 50
quantity of coders (q)
Description of graphical plane: Quantity of computers (q k) plotted on the y axis
from 0 to 50 in increments of 5 and quantity of coders (q 1) plotted on the x axis
from 0 to 50 in increments of 5. Description of plotted curves: A red downward
sloping convex curve is labeled q equals 20 and goes through the points F at
coordinate 3 comma 20 and M at coordinate 10 comma 6.
A software company uses coders (qL) and computers (qK) to produce software
programs. The figure shows an isoquant for 30 programs. Currently, management
employs 20 coders and produces 30 programs. Management has announced that
they intend to to cut the number of coders in half. How many more computers to
they need to buy to maintain production of 30 programs?
To review this concept, see the section Isoquants.
quantity of computers(qk)
50
45
40
(10,36)
35
30
25
20
(20,18)
15
10
5
(40,9)
4-30
5 10 15 20 25 30 35 40 45 50.
quantity of coders (q)
lower
not enough information to tell
equal
higher
10
9
18
20](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5634f0d4-68d3-4386-9f5e-460bf7bcc478%2F3bb8c9bc-9a6e-4ce3-b61a-8da9f2ddbac2%2Fpgwq3pd_processed.jpeg&w=3840&q=75)
Transcribed Image Text:A software company uses coders (qL) and computers (qK) to produce software
programs. The figure shows an isoquant for the production 20 programs. At point F,
the marginal product of labor is compared to point M.
To review this concept, see the section Isoquants.
quantity of computers(qk)
501
45
40
35
30
25
20
F(3,20)
15
10
M (10,6)
5
=20
5 10 15 20 25 30 35 40 45 50
quantity of coders (q)
Description of graphical plane: Quantity of computers (q k) plotted on the y axis
from 0 to 50 in increments of 5 and quantity of coders (q 1) plotted on the x axis
from 0 to 50 in increments of 5. Description of plotted curves: A red downward
sloping convex curve is labeled q equals 20 and goes through the points F at
coordinate 3 comma 20 and M at coordinate 10 comma 6.
A software company uses coders (qL) and computers (qK) to produce software
programs. The figure shows an isoquant for 30 programs. Currently, management
employs 20 coders and produces 30 programs. Management has announced that
they intend to to cut the number of coders in half. How many more computers to
they need to buy to maintain production of 30 programs?
To review this concept, see the section Isoquants.
quantity of computers(qk)
50
45
40
(10,36)
35
30
25
20
(20,18)
15
10
5
(40,9)
4-30
5 10 15 20 25 30 35 40 45 50.
quantity of coders (q)
lower
not enough information to tell
equal
higher
10
9
18
20
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