For the production function Q = K0.5L0.3 and the budget 143 = 6K + 5L find the optimal employment of L. Please enter your response as a positive number with 1 decimal and 5/4 rounding (e.g. 1.15 1.2, 1.14 = 1.1).
Q: When labor usage is at 12units, the output is 36 units. From this, we may infer that. A) the…
A: The marginal product of labor states that if we increase labor by 1 unit, the output changes by how…
Q: Suppose that the quantity demanded for Windows 11 operating system is given by q = 320 − 2p, where p…
A: The demand function for Windows 11: Total cost function: Marginal revenue: The marginal revenue…
Q: 09. At point d. (a) MUx/Px = MUY/Py (b) MUX/Px > MUy / Py (c) MUx / Px < MUy/Py (d) Marginal Utility…
A: Indifference curve represents all the combinations of the two good that gives the consumer same…
Q: Which of the following alternatives corresponds to what is explained in the text above? I. Explain…
A: Technological improvement is improvement in the efficiency of the production system that means…
Q: For the demand function q = D(p)=√360-p, find the following. a) The elasticity b) The elasticity at…
A: Demand function: The price elasticity of demand is the ratio of proportionate change in quantity…
Q: Which of the following is a FALSE statement? O A. Discretionary monetary policy is faster to…
A: The fiscal policy explains the government's strategies to influence its spending and taxation. The…
Q: The stream of commerce theory of jurisdiction states that a court will have jurisdiction over a…
A: The statement given is about the “stream of commerce theory of jurisdiction”. This theory posits…
Q: Robinson and Friday are trapped on an island together and can produce Fish (F) or Coconuts (C) with…
A: Comparative Advantage, on the other hand, refers to the ability of an individual to produce a…
Q: Which of the following pairs of events would signal an ambiguous effect on the market price? (check…
A: The demand curve is the downward-sloping curve. The supply curve is the upward-sloping curve. The…
Q: The market equilibrium quantity is tons of bolts, but the socially optimal quantity of bolt…
A: Externalities occur when there is an indirect impact on a party that is not directly related to the…
Q: kal.4 An investor with an initial endowment of $ 16,000 is confronted with the following…
A: Setup the Budget Constraint: The investor has an initial endowment (I) of $16,000, and the budget…
Q: 2. The market situation is the perfectly competitive market for beef. Suppose the beef industry is…
A: The market for beef is perfectly competitive and the beef industry is a constant cost industry and…
Q: Assuming the total population is 100 million, the civilian labor force is 80 million, and 76 million…
A: Unemployment Rate = [(Labor Force - Employed) / Labor Force]*100%
Q: Sunday 26th 2023 Analysis II: For expansion purposes, the company signed a lease of a 50,000 $…
A: The present worth of operations means the total current value of all cash flows associated with a…
Q: Suppose a firm is in a perfectly competitive market. 10 Price 9- 8+ 4.55 3.5 1 2 3 4 MC 6 ATC AVC 8…
A: There will be an economic profit when price exceeds average total cost; and an economic loss when…
Q: Units Consumed Multiple Choice O 0 1 2 3 4 Refer to the data. The value for Y is O O 30. 40. Total…
A: Marginal Utility (3rd unit) = Total Utility (at 3 units) - Total utility (at 2 units)
Q: Concept: Coase Bargaining Farmer Owens has an apple orchard that must be pollinated by bees in order…
A: Coase Bargianing:Coase bargianing describes the negotiation process between parties to reach an…
Q: Problem 2 The following table shows the behavior of buyers and sellers in a Pizzeria. price per…
A: The behavior of the buyers and sellers of the Pizzeria is given below. Price Quantity…
Q: The diagram to the right shows a hypothetical demand curve for apples. The slope of this curve is…
A: The slope of a demand curve represents the relationship between the price of a good or service and…
Q: Consider the market for first-aid training classes. Market demand is given by P = 600 - Q. Market…
A: Externality is a cost of benefit imposed on a third party who is neither part of consumption nor…
Q: Suppose that a monopolist faces the market demand Q(p)=200-5p. Then its marginal revenue function…
A: Marginal revenue pertains to the extra income obtained from selling an additional unit of a product…
Q: 5 3 2 A B D F G I 8 11 S 7) Use the graph above to answer this question. Initially, Spartania is an…
A: The demand curve is the downward-sloping curve. The supply curve is the upward-sloping curve.The…
Q: When comparing a perfectly competitive firm and a (single-price) monopolist, a major difference i…
A: Perfect competition refers to a market condition at which there are many seller and buyers dealing…
Q: Sellers expect the price of houses will be lower in 2024 due to high interest rates. The price of…
A: The supply curve represents the quantity supplied by producers at different price levels. A movement…
Q: The owners of a small manufacturing concern have hired a vice president to run the company with the…
A: Managerial Economics:Managerial Economics is utilized in making better decisions in the firm using…
Q: Quantity (cups/hour) The figure above refers to the market for coffee. What might cause shift from…
A: The link between the amount of a product provided and its price, while maintaining other variables…
Q: Suppose you manufacture 10 million hard drives per year specifically for Dell laptop computers. If…
A: RSI = I - (Pm - C) * QWhere RSI = Relationship Specific InvestmentQ = 10 millionC=$20/unitI=$30…
Q: Consider the country of Trelawney. In this country the demand for money increases but the central…
A: Central bank refers to the insitution of an economy that uses its monetary policy in order to…
Q: 4 Which of the following events would cause a movement upward and to the right along the supply…
A: A supply curve is a curve that shows the relationship between the price of a good and the services…
Q: A cash flow at time zero (now) of $7,386 is equivalent to another cash flow that is an EOY annuity…
A: Cash flow:The sum of the total money is represented in the diagram. It represents the magnitude and…
Q: In the market for off-campus apartments in San Diego, the market supply curve is QS = 300 + 1/8p The…
A: The demand curve is the downward-sloping curve. The supply curve is the upward-sloping curve. The…
Q: Figure F shows the production possibilities of Robinson and Friday per hour. The comparative…
A: The quantity of one good that must be given up in order to produce one more unit of output is known…
Q: 1. Climate change is caused the emissions of carbon dioxide and methane gases, i.e., so- called…
A: Efficiency: Efficiency means achieving a goal at least cost to society, ensuring that the marginal…
Q: Which has a higher present value, an annual payment of $650, $20,000 payment to be received in 10…
A: Annual payment=$650Present worth of payment received at end of 10 years=$20000interest rate=5%
Q: A decrease in both the equilibrium price and the equilibrium quantity of pasta is best explained by…
A: An equilibrium is defined as the balance of market forces such as demand and supply. If the demand…
Q: A local builder offers to place with you insurance on every house he/she builds while it is under…
A: DISCLAIMER “Since you have asked multiple questions, we will solve the first question for you. If…
Q: Singapore's real GDP was 412 billion dollars in 2016 and 429 billion dollars in 2017. The…
A: Economic growth rate: The percentage change in a country's real Gross Domestic Product from one…
Q: FIVE VIBESICE (9) $16 $12 $10 0 a) $120. Refer to Exhibit 11.5, which shows the demand and supply…
A: The income and profit earned by resources like land or capital, that exceeds the minimum amount…
Q: Consider the demand curve for beer: Q= 120 -2P. If the supply curve for beer is P=12+Q and the…
A: Deadweight loss refers to the loss of economic efficiency that occurs when the equilibrium for a…
Q: Price A Du Multiple Choice Do BC Quantity Refer to the diagram, which shows demand and supply…
A: Demand curve is the downward sloping curve. The demand schedule is the tabular representation of…
Q: Assume that you are given a cash flow diagram as in below to calculate the equivalent present value…
A: Present worth at year 0 will be calculated as sum of present value of cash flows in the future at a…
Q: Which of the following statements is false concerning partial derivatives? Consider the total cost…
A: A cost function, otherwise called a loss function or objective function, is a mathematical function…
Q: Initital $10 increase in investment expands GDP by $10 in first round of multiplier process. the 2nd…
A: Aggregate Demand: The aggregate demand is a sum of private investment demand, government…
Q: Suppose an economy begins in steady state. By what proportion does per capita GDP change in the long…
A: The production function is given as The production function exhibits a return to scale and the…
Q: Several members of Congress have been highly critical of Japan and China because U.S. imports from…
A: Trade Deficit:A trade deficit occurs when a country imports (buys) more goods and services from…
Q: You will want to copy the table below into Excel (or enter by hand). Then in Excel compute the 3…
A: A numerical depiction of the overall performance or shifts in a certain class of inventory is known…
Q: Refer to the figure below, which shows the market for a specific good. What will be the result if…
A: The demand curve is the downward-sloping curve. The supply curve is the upward-sloping curve. The…
Q: QUESTION 2 400 350 Y 300 250 B4 200 150 100 50 0 B3 0 B1 1 B2 2 3 4 5 6 7 8 02. What could have…
A: Budget constraint: given the price of two goods and the consumer’s income The budget constraint…
Q: When there is deflation in the economy: a) the general price level becomes negative b) the general…
A: Deflation is something contrary to inflation. It alludes to the general decline in the prices of…
Q: Which of the following exemplifies a microeconomic question? What is the current national rate of…
A: Microeconomics is a branch of economics that focuses on the study of individual economic agents and…
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
- The output at a certain factory is Q(x, y) = 6x² + 3e*/36 VJ + 3y. where x and y denote, respectively, the number of hours of skilled and unskilled labor used. The current labor force consists of 35 hours of skilled labor and 49 hours of unskilled labor. Find the marginal rate of technical substitution. O Give your answer as a decimal accurate within +1% of the exact answer.6. A company uses two inputs, unskilled labour (L) and capital (K), to produce itsproduct. The wage rate for a unit of labour is €5, while a unit of capital cost €20.a) Determine the equation and plot the isocost line for the company's expenditures on itsinputs of €1,000. Label the intercepts of the isocost with both axes. Draw a typical isoquantfor an output level Q0 and indicate the optimal input levels of L and K. (Do not forget tolabel the axes).b) Suppose the government introduces a minimum wage for unskilled labour of €6 per unit.Show graphically and explain shortly how much it would cost the firm in the short run,with capital input fixed at K, to keep its output constant at Q0.c) Show graphically and comment shortly on the optimal factor mix that the firm would useto produce Q0 in the long run at the specified minimum wage of €6 per unitA company produces children's toys. The manager noticed the connection between the number of employed workers and the quantity of toys produced per month, which are presented in the table of following: a) In what period is this firm operating? Why? b) What is the average product when 5 workers are employed? c) What is the marginal product when 7 workers are employed? What does this value mean? d) Does the law of declining marginal income apply? If yes to which worker? e) In this production function do we have total declining revenues? If so, which worker happens? f) Graph the curves of total product (TP), marginal product (MP) and product average (AP).
- The following data give the hourly wage rates (Rands) for a sample of 20 workers selected from a largecompany.12.50 9.45 13.85 7.25 8.70 14.60 11.75 14.50 10.80 12.457.50 15.90 9.75 11.50 13.30 6.25 15.50 12.80 5.35 9.50 (vi) Draw an OGIVE curve corresponding to the data and use it to estimate the median.Consider the housing construction industry. Assume that the industry is perfectly competitive in both input and output markets. Suppose that, through collective bargaining, a labor union negotiates an industry-wide wage for various kinds of labor (electricians, plumbers, and so on). In particular, it succeeds in negotiating a wage increase for carpenters from $15 to $20 per hour. The following graph shows the labor demand of an individual firm. On the following graph, show what happens at the firm level as a result of the union negotiations. WAGE RATE (Dollars per hour) 30 25 20 15 10 5 0 0 20 40 60 80 Demand Supply 100 120 QUANTITY OF LABOR (Number of workers) Now consider the effects of the wage change on the entire industry. Demand Supply ? Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will…Please find the attached calculation question
- Assume that quantities do not need to be integers. That is, it is feasible for Andreas to knit 37.5 mittens. You have two employees, Meb and Des, each of whom works for 10 hours a day. Meb can knit 5.2 mittens in an hour. Meb can knit 2 scarves in an hour. Des can knit 1.2 mittens in an hour. Des can knit 1 scarf in an hour. If they are efficiently knitting 18 scarves a day, what is the opportunity cost, in terms of mittens per day, of producing an extra scarf each day. Enter a number (and only a number, no units) rounded to two decimal places. If your answer is 1.275, enter 1.28. 2.6A breeder tells you he has determined for each 1-lb increase in weaning weight profit increases by $1.40 per pound. However, he has also calculated that for each independent 1-lb increase in birth weight, profit decreases $5.45 per pound. 1. What would be the economic index for this aggregate breeding value? 2. If the producer gave you the following table with calf birth weight and weaning weight, what would be the index value and rank for these animals? Calf id Weaning weight Birth weight Index value Rank 608 78 589 70 566 80 532 75 5. 556 76 618 87 7. 576 74 8. 610 88 9. 595 90 10 625 73 3 4 6In a certain factory the production is Q = 120K1/2L1/3 units, where K represents the capital investment measured in units of $ 1,000 and L the size of the labor force measured in worker-hours. Currently, the capital investment is $ 250,000 and 400 worker-hours are employed. Apply the total differential of Q to estimate the resulting change in output, if the capital investment increases by $ 500 and labor increases by 2 hours-worker.
- Question 17 The average product of labour is the output per employee often in table 17.1 to answer the question below. Table 17.1 Output units 1000 2 500 6 000 7 000 8 000 C) d) Number of employees 10 20 30 50 As the number of employees increases from 10 to 50 the a) Is constant b) Falls then rises Rises FallsWhich of the following diagrams shows fixed proportion isoquants? A X1 X1 X2 X1 D X2 X1 O A OB OC2) Find the second order total differential, dz, of the function z = x?y?.