Two inputs in the production function labor

Assignment Help Business Economics

Reference no: EM131002590

Suppose there are two inputs in the production function labor and capital and that this firm has a strange technology: the two inputs are perfect substitutes. The existing technology permits one machine to do the work of three people. The firm wants to produce 100 units of output. Suppose now that the price of capital is $750 per machine per week and the weekly salary of each worker is $300.

Reference no: EM131002590

Questions Cloud

Used most effectively in a combined approach : Identify two males in Me tin' Library: one in which the business problem is researched using a qualitalive design and the other u quantitative design. Summarize each of Me research designs. Write a 350- to 700-word paper in which you compare and cont..

Consider firm where production depends on two inputs labor : Consider a firm where production depends on two inputs labor and capital with prices w and r, respectively. Initially the firm faces market prices of w = 4 and r = 8. These prices then shift to w = 8 and r = 8. What is your prediction for the firm's ..

Which components of the pension expense represent : Which components of the pension expense represent deferred recognition? Where are these deferred amounts reported prior to amortization?

Producing at a point on production possibilities frontier : If an economy is producing at a point on its production possibilities frontier, it is:

Two inputs in the production function labor : Suppose there are two inputs in the production function labor and capital and that this firm has a strange technology: the two inputs are perfect substitutes. The existing technology permits one machine to do the work of three people. The firm wants ..

Product different from those that shift the supply of labor : Why are the factors that shift the demand for a product different from the factors that shift the demand for labor? Why are the factors that shift supply of product different from those that shift the supply of labor?

Find difference between this momentum and classical momentum : What is the momentum of a 2600 kg satellite orbiting at 5.50 km/s? (anser in kg.m/s) Find the difference between this momentum and the classical momentum. (Hint: Use the approximation that γ = 1 + (1/2)v2/c2 at low velocities.)

Private market for the provision of health services : Canada has a private market for the provision of health services, and until about 1970, spent the same % of GDP as the US on healthcare. Since that time, however, the rate of healthcare inflation in Canada is far lower than in the US. Does this mean ..

Develop a strategy on improving your personal life : Complete a personal mission statement and internal analysis for yourself. Many of the principles of successful business can be used in your own personal life. This personal mission statement assignment uses the concepts of several units to help you w..

User Account

All Pages