Managerial economics, economics, Microeconomics

Assignment Help:
A company a product using labor (L) and raw material (R) with Q = 80L^0.2 R^0.8. If labor costs $20 per hour and raw material $40 per unit, what is the optimal combination (least cost) of labor and raw material if the company wants to produce 1602 units of output? [The answers are may not be round numbers. You can round to 1 decimal point]

Related Discussions:- Managerial economics, economics

Risk Curves, Does the curve represent if the risk is NOT taken and the line...

Does the curve represent if the risk is NOT taken and the line connecting two points on the curve represents if the risk IS taken?

Market-friendly reforms, Market-Friendly Reforms: One main shortcoming...

Market-Friendly Reforms: One main shortcoming of present development cooperation is that recipients of development cooperation is that recipients of development finance are d

Explain the different types of unemployment that exist, Problem 1: a) E...

Problem 1: a) Explain the different types of unemployment that exist. b) Critically examine how monetary policy can be used to deal with inflation. c) Critically examine

Utitility, In November 2010, every Mzumbe University student had an income ...

In November 2010, every Mzumbe University student had an income of 150000/= per month,facing the price of meal (X) 1000/= and average price of other goods (Y) 1000/=.The initial ut

Factors of production, Factors of Production Factors of production are ...

Factors of Production Factors of production are the resources that are utilized to manufacture goods and services: 1. Natural resources: The things developed by acts of n

Production function, what are the properties of cob-douglas production func...

what are the properties of cob-douglas production function

Gas laws, What is the resultant pressure if 2.7 mol of ideal gas at 273 K a...

What is the resultant pressure if 2.7 mol of ideal gas at 273 K and 2.51 atm in a closed container of constant volume is heated to 399 K

Determine the post war rental rate, Consider two hypothetical nations, Solo...

Consider two hypothetical nations, Solowia and Growia, which are defeated in wars. These two nations were suffered from wars differently; the damage is on capital stock in Solowia,

Stackleberg model, Stackleberg Model : is another attempt at understanding ...

Stackleberg Model : is another attempt at understanding the strategic decision making of oligopolistic firms. It derives its name from Heinrich Freiherr von Stackelberg whose brain

Location of industry and localization of industry, Location of industry and...

Location of industry and localization of industry: Location of industry tries to answer the key economic question "where to produce". It involves deciding on the area that an

Write Your Message!

Captcha
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