Managerial economics, economics, Microeconomics

A company a product using labor (L) and raw material (R) with Q = 80L^0.2 R^0.8. If labor costs $20 per hour and raw material $40 per unit, what is the optimal combination (least cost) of labor and raw material if the company wants to produce 1602 units of output? [The answers are may not be round numbers. You can round to 1 decimal point]
Posted Date: 2/12/2012 1:43:08 PM | Location : United States







Related Discussions:- Managerial economics, economics, Assignment Help, Ask Question on Managerial economics, economics, Get Answer, Expert's Help, Managerial economics, economics Discussions

Write discussion on Managerial economics, economics
Your posts are moderated
Related Questions
How do you calculate marginal revenue, and monopolistic profit?

Deadline is 20 Hours... 1. A. Explain how one derives the indifference curves from a 3-dimensional utility function. Draw a graph and explain. Which principle explains the concav


What is the difference between houehold and consumers?

Q. Role of Monetary Policy? Monetary Policy: Monetary policy reflects the use by government and government agencies (mainly the central bank) of interest rate adjustments and o

DIMENSIONS OF UNEMPLOYMENT: What is the level of unemployment in the country? According to the 1999-2000 Survey of NSSO, the number of unemployed has increased from 20.13 mill

The Effects of Advertising on the Demand Curve: Advertising targets to: • Change the slope of the demand curve which means make it more inelastic. This is done by generat

Tariff: A tariff is a tax imposed on the purchase of imports. It is generally imposed in order to stimulate more domestic production of the product in question (rather than meeting

Input Substitution When the Input Price Change  Isoquants and Isocosts and Production Function The minimum cost combination can be written as: - Minimum cost

1.    Introduction Wood Investments (WI) is a private equity fund that specialises in the leveraged acquisition of publicly-quoted companies with the intention of producing h