How many hours will scientist dedicate to the production

Reference no: EM13214388

Scientists at Los Alamos are price takers. They can sell patentable ideas for $1. Consider the production of patentable ideas. If the only input is labor (the scientists time), and the scientist could also be earning $10/hour in outside work

Q1) how many patents would he have to come up with in an hour to justify working on patentable ideas?

Q2)suppose the scientists explicit production function is given by y=f(L)=20*L^(1/2), and his marginal productivity, MP=20/(2*L^(1/2)). How many hours will he dedicate to the production of patentable ideas?

Q3)If the scientist decides to work as many hours was was decided was optimal in question 5, how much profit he make?

Reference no: EM13214388

Questions Cloud

Discuss the impact on profitability in both situations : An accident has occurred in which chemicals leaked into the ground water nearby, the community is unaware. Assess the costs involved in cleaning up the water immediately (confessing) versus hiding the fact.

How management would implement the recommendations : Speculate how the price for that good or service may have been set and how well this price maximizes profit for the company and determine what shifts the company should made in its pricing strategy. Provide support for your recommendations.

Determine the offering price of an ipo : If you were an investment banker, how would you determine the offering price of an IPO and differentiate between direct and indirect costs of bankruptcy. Which of the two is generally more significant?

Compute the free cash flow : Performing a financial analysis through the use of ratios and computing the free cash flow for the most recent year for which information could be found

How many hours will scientist dedicate to the production : Scientists at Los Alamos are price takers. They can sell patentable ideas for $1. Consider the production of patentable ideas. If the only input is labor (the scientists time), and the scientist could also be earning $10/hour in outside work.

What is salvage value for each is estimated cost of the land : An oil company plans to purchase a piece of vacant land on the corner of two busy streets for $70,000. The cost of the types of businesses Plan A) Cost: $75,000 Net Annual Income: $23,300 Plan B) Cost: $230,000 Net Annual Income: $44,300 Plan

Calculate the after-tax cost of debt : Calculate the after-tax cost of debt and what is LL's after-tax cost of debt? Round the answer to two decimal places

Explain what is the density of the solid : The solid and toluene together weigh 58.34 g. The density of toluene at the temperature of the experiment is 0.864 g/mL. What is the density of the solid?

What natural resources are completely fixed in total supply : An economist's use of the term "rent" differs from everyday usage in that in the economist's understanding, economic rent is the price paid for the use of all resources that are completely variable in supply. includes any security deposit that mus..

User Account

All Pages