Explore BrainMass

Explore BrainMass

    Production Function

    BrainMass Solutions Available for Instant Download

    Calculating output given a production function

    The hourly wage rate is $6, the hourly rentail rate for capital is $8. The production function I found to be q=10K^.5L^.5 The captital if fixed at 225 hours in the short-run. I am trying to figure out how much output can be produced with 400 hours of labor? I would just plug in numbers but I dont know the relevance the $6 and t

    Principles of microeconomics

    You have been hired by an unprofitable firm to determine wheter it should shut down its unprofitable operation.The daily wage(per worker)is 100$and the price of the firm's output is 30$.The cost of other variable input is 500$per day.Although you don't know the firm fixed cost, you know that it is high enough that the firm's tot

    Profit Maximizing Solved

    Here is a problem that I'm trying to solve: No reaction will result in the monthly demand and marginal revenue functions: P = $150-$0.1Q MR = $150-$0.2Q A major reaction will lead to the more elastic curves: P = $130-$0.4Q MR = $130-$0.8Q The total monthly cost for marketing this product is composed of $3000

    Microeconomics - Introductory Course Level

    The following table was calculated for an aluminum ingot producer. The table below illustrates the firm's daily short run production function along with the cost of 10 units of capital. The variable costs include only the cost of labour, and each worker is paid $200 each day. a) Calculate the marginal product of labour. b. C

    I have the answer to the first problem but I dont know how to do #2 and #3

    A firm has a technology described by the production function: q = 2.5 L1/4K1/2 where L is the number of labor units per period and K is the number of square feet of floor space and machines per period, and q represents firm output. The firm faces the following output and input prices on the market, and these are f

    Financial Management

    Please show work: The use of unit-based cost drivers has the following consequences: (a) simple products are undercosted (b) complex products are overcosted (c) (a) and (b) (d) none of the above. Please provide the correct answer.

    Production function is given by Q = K1/2L1/2 and that capital is fixed at 1unit.

    The manager of a national retailing outlet recently hired an economist to estimate the firm's production function. Based on the economist's report, the manager now knows that the firm's production function is given by Q = K^1/2L^1/2 and that capital is fixed at 1unit. a. Calculate the average product of labor when 9 units of

    Economics

    Questions on cost and production functions

    Implicit Function Theorem

    Use the Implicit Function Theorem to derive an equation for the slope of the isoquant associated with this production function. 12. You have the following production function for good X: where output (Q) is fixed at a specific level, K is the quantity of capital and L is the quantity of labor used to produce good X