How many units of labor should be employed

Assignment Help Business Economics

Reference no: EM13150067

Given the following long-run production function: Q = .8 K + 20 L - .04 L2 The firm plans to produce 2,000 units of output. The price of labor is $15 per unit. The price of capital is $1 per unit. a. How many units of labor should be employed? b. How many units of capital should be employed? c. What would be the total cost of production?

Reference no: EM13150067

Questions Cloud

How many grams of ice can be melted : How many grams of ice at 0 degrees Celsius and 101.3 kpa can be melted with the addition of 0.400 kJ of heat.

Alternative ways of increasing output should she use : she estimates that she can produce and sell an extra 1,400 hamburgers per day by keeping the restaurant open for three more hours per day at a cost of $50 per hour. Which of these two alternative ways of increasing output should sh..

Advantages and disadvantages of having an exoskeleton : Arthropods are the most diverse group of animals. Describe some characteristics of arthropods that may have contributed to their great evolutionary success.

Long-run demand for a factor more : Is the long-run demand for a factor more, or less, elastic than its short-run demand? Explain why, and illustrate graphically.

How many units of labor should be employed : How many units of labor should be employed? b. How many units of capital should be employed? c. What would be the total cost of production?

Explain any irregularities in the apollo shoes case : As corporate controller for Apollo Shoes, you are tasked to find and explain any irregularities in the Apollo Shoes Case.

How many grams of p_32 will remain after 98.0 days : Phosphorus-32 has a half-life of 14.0 days. Starting with 8.00 g of Phosphorus-32 , how many grams of P-32 will remain after 98.0 days?

What are the possible outcomes and probabilities : You have been put in charge of developing a new game of chance. In this game a person will roll two cubes each having the numbers 1 to 6 on their faces. As a first step in developing the game, what are the possible outcomes and their probabilities?

At what level of l is apl at its maximum level : Write equations for APL and MPL and graph them on the same set of axes. b. At what level of L is MPL at its maximum level? At what level of L is APL at its maximum level?

User Account

All Pages