Digs ditches for laying cable or pipeline

Assignment Help Business Economics
Reference no: EM131085050

Suppose that, for a firm that digs ditches for laying cable or pipeline, backhoes and backhoe operators are pure complements in production, being used on a one-for-one basis. Draw the isoquants (on a graph with backhoe, “K”, and backhoe operators, “E”, on the axes) for the production of three different quantities of ditches. Do they have a “funny” shape?

a) Now consider one such ditch-digging firm that has five backhoes but employs six backhoe operators. Can you explain why this might make sense? (Hint: think about whether/how the marginal product of the sixth backhoe operator could be positive)

b) Now suppose you see another ditch-digging firm that has seven backhoes but employs six backhoe operators. How could this make sense?

Reference no: EM131085050

Questions Cloud

Explain why there is a strategic need for companies : Describe a real-world situation in which an organization incorporates the use of effective selection methods that positively affect its health and explain why they were effective.
Economics book faces demand curve : A firm that sells an economics book faces a demand curve: Calculate how many economics books will be demanded from the first firm and how many chemistry books will be demanded from the second firm. Calculate the point price elasticities of demand for..
Adaptation to terrestrial life : Why do you think amnion should also be considered an adaptation to terrestrial life?
Aware of genetic history : If you are aware of genetic history, in which year and who do you think discovered the genetic material containing rounded body in each cell?
Digs ditches for laying cable or pipeline : Suppose that, for a firm that digs ditches for laying cable or pipeline, backhoes and backhoe operators are pure complements in production, being used on a one-for-one basis. Draw the isoquants (on a graph with backhoe, “K”, and backhoe operators, “E..
Artists make murals using fresco and other painting material : Frescos and murals are very popular public artforms, and many cities have a mural that incorporates their own unique regional histories. In this unit, we discuss how artists make murals using fresco and other painting materials.
Knowledge of natural biodegradation processes : Describe one way in which humans have used their knowledge of natural biodegradation processes to reduce waste or clean up environmental damage.
What is the largest value representable using this scheme : What is the largest value representable using this scheme?
Explain which one would be the better medication for both : There are 23 people at a party. Explain what the probability is that any two of them share the same birthday.

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd