Solution-Find the optimal combination of input

Find the optimal combination of input

Assignment Help Basic Computer Science

Reference no: EM132438144

Problem: Given Q= 10 (LK)^0.5 , Q is a output per hour, L in the number of workers per hour, and K is the number of machines used per hour. Wage per worker: $80 per hour and Price of a machine: $20 per hour.

Required:

Question 1: Find the optimal combination of input. How much L and K need in order to produce 800 units per hour. How much that would cost?

Question 2: Suppose that the wage rate increases to $100 per hour and the price of a machine increase to $25 per hour. How many workers and machines should be used to produce 1000?

Question 3: Suppose that a new process changes the production function to Q = 20 L^0.4 K^0.6. If input prices remain the same, how many workers and machines should be used to produce 1000 units and how much that would cost?

Reference no: EM132438144

Questions Cloud

Argue how humans are affecting-affected by climate change : Argue how humans are affecting and affected by climate change. Analyze why rising sea level is one of the foremost hazards in a changing climate.

Calculate the price elasticity of demand for canned soda : When bottlers increased the price of canned soda from vending machines by 15%, sales dropped by 25%. Calculate the price elasticity of demand for canned soda.

Identify and research one economic issue : Identify and research one economic issue that might be important to managers or organizations.

Several lower quality cheese makers that exist in wisconsin : The Wisconsin Cheese Industry is changing. There are about 40 producers who make a low quality cheese, but the remaining 10 producers make cheese

Find the optimal combination of input : Find the optimal combination of input. How much L and K need in order to produce 800 units per hour. How much that would cost?

FNSORG506 Prepare Financial Forecasts and Projections : FNSORG506 Prepare Financial Forecasts and Projections Assignment Help and Solution, Australian Pacific College - Assessment Writing Service

Evolution of the household : Determine whether each of the following would increase or decrease the opportunity costs for mothers who decide not to work outside the home

What is permafrost : What is permafrost? What do scientists say is causing it to thaw? What are some of the effects of this thawing, both atmospheric effects and landscape effects?

Calculate southwest economic profit : If you were a Southwest shareholder during this period, should you be happy with these "profits?" Hint: calculate Southwest's economic profit and discuss using

User Account

All Pages

Find the optimal combination of input

Reference no: EM132438144

Reference no: EM132438144

Questions Cloud

Reviews

Write a Review

Basic Computer Science Questions & Answers

Identifies the cost of computer

Input devices

Cores on computer systems

Prepare an annual budget in an excel spreadsheet

Write a research paper in relation to a software design

Describe the forest, domain, ou, and trust configuration

Construct a truth table for the boolean expression

Evaluate the cost of materials

The marie simulator

What is the main advantage of using master pages

Describe the three fundamental models of distributed systems

Distinguish between caching and buffering

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT