If an American and Canadian firm use the same technology to produce 10 cars but the Canadian firm uses a higher capital to labour ratio, capital must be more expensive in the US. K 10 cars True or false (k) If the total product of labour is given by TPL = 48L + 9L2 -L3 and the price of the product produced is S 10, the maximum wage I would be willing to pay for 4 labour would be S 260. MPL True or false (1) With cartels the greater the difference between price and average cost the greater the incentive to cheat. Price

If an American and Canadian firm use the same technology to produce 10 cars but the Canadian firm uses a higher capital to labour ratio, capital must be more expensive in the US. K 10 cars True or false (k) If the total product of labour is given by TPL = 48L + 9L2 -L3 and the price of the product produced is S 10, the maximum wage I would be willing to pay for 4 labour would be S 260. MPL True or false (1) With cartels the greater the difference between price and average cost the greater the incentive to cheat. Price

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A firm can use three different production technologies, with capital and labor requirements at each level of output as follows: Technology 1 Technology 2 Technology 3 Daily Output 100 150 200 250 K 6 6 7 8 L 10 13 14 16 K 7 789 L 8 10 11 13 K 8 8 9 10 L 7 8 9 11 Suppose the firm is operating in a high-wage country, where capital cost is $110 per unit per day and labor cost is $90 per worker per day. For each level of output, which technology is cheapest? At 100 units of output, is the least expensive.
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A firm uses capital and labour to produce widgets. In the short-run capital is fixed, while labour is variable. The short-run production function is X=-L3 + 24L2 + 240L Where X is the number of widgets produced in per week, and Lis the number of workers employed. Each worker works a 40-hour week. The wage rate is $12 per hour. Calculate the range of values for Lover which the firm is in stage I, stage II and stage III what is the minimum product price at which the firm will operate in the short-run? The product price, over which the firm has no control, is such that the firm's maximum possible pure profit $ 1096 per week. In order to achieve that level of profit it must employ 16 workers. How much is the firm's total fixed cost?
Sorry, this is a long question but if you could answer this I'd upvote your answer! TY!
A grave digging firm hires 2 daily workers (L) at a wage (w) of $20, and has 4 units of capital (K) at a rental rate (r) of $25. If the grave digging company is minimizing costs, which of the following production functions would result in this hiring mix? a. q = 32(L +2K) O b.q =2LªK? O c. q = 4L1/10k1/4 O d. q= 20L1/4K?/4
If q=9L²-L³ marginal product of labor is_________when L=2.
Given: Q = -0.0250 L3 + 1.5 L2 a) Derive the AP and MP equations b) What is the level of Q where AP and MP of labor is maximum?
Consider the Labor Economics Question. This will provide insight into the idea of the optimal number of workers and the value of the marginal product of labor. If wages in the restaurant is $16.80 per hour and the price of a Hamburger is $8.30 and the production function for the workers is: Q = 11L – 0.25L2 How many workers should Your Restaurant employ during the lunch hour to maximize profits? 1 Point (note—the value of the marginal product of labor and the marginal revenue product are the same) We maximize profits which are total revenues less total costs:
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