Production function

Assignment Help Business Economics
Reference no: EM131425937

Given the following Production function: Qp = 100 K-0.5 L12.3 L20.35 Lfor a company whose output is developed by a firm with one capital (K) and two types of labor inputs. Derived the elasticities for each input and interpret your results.

Reference no: EM131425937

Questions Cloud

Elasticity problems : An increase in the price of hot dogs from $1.50 to $2.10 per pound increased the average number of burgers demanded per week from 300 to 360. Assuming that all other economic variables were held constant, what is the cross-price elasticity of demand ..
The quantity demanded will increase by units : You run a small business and would like to predict what will happen to the quantity demanded for your product if you raise your price. While you do not know the exact demand curve for your? product, you do know that in the first year you charged $50 ..
What is the maximum jack can pay for the gift card : Jack is considering buying a gift card for Sue. Sue's utility is given by U(x,y) xy. She has $12 of her own and jack is considering a gift card for 150 units of x. The price of x is 2 and the price of y is 4. What is the maximum Jack can pay for the ..
Find all pure-strategy nash equilibria : Consider a game that awards $30 worth of prize. There are three contestants: A, B, and C. Each of them decide to pay $15 or $30 for a ticket, or decide to buy no ticket at all. The three contestants make their decisions simultaneously and independent..
Production function : Given the following Production function: Qp = 100 K-0.5 L12.3 L20.35 Lfor a company whose output is developed by a firm with one capital (K) and two types of labor inputs. Derived the elasticities for each input and interpret your results.
Cost of completely specializing in the production of modems : Consider the following production possibilities for a country that produces computer modems and DVD drives, and then answer the questions that follow, assuming that currently residents of this nation produce 500,000 modems and 570,000 DVD drives. Wha..
What is the likelihood of rebuilding : It is found that the Interstate highway system in Minnesota is decaying and in very poor condition. It took over 35 years to complete the 48,000 thousand mile interstate system and cost 128 billion. It's estimated that the cost would be between 1 and..
Overall market of starbucks : Overall Market of Starbucks: Please examine three different aspects of the overall market in which your company operates. By overall market, we mean the market selling the product or service. For instance, there is a market for mobile phones or a mar..
Standard trade model with two large countries home-foreign : Assume a standard trade model with two large countries Home and Foreign, two goods X and Y and two factors of production Labour (L) and Capital (K). Show graphically and verbally how an international income transfer from Home to Foreign, a so-called ..

Reviews

Write a Review

Business Economics Questions & Answers

  How does economic darwinism explain management structure

How does economic Darwinism explain management structure? Why do government bureaucracies not adopt more efficient methods of management structure? Describe 5 common problems that occur in bureaucracies.

  Resolve this problem you are running consumption model

Keynesian consumption model has been criticized on the ground that assumes constant MPC. To resolve this problem you are running the consumption model for US economy as: C = 0 + 1 Y^2 +U a. Explain how this model can remedy the problem of Keynesian c..

  Illustrate why are companies using more technology

Illustrate why are companies using more technology input while reducing labor input. Why are the Average Cost Curves U-shaped.

  What is the effecttive rate of interest

A new 65 inch television sells for $1,500 and can be purchased for a down payment of $500 with an additional monthly payments in the amount of $45.70 paid at the end of every month for 24 months. what is the nominal rate of interest? what is the effe..

  Benefit of economic indicators and policies overtime

What is the benefit of looking at economic indicators and policies overtime? Why should we learn how the government and businesses cause and/or respond to economic events?

  Characteristic of the german health care system

Which is a characteristic of the German health care system?

  Total revenue for the supplier at the equilbrium

What are the demand and supply curves for this economy? Calculate the equilbrium price and quantity and calculate surplus /shortage at price of $24.22 and $20? What would be the total revenue for the supplier at the equilbrium?

  When networks are important the best products

When networks are important the “best” products usually win. Network goods are usually sold by monopolies or oligopolies. Standard wars are common in establishing network goods.

  Using indifference curves and budget constraints

Consumers only consume Diet Coke and Potato Chips. Using indifference curves and budget constraints, graphically and intuitively explain what will happen to consumer’s optimal consumption bundle if there has been an increase in the price of Potato Ch..

  Racial also ethnic groups

Racial also Ethnic Groups defines culture of poverty as a way of life which involves no future planning, no enduring commitment to marriage

  The idea of raising the minimum wage

Bernie Sanders has pushed the idea of raising the minimum wage to $15 per hour. How would the authors of your economics reading address this proposal? Why do workers in the United States tend to make a higher wage than workers in other countries?

  Calculate the loss in consumer surplus

The supply and demand curves for corn are as follows: QD = 3,750 - 725P QS = 920 + 690P, where Q = millions of bushels and P = price per bushel. Calculate the equilibrium price and quantity that would prevail in the free market. Calculate the loss in..

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!

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