User Account

All Pages

Estimate the production function for a particular line

Assignment Help Business Management
Reference no: EM132229440

You recently hired an economist to work with engineering and operations experts to estimate the production function for a particular line of office chairs. The report from these experts indicates that the relevant production function is:

Q = 2(K)1/2(L)1/2

where K represents capital equipment and L is labor. Your company has already spent a total of $8,000 on the 9 units of capital equipment it owns. Due to current economic conditions, the company does not have the flexibility needed to acquire additional equipment. If workers at the firm are paid a competitive wage of $120 and chairs can be sold for $400 each, what is your profit-maximizing level of output and labor usage?

Output = ?

Labor = ?

What is Maximum Profit?

Reference no: EM132229440

Questions Cloud

Market for sugar and the market for honey : Suppose a severe drought hits the sugarcane crop. Using a supply and demand model explain how this will affect the equilibrium price and quantity
Business unit strategy to begin putting second phase : Asia Division of Biotech has asked GoTo Consulting group that has been assisting with development of Business Unit Strategy to begin putting second phase
Why people believe the conspiracy to be true : Your third task is to analyze (one page): the conspiracy to determine why people believe the conspiracy to be true (what brings "truth" to the facts.
Concept of ceteris paribus : What is happening to the equilibrium price and quantity? Remember the concept of ceteris paribus.
Estimate the production function for a particular line : You recently hired an economist to work with engineering and operations experts to estimate the production function for a particular line of office chairs.
Short-run cost function : What is the relationship between a firm's short-run production function and its short-run cost function?
Operationg well below its full-employment capacity : When an economy is operationg well below its full-employment capacity and the marginal propensity to comsumer is 90%, a $10 Billion increase in autonomous
How the technological change affects the workplace : Consider how these changes influence the ways in which you disseminate and receive information. Determine how this technological change affects the workplace.
Principles of alberta occupational health and safety act : To apply your understanding of the provisions and principles of the Alberta Occupational Health and Safety Act within an organizational setting.

Reviews

Write a Review

Business Management Questions & Answers

  Caselet on michael porter’s value chain management

The assignment in management is a two part assignment dealing 1.Theory of function of management. 2. Operations and Controlling.

  Mountain man brewing company

Mountain Man Brewing, a family owned business where Chris Prangel, the son of the president joins. Due to increase in the preference for light beer drinkers, Chris Prangel wants to introduce light beer version in Mountain Man. An analysis into the la..

  Mountain man brewing company

Mountain Man Brewing, a family owned business where Chris Prangel, the son of the president joins. An analysis into the launch of Mountain Man Light over the present Mountain Man Lager.

  Analysis of the case using the doing ethics technique

Analysis of the case using the Doing Ethics Technique (DET). Analysis of the ethical issue(s) from the perspective of an ICT professional, using the ACS Code of  Conduct and properly relating clauses from the ACS Code of Conduct to the ethical issue.

  Affiliations and partnerships

Affiliations and partnerships are frequently used to reach a larger local audience? Which options stand to avail for the Hotel manager and what problems do these pose.

  Innovation-friendly regulations

What influence (if any) can organizations exercise to encourage ‘innovation-friendly' regulations?

  Effect of regional and corporate cultural issues

Present your findings as a group powerpoint with an audio file. In addition individually write up your own conclusions as to the effects of regional cultural issues on the corporate organisational culture of this multinational company as it conducts ..

  Structure of business plan

This assignment shows a structure of business plan. The task is to write a business plane about a Diet Shop.

  Identify the purposes of different types of organisations

Identify the purposes of different types of organisations.

  Entrepreneur case study for analysis

Entrepreneur Case Study for Analysis. Analyze Robin Wolaner's suitability to be an entrepreneur

  Forecasting and business analysis

This problem requires you to apply your cross-sectional analysis skills to a real cross-sectional data set with the goal of answering a specific research question.

  Educational instructional leadership

Prepare a major handout on the key principles of instructional leadership

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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