day according to the production function Q = 100S -5S + 50U – 5U Skilled workers are paid $200 per day, while unskilled workers are paid $100 per day. The company paid $40,000 for equipment for the skilled workers. The company has a daily budget of $2,000 to hire skilled and unskilled workers. a. How many skilled and unskilled workers should be hired in order to produce the most pavement? Show your work/thought process:
day according to the production function Q = 100S -5S + 50U – 5U Skilled workers are paid $200 per day, while unskilled workers are paid $100 per day. The company paid $40,000 for equipment for the skilled workers. The company has a daily budget of $2,000 to hire skilled and unskilled workers. a. How many skilled and unskilled workers should be hired in order to produce the most pavement? Show your work/thought process:
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
![A construction site uses two types of workers – skilled (S)
and unskilled (U). They produce feet of new pavement (Q) per
day according to the production function
Q = 100S -5S + 50U – 5U²
Skilled workers are paid $200 per day, while unskilled workers
are paid $100 per day. The company paid $40,000 for
equipment for the skilled workers. The company has a daily
budget of $2,000 to hire skilled and unskilled workers.
a. How many skilled and unskilled workers should be hired in
order to produce the most pavement?
Show your work/thought process:
b.
What is the profit-maximizing Q?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6f088a5e-cfef-400d-8a01-960086a6626c%2F1c8a82f1-89fd-4604-a754-4b10ac5eaa7c%2Ffmwp7b_processed.jpeg&w=3840&q=75)
Transcribed Image Text:A construction site uses two types of workers – skilled (S)
and unskilled (U). They produce feet of new pavement (Q) per
day according to the production function
Q = 100S -5S + 50U – 5U²
Skilled workers are paid $200 per day, while unskilled workers
are paid $100 per day. The company paid $40,000 for
equipment for the skilled workers. The company has a daily
budget of $2,000 to hire skilled and unskilled workers.
a. How many skilled and unskilled workers should be hired in
order to produce the most pavement?
Show your work/thought process:
b.
What is the profit-maximizing Q?
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