Production Techniques:IIIIIIIVLabor42.Capi tal351Answer the next two questions on the basis of the following information: Suppose30 units of product A can be produced by employing just labor and capital in the fourways shown below. Assume the prices of labor and capital are $3 and $4respectively. Which technique is economically most efficient in producing A?O 1) I.2) I.3) |I.O 4) IV.

Given: With the help of labor and capital in four possible ways, 30 units of product A can be…

Answered: Production Techniques: II III IV 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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Use the following table to answer the question below: The amount of total output produced from various combinations of labor and capital. Units of Labor Multiple Choice 100 1 2 3 4 5 150 1 50 110 150 170 160 Units of Capital 2 120 260 360 430 480 If labor is fixed at three units, how much does the second unit of capital add to total output? 3 160 360 510 630 710 4 4 180 390 560 690 790
qUESTION 3 Please help me figure out which of the following multiple choice questions are correct. Please tell me which choices are correct and which are wrong
Question 3 A company produces three products which must be processed through three departments. The following table summarizes the labor hours and raw material requirements required per unit each department. Each month there are 1300, 4700 pounds of raw material available. If the combined monthly production for the three departments should equal 400 units. Determine whether there is a combination of the three products which could be produced monthly so as to consume full monthly labor availabilities and raw material of all departments. Product 1 Product 2 Product 3 Labor-hours/unit 5 4 Pounds of raw material / unit 15 10 12 Question 4 The supply and demand functions for a product are 4s = p² – 300 and qa = p² – 30p + 2200. Determine the market equilibrium price and quantity.
Please don't copy ans Economics You are the owner of a motorbike company that currently has two different factories, an old one and a new one. The old factory uses an old technology that requires large amounts of labor to produce motorbikes. The production technology for the old firm is given by Fo(L) = m*L^1/2 . The new factory uses a much more modern production technology given by Fn(L) = n*L^1/2 . a. What are costs as a function of output for each individual factory? b. Suppose that you want to produce 1000 motorbikes. How many motorbikes will you produce at the old factory and how many will you produce at the new factory? c. Derive an expression for the total cost of producing y motorbikes (assuming that you always divide production between the factories in the optimal way). How does this cost function compare to the individual factory cost functions? d. It turns out that you can upgrade your old factory to make it just as efficient as the new factory. To pay…
Digging calms by hand in Sunset Bay requires only labor input. The total number of calms obtained per hour (q) is given by :Q = 100√LWhere L is labor input per hour. A. Graph the relationship between q an LB. What the average productivity of labor in Sunset Bay? Graph this relationship and show that output per unit of labor input diminishes for increase in labor input. C. It can be shown that the marginal productivity of labor in Sunset By is given by:MPL =50√LGraph this relationship and show that labor’s marginal productivity is less than average productivity for all values of L . Explain why this is do.D. Explain the concept of diminishing returns to labor and how this concept related to increasing marginal costs.
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
Show full answers and steps to part a) b) & c)
What is the definition of equal product curves in microeconomics? Mention the important applications of equal product curves?
In economics and econometrics, the Cobb-Douglas production function is a particular functional form of ne production function, widely used to represent the technological relationship between the amounts of two r more inputs (particularly physical capital and labor) and the amount of output that can be produced by nose inputs. The function they used to model production is defined by, P(L, K) = 6LªK!-a where P is the total production (the monetary value of all goods produced in a year), L is the amount f labor (the total number of person-hours worked in a year), and K is the amount of capital invested (the onetary worth of all machinery, equipment, and buildings). Its domain is {(L, k)|L > 0, K > 0} because L nd K represent labor and capital and are therefore never negative. Show that the Cobb-Douglas production function can be written as P P(L, K) = 6LªK1-a → In K L In b+ a ln K
Answer the Constrained Optimization: Cobb-Douglas Production Function:3. Solve for the formulas of the Marginal Product of Labor (MPL), and Marginal product of Capital (MPK)4. Using your knowledge of the tangency condition in Producer’s theory, find the combination of K and L that the firm should use to produce the maximum possible output. Do not solve the problem using the Lagrangian method.Note: The tangency conditions just states that the slope of the production function must beequal to the slope of the isocost function.5. What is the maximum possible output that the firm could earn given the constraint it faces
Production. Assume a production with two variable inputs (L, K). Show graphically the following and explain: (a) fixed-proportions production function (b) inputs are perfect substitutes
Suppose a firm’s production function is ? = ?2?. a) Determine the labor and capital demand functions. b) Are capital and labor normal or inferior inputs in this production process?

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