Find how much l and how much k should labor use

Assignment Help Econometrics
Reference no: EM13234771

Suppose that the w=1, r=4 and the production function is given by: Q = K1/3L2/3. This means that the . Suppose that the w=1, r=4 and the production function is given by: Q = K1/3L2/3. This means that the marginal product of labor and marginal product of capital are given by: MPL=(2/3)(K/L)1/3 and MPK=(1/3)(L/K)2/3. If the firm wants to produce 32 units of output in the long run, how much L and how much K should they use? are given by: MPL=(2/3)(K/L)1/3 and MPK=(1/3)(L/K)2/3. If the firm wants to produce 32 units of output in the long run, how much L and how much K should they use?

Reference no: EM13234771

Questions Cloud

How would you recommend that encyclopedia : How would you recommend that Encyclopedia Britannica adapt to this new threat
What is the marginal product of the second secretary : Now suppose that both a second secretary and a second computer are hired. As a result of specialization, the two secretaries together can now type 5 papers per day. Does this firm have increasing or decreasing returns to scale in the current range
Identify potential target markets for this new service : An orthopedic group practice has decided to develop a pediatric sports medicine program. Identify potential target markets for this new service.
How wikimedia foundation meet criteria for knowledge create : How does the Wikimedia Foundation meet the criteria for a knowledge-creating organization
Find how much l and how much k should labor use : Suppose that the w=1, r=4 and the production function is given by: Q = K1/3L2/3. This means that the . Suppose that the w=1, r=4 and the production function is given by: Q = K1/3L2/3. This means that the marginal product of labor
Evaluate the ph of a solution prepared by dissolving : Calculate the pH of a solution prepared by dissolving 18.32 grams of benzoic acid and 43.23 grams of sodium benzoate in water sufficient to yield 1.00 L of solution.
What are the key technologies the internet is based on : The Internet and the Web are not the same thing. What is the difference between the Internet and the Web? Let's discuss what the Internet is and how many kinds of traffic, including Web traffic, can run on the Internet. What are the key technologi..
Explain how does the long-run neutrality come : Monetarists believe that changes in the money supply will have no effect on real income in the long-run. In other words, they believe that money is ‘neutral' in the long-run. How does this long-run neutrality come about
What percentage of the original energy is lost : A power line 50km long has a total resistance of 0.60ohm, What percentage of the original energy is lost when the transformer is not used

Reviews

Write a Review

Econometrics Questions & Answers

  How much will they pay in interest over the life of loan

A couple has found a house which cost $201,500. They will put down $22,000 and finance the remainder with a 30-year mortgage loan from Bank of America at 4.65% interest (compounded monthly). If they escrow their HOA fees, insurance, and taxes at $..

  Find necessary interest rate in account to allow gradient

A gradient series is deposited for 15 years in an interest bearing account. The first deposit is $15,000, the annual gradient factor is $1,000. At the end of the 16th year, withdrawals from the account begin with a first sum of $50,000.

  What is the marginal cost of the last unit

The daily wage (per worker) is $70, and the price of the firm's output is $32. The cost of other variable inputs is $2,000 per day. You are told that the firm's fixed cost is "high enough" so that the firm's total costs exceed its total revenue.

  Calculate economic order quantity and time btwn production

A company has an annual requirement for 150,000 parts, which cost $125 each. The parts require processing having a $4,000 setup cost. Each part occupies 0.5 sqft of floor space in the factory. Floor space has a total cost of $12.50 per square foot..

  How much must you place into your retirement plan monthly

Assume an earning rate of 6% per year compounded monthly on your investments. How much must you place into your retirement plan monthly starting at the end of next month (month 1) and ending one month prior to the commencement of the retirement be..

  Find total revenues for price-quantity demanded combination

Finally-and this is a stretch question-if you were a monopolist facing a downsloping demand curve, which portion of the curve would you strive never to be in In other words, you can choose any price and output combination you want.

  Define the balance sheet of a bank follows

Suppose that the bank sells $5 million in securities to get new cash. Show the bank's balance sheet after this transaction. What are the bank's excess reserves. Suppose that the bank makes a loan to a customer equal to the amount of its excess rese..

  Does either individual have a comparative advantage

The following numbers measure the tradeoff between grades and income: Total Hours Hours Hours Studying GPA Working Income 60 60 4.0 0 $ 0 60 40 3.0 20 $100 60 30 2.0 30 $150 60 10 1.0 50 $250 60 0 0.0 60 $300 Total Hours Hours Hours Studying GPA

  Calculate marginal rate of technical substitution of labor

a. Graph the short run total product curves for each production function for 0  L  25 in the case where K is fixed at 4. b. Graph the marginal product of labor curves for each production function for 1  L  25. c. Do these production functions exh..

  Determine delta companys profit maximizing output

The cost, demand and revenue functions have been determined By Delta and given below. The total amount of widgets sold in the market by all producers, including Delta's sales, is 238 units. Delta's current p..

  Which summarizes the impact of the governments policy

Suppose that the government cuts net taxes by $10 billion. These are lump sum taxes. To keep its budget balanced at its current level, it also reduces its spending by $10 billion. Which  summarizes the impact of the government's policy action on eq..

  What is the advertising elasticity at the sales price

The cup is placed over the pill and as the cup is pressed down, the pill is split into pieces which are contained inside the cup. Because the cup is above the pill, persons can see how the pill is cut and keep the pieces contained.

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