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Suppose that wimps can be produced using two different production techniques, A and B. The following table provides the total input requirements for each of five different total output levels: Q = 1 Q = 2 Q = 3 Q = 4 Q = 5 TECH. K L K L K L K L K L A 2 5 1 10 5 14 6 18 8 20 B 5 2 8 3 11 4 14 5 16 6
a. Assuming that the price of labor (PL) is $1 and the price of capital (PK) is $2, calculate the total cost of production for each of the five levels of output using the optimal (least-cost) technology at each level.
b. How many labor hours (units of labor) would be employed at each level of output? How many machine hours (units of capital)?
c. Graph total cost of production as a function of output. (Put cost on the Y-axis and output, Q, on the X-axis.) Again, assume that the optimal technology is used.
d. Repeat a. through c. under the assumption that the price of labor (PL) rises from $1 to $3 while the price of capital (PK) remains at $2.
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The market for qbits is initially competitive and the market demand is: P = 400 - 0.4QD . The combined marginal costs of the firms in the qbit industry are:MC =50 + 0.6Q. Calculate and show how much these firms will sell and what they will charge.
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The second largest public utility in the nation is the sole provider of electricity in 32 counties of southern Florida. To meet the monthly demand for electricity in these counties, which is given by the inverse demand function P = 1,200 - 4Q, the..
Smith can work as many hours per day as he chooses, and he will be paid $1/hr for the first 8 hours he works, $2.50/hr for each hour over 8. Faced with this payment schedule, Smith chooses to work 12 hr/day.
Suppose the number of points on an economics midterm (P) can be characterized by the following production function: P = 10H-4B where H is the number of hours spend studying and B is the number of beers in the week prior to the midterm.
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