### Findout the number of hours of skilled labor

Assignment Help Macroeconomics
##### Reference no: EM1326533

How to minimize a 2-variable cost function

A company uses skilled and unskilled labor to do a particular construction project. The cost of doing the project depends on the number of hours of skilled labor and the number of hours of unskilled labor used, the relationship being:

C=4-3X-4Y+2X^2+3Y^2+xy

Where C is the cost (in thousands of dollars), X is the number of hours (in thousands) of skilled labor, and Y is the number of hours (in thousands) of unskilled labor.

*Find the number of hours of skilled labor and the number of hours of unskilled labor that minimized the cost of doing the project.

*If a license has to be purchased costing \$2000 to do this project (and the cost of this license is not included in C), will this alter the answer to part a? If so, how will the answer change?

### Write a Review

You are a financial adviser to a U.S. corporation that expects to receive a payment of 40 million Japanese yen in 180 days for goods exported to Japan.

#### Aggregate expenditure function shift with diagram

Explain how the aggregate expenditure function shifts in response to the changes in each of the following variables:

#### Multiple choices question from economics

Which of the following is true for perfect competition, monopolistic competition, and monopoly?

#### Profit maximizing level of output-perfectly competitive firm

Consider the Figure below that represents a perfectly competitive firm

#### Explain how does the state of economy affect federal budget

Explain how does the state of the economy affect federal budget. Explain how can macroeconomic variables inter-relate to each other.

#### Compute trucks net book valuunder each depreciation method

Compute the trucks net book value at the end of its third year of use under each depreciation method.

#### Loss of global investors confidence on exchange rate

The following quotations are from an article in the Financial Times on November 9, 2007:

#### Computing of nrp and erp

You are given the following information about the personal computer (PC) industry: Find the NRP and the ERP.  Show all calculations and formulas.

#### Illustrate what effects would their combined actions have

Illustrate what effects would their combined actions have on GDP. Illustrate what effect would this have on your industry.

#### Illustrate what is the impact of these ratios on the level

Illustrate what is the impact of these ratios on the level of new money that can be created given a \$100,000 cash deposit into the banking system.

#### Impact of ban on credit cards on money supply

Credit cards are sometimes discussed as a public problem. In 2001, purchases on credit cards accounted for 21% of consumer spending in America, which has the lowest savings rate of any big country.

#### Jim is considering quitting his work and utilizing saving

Jim is considering quitting his work and utilizing his savings to start a small business. He expects that his costs will consist of a lease on the building, inventory, wages for two workers, electricity and insurance.