Producer Behavior-End of Chapter Problem Consider the production function presented in the accompanying table. a. If the firm decides to employ 5 units of capital and 2 workers, it will produce b. If the firm wishes to produce 600 units of output, which combination(s) would achieve this goal? 6 workers and 1 unit of capital. 3 workers and 2 units of capital. I worker and 6 units of capital. 2 workers and 3 units of capital. Labor (L) 。།༄།་ 2་ 。།་ ན་ ཏུ་ 6 1 100 200 300 400 500 600 800 1,000 1,200 2 200 400 600 Capital 3 300 600 900 1,200 1,500 1,800 (K) 4 400 800 1,200 1,600 2,000 2,400 5 500 1,000 1,500 2,000 2,500 3,000 16 600 1,200 1,800 2,400 3,000 3,600 c. Drag the production isoquant in the lower left corner to the spot on the graph that represents 600 units of production. Units of Capital 6.0 5.0 110 4.0 3.0 2.0 1.0 0.0 00 1.0 2.0 30 40 5.0 6.0 Units of Labor

Producer Behavior-End of Chapter Problem Consider the production function presented in the accompanying table. a. If the firm decides to employ 5 units of capital and 2 workers, it will produce b. If the firm wishes to produce 600 units of output, which combination(s) would achieve this goal? 6 workers and 1 unit of capital. 3 workers and 2 units of capital. I worker and 6 units of capital. 2 workers and 3 units of capital. Labor (L) 。།༄།་ 2་ 。།་ ན་ ཏུ་ 6 1 100 200 300 400 500 600 800 1,000 1,200 2 200 400 600 Capital 3 300 600 900 1,200 1,500 1,800 (K) 4 400 800 1,200 1,600 2,000 2,400 5 500 1,000 1,500 2,000 2,500 3,000 16 600 1,200 1,800 2,400 3,000 3,600 c. Drag the production isoquant in the lower left corner to the spot on the graph that represents 600 units of production. Units of Capital 6.0 5.0 110 4.0 3.0 2.0 1.0 0.0 00 1.0 2.0 30 40 5.0 6.0 Units of Labor

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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