Let S represent the amount of steel produced (in tons). Steel production is related to the amount of labor used (L) and the amount of capital used (C) by the following function. S = 20L0.30 0.70 In this formula L represents the units of labor input and C the units of capital input. Each unit of labor costs $50, and each unit of capital costs $100. (a) Formulate an optimization problem that will determine how much labor and capital are needed in order to produce 40,000 tons of steel at minimum cost. Min s.t. L, C 20 $ = 40,000 (b) Solve the optimization problem you formulated in part (a). (Hint: When using Excel Solver, start with an initial L> 0 and C > 0. Round your answers to the neares integer.) at (L, C) =

Let S represent the amount of steel produced (in tons). Steel production is related to the amount of labor used (L) and the amount of capital used (C) by the following function. S = 20L0.30 0.70 In this formula L represents the units of labor input and C the units of capital input. Each unit of labor costs $50, and each unit of capital costs $100. (a) Formulate an optimization problem that will determine how much labor and capital are needed in order to produce 40,000 tons of steel at minimum cost. Min s.t. L, C 20 $ = 40,000 (b) Solve the optimization problem you formulated in part (a). (Hint: When using Excel Solver, start with an initial L> 0 and C > 0. Round your answers to the neares integer.) at (L, C) =

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

State the property of an estimator that gives a correct estimate of the population parameter of interest, but only on average.
Springfield is a small town with a total civilian population of 800. Of this population, 125 are under the age of 16. Of the population 16 and over, there are 350 working full-time and another 50 working part-time. Of the remaining adult population, 30 people recently quit their jobs in order to look for better employment. Finally, there are 40 full-time students (not working), 180 retired and another 25 stay-at-home spouses.
Please no written by hand solution
A sports shop selects a random sample and records the sales of items made in China and thosemade in America. Country of origin n mean St.Deviation China 50 22.5 9.75 America 33 33.15 11.6 What is the SE Mean for the sales from China?
Kingdom Enterprises is a Indian exporter of agriculture products and files all of its financial statements in Indian Rupees (INR). The company’s director, George Bidden, an American national has been praised for his performance. The head office management disagrees, arguing that sales in America have dropped significantly in recent years. Discuss whose point of view is more realistic. 2018 2019 2020 Total Net Sales, INR 2,542,991 2,831,711 3,010,000 Percent sales from America 26% 28% 23% Average Exchange Rate (INR/$) INR 70/$ INR 69.5/$ INR 71.21/$
Question 22 A computer depreciates 32% per year. A computer is bought for $1200. What is an equation to model this where V is the value of the computer and t is the years that passs since it is bought. Ov= 1200(-0.32)t OV= 1200(0.32) OV = 1200(1.32) OV = 1200(0.68) Question 23 A computer depreciates 32% per year. A computer is bought for $1200. What is an equation for the year since the comupter is bought as a function of the computer's worth? Ot=10g0.68 (1200)
Given cE = p(aE - bE2), Solve for E.
Does the following dataset satisfy GARP?
33. Consider an expected utility maximizer whose utility function is U(w), where w denotes wealth, expressed in dollars. Suppose that U(0) = 0 and U(1,000, 000) = 1. Further suppose that the individual is indifferent between having w = 200, 000 for sure or a gamble in which w = 0 with probability .4 and w = 1,000, 000 with probability .6. For this individual, U(200, 000) is %3D
Use the following STATA output to test whether the variable wgt is significant at 5% level: Source | SS df Number of obs = EC 3. Prob > F R-squared MS 392 300.76 0.0000 0.6993 Adj R-squared anba6970 4.2965 388) = Model Juu16656.4443 Residual 162,54916 5552.1481 388 18.4601782 Total Juu23818.9935 391 60.9181419 Root MSE Coef. Std. Err. P>It| [95% Conf. Interval] syl ena wat .2677968 -.012674 -.0057079 44.37096 .4130673 .0082501 .0007139 1.480685 -0.65 -1.54 -8.00 29.97 0.517 0.125 0.000 0.000 -1.079927 -.0288944 -.0071115 41.45979 .5443336 0035465 .0043043 47.28213 _cons The variable is not significant because p-value is less than 0.05. The variable is significant because p-value is less than 0.05. The variable is significant because p-value is less than 0.1. The variable is not significant because p-value is greater than 0.05
How do we use these FOCs to show that (wtNt)/Yt =(1-α) if Yt = At Ktα Nt1-α
Find the coefficient of x2y3z3 in the expansion of(x + y + z)8.