User Account

All Pages

Long-run optimization

Assignment Help Business Economics
Reference no: EM131691782

Long-Run Optimization: Suppose you work as the administrator at a homeless shelter in the SF that wants to minimize the cost of finding jobs for 100 homeless people. The administrator has given you a $20,000 budget. Wage is $4,000 and rental rates for computers is $2,000. Suppose the production function is: q=20L-0.5L2+15K-0.5K2.

a) Suppose you hire 4 workers and rent 2 computers. (Don't use all the zeros. Use 20 for $20,000 same goes for wage and rent.)

i) Does this combination achieving the goal of 100 jobs for the homeless?

ii) Use the profit maximizing formula to see if this combination of workers and computers is efficient? 

b) Find the quantity maximizing combination of K and L and how many jobs you will find for the homeless?

Reference no: EM131691782

Questions Cloud

Condition required the change in methodology : What condition required the change in methodology? Is the firm still maximizing profit? Is the condition for an optimum allocation of resources being met?
Figures for orange county california : Calculate the following figures for Orange County California between 2005 and 2015.
What is a black swan event : What is a Black Swan event? Does it ever make sense a priori to devote resources to preventing a black swan event? Explain.
Draw a frequency polygon for the given data : Draw a frequency polygon for these data (start by defining intervals of the data and counting the data points in each interval).
Long-run optimization : Suppose you work as the administrator at a homeless shelter in the SF that wants to minimize the cost of finding jobs for 100 homeless people.
Draw a stem-and-leaf display of the data : Worker participation in management is a new concept that involves employees in corporate decision making.
What are some of the most common forms of unethical behavior : What are some of the most common forms of unethical behavior in our workforce today? How could leadership in organizations help to minimize ethical misconduct?
Bureau of labor statistics : Why does the U.S. Stock Market often experience large swings following the monthly release of the monthly unemployment report from the U.S. Bureau of Labor
Determination of the estimated fair : A forecast of Netflix, Inc., and Amazon.com, Inc.'s revenue, costs, and estimated cash flows into the next five years - A determination of the estimated fair

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

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: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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