Why is my question 5 and 6 wrong Woodmaster uses labour (L) and capital (K) to produce furniture (Q). Woodmaster's production function isgiven byQ=L+K¹,where L≥ 0, K≥ 0, Q ≥ 0.(i) One of the following (L, K) bundles is NOT on the same isoquant as others: (0,36), (3,9), (5,2), (6,0). Inthat bundle, amount of labour (L) is 5and amount of capital (K) is 2Please use up to two decimal points (if necessary) for parts (ii) - (v) below. Answers to all questions arefree of units (i.e., all answers are in terms of numbers).(ii) Suppose Woodmaster uses 9 units of labour and 4 units of capital. At that point, i.e. (L, K) = (9, 4),marginal product of labour (MPL) is 1and marginal product of capital (MPK) is 0.25Let w and denote the price of labour and price of capital respectively. Suppose r = 8, w = 32, and Woodmaster'sproduction target is Q = 2.(iii) To minimise cost at given prices for inputs, Woodmaster chooses K = 4and L=0(iv) Minimum cost to produce Q=2 is 32Due to economic downturn, demand for Woodmaster's product has halved. Now, Woodmaster's productiontarget is Q = 0.5 x 2.(v) To minimise cost, Woodmaster would choose K = 4Xand L=-1X(vi) Minimum cost to produce Q=0.5 x 2 is 0X(vii) A new owner has taken over Woodmaster and renamed it Masterwood. The new motto at Masterwoodis to maximise output.If Masterwood faces the same input prices as Woodmaster and can spend at most 80 on two inputs, themaximum possible output Masterwood can produce is 3.5

The value of Labour at Quantity after the downturn has been calculated wrongly. Therefore, the cost…

Answered: (v) To minimise cost, Woodmaster would…

Business

Economics

(v) To minimise cost, Woodmaster would choose K = 4 x and L=-1 x (vi) Minimum cost to produce Q=0.5 x 2 is 0 x

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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