What is the slope of isocost line

Assignment Help Business Economics
Reference no: EM13732389

A firm uses labor and capital to produce output according to the production function q= 100KL, where L is the number of units of labor used and K is the number of machines. Suppose the price of capital is $120 per day and the price of labor $30 per day. What is the marginal product of labor and capital? Find the marginal rate of technical substitution. What is the slope of isocost line? Tangency condition? What is the minimum cost of producing 1000 units of output?

Reference no: EM13732389

Questions Cloud

Effect of price ceiling and a price floor : Explain how a dead weight loss can be generated in an imperfect market and also in a case of a negative externality. What policies government can use to try to eliminate the deadweight loss? Effect of Price Ceiling and a Price Floor-Price Floors and ..
Summarizes your background and what makes you unique : Summarizes your background and what makes you unique in a 1- paragraph elevator pitch ( I already did this part)
What is the optimal level of output for a monopolist : A monopolist faces a demand given by p = 40 – 4y . Its cost function is c ( ) = 2 + 4 y . a) What is the optimal level of output for a monopolist? b) What is a monopolist price? c) What is the total profit (or loss)?
How economic conditions affect interest rates and bond yield : How economic conditions affect interest rates and bond yields? Over the past six months, U.S. interest rate have declined, and Canadian interest rate have increased, The U.S. economy has weakened over the past year , and the Canadian economy has impr..
What is the slope of isocost line : A firm uses labor and capital to produce output according to the production function q= 100KL, where L is the number of units of labor used and K is the number of machines. Suppose the price of capital is $120 per day and the price of labor $30 per d..
Traditional keynesian theory and the new keynesian theory : Both the traditional Keynesian theory and the new Keynesian theory indicate that the short-run aggregate supply curve is horizontal. Tasks: Answer the following questions: ? Is there any difference between the two approaches of the Keynesian theory a..
Required rate of return on the bond : What is the value of a 10 percent annual coupon, $1,000 par value bond with 20 years to maturity if the required rate of return on the bond is 12 percent?
How is packet-switching related to the internet : How is packet-switching related to the Internet and why is it important? How is TCP/IP related to the Internet and why is it important? How are HTTP and HTML related to the World Wide Web and why are they important? What is a web browser and why is i..
Difference in electronic commerce and electronic business : What is the difference between electronic commerce and electronic business according to Becker and Sampson? Briefly compare B2C, B2B, and B2G electronic commerce?

Reviews

Write a Review

Business Economics Questions & Answers

  How would you treat the possible future costs of a lawsuit

In calculating the incremental cost of a particular project, how would you treat the possible future costs of a lawsuit that may occur as a result of this project, where the cost of the lawsuit might range from $10,000 to $500,000 with an associat..

  Evaluate the long-run impacts of the change

Apply the aggregate demand/aggregate supply framework to predict how the chained CPI could potentially impact the economy in the short-run. Evaluate the long-run impacts of the change.

  Q1 briefly discuss the similarities and differences between

q1. briefly discuss the similarities and differences between producer equilibrium and consumer equilibrium.q2. assume

  Which best describes the role of social responsibility

Hospitals are engaged in intense competition to fill maternity beds. What type of advertising would hospitals most likely use to advertise their new amenities like hot tubs in every room, filet mignon or lobster on the menu, and afternoon teas for th..

  How do you explain why society has just recently begun

Many people believe that using plant-derived fuels or biofuels to power combustion engines is a relatively new and innovative concept.

  Assuming which the price elasticity of demand

Assuming which the price elasticity of demand for U.S. exports equals 0.40 and the price elasticity of demand for U.S. imports equals 0.20.

  Should you get it fixed that car requires repairs

You find that the car requires repairs of 1,200 dollars in order to get it to run. Once it is repaired, it will definitely not break down again. Assuming that the car is worth 3,500 dollars after repairs, should you get it fixed.

  Illustrate what are the opportunity costs of production

Illustrate what are the opportunity costs of producing X and Y for Leah and Tim; and if specialization is possible, which good should Leah specialize in? and How about Tim.

  Explain which intellectual property appears most difficult

Explain which intellectual property appears the most difficult for a business owner to protect. Provide support for your answer.

  Illustrate how do these two relate to each other

Illustrate how do these two relate to each other in the Circular Flow Economy and to the Government and Foreign Sector components? How does all this fit on a Wheel of Income.

  Jet blue corporation continuously offers fare

Jet Blue Corporation continuously offers fare discounts to attract customers awareness about the company, increase market share and increase revenues on the routes in the USA market.

  Q1 mexico does not have an absolute advantage in producing

q1. mexico does not have an absolute advantage in producing sugar over all of the other sugar producing countries. does

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