Managerial economics, economics, Microeconomics

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

Advertising budget, analyse the method by which a firm can allocate the giv...

analyse the method by which a firm can allocate the given advertising budget between different media advertisement?

Difference between anticipated and unanticipated inflation, Explain inflati...

Explain inflation, and the difference between anticipated and unanticipated inflation. Answer Inflation is the persistent rise in the general price level in the e

Define economies of scale, Q. Define Economies of Scale? Economies of S...

Q. Define Economies of Scale? Economies of Scale: Most economic production requires producing firm or organization to make an initial investment (in real capital, in design and

#question.Question: Answer all parts (a, Consider the following insurance m...

Consider the following insurance market. There are two states of the world, B and G, and two types of consumers, H and L, who have probabilities pH =0.5 and pL =0.25 (high and low

Marginal utility approach, using the marginal utility approach discuss how ...

using the marginal utility approach discuss how economic theory explains the optimum pattern of consumption for an individual consumer

Economies of scope, Economies of Scope The ability of a organizati...

Economies of Scope The ability of a organization to decrease its unit costs by producing two or more products or services that involve complementary skills, experience and

Explain labour intensity, Q. Explain Labour Intensity? Labour Intensity...

Q. Explain Labour Intensity? Labour Intensity: Ratio of labour effort expended, compared to total on-the-job compensated labour time. A higher ratio of labour intensity reflect

E-commerce and supply & demand changes in a business, BACKGROUND: You have...

BACKGROUND: You have been promoted to the position of Vice President in a business consulting firm. This firm provides business consulting to a variety of businesses. The presi

Why is the concept of scarcity relevant to both ldc and mdc, Why is the con...

Why is the concept of scarcity relevant to both LDC s and MDC s? All societies throughout time have wrestled with the basic economic conundrum of having needs that cannot be me

Determine the change in unemployment - okun''s law, 1. Utilize Okun's law ...

1. Utilize Okun's law to answer the questions below; u t - u t-1 = -0.4(g yt - 3%) Assuming u t-1 = 7% a. Calculate the change in u (u t - u t-1 ) for each of the follo

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages