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The manager of a cheese-packing plant can use either people (labor) or cheese knivess (capital) to prepare packages of gouda. Based on estimates provided by an efficiency expert, the firm's production function for gouda is given by Q = 2K + L (MPK = 2, MPL =1)
a. If the price of labor is $2 per hour and the rental price of capital is $3 per hour, how much capital and labor should be used to minimize the cost of producing 10 units of output?
b. If the price of capital increases to $4 per hour, how does your answer in part a. changes?
Determine the proper equations to find PW of each machine. The cost of money is 10% per year. Machine X Machine Y Initial cost, $ -55,000 -46,000 Annual cost, $/year -10,000 -15,000
What output, price, and profit levels would prevail following expiration of the company's monopoly franchise assuming that vigorous competition evolves between the local cable TV company, voIP firms, and Big Phone, Inc. Assume that a long-run perf..
To construct a p-chart for a manufacturing process, 25 samples of size 200 were drawn from the process. The number of defectives in each sample is listed below. a. Calculate the proportion defective in each sample. and b. Calculate the plot p-ba..
Agri-Beef Inc. operates cattle feed lots in several midwestern states. The company wishes to estimate the average daily weight gain of cattle on their lots. To do this a simple random sample of cattle is taken and the daily weight gain is recorde..
Owen runs a delivery business and currently employs three drivers. He owns three vans that employees use to make deliveries, but he is considering hiring a fourth driver. If he hires a fourth driver, he can schedule breaks and lunch hours so all thre..
Calculate the net private benefits of the project to the foreign-owned company, as a net present value and calculate the net social benefits of the project from the viewpoint of the Australian economy, with the same criterion.
How do you interpret the effect of immigrant status on wages when the model is Log wages regressed on immigrant dummy, and an immigrant dummy interaction
Suppose the demand for a product is given by P = 40 - 4Q. Also, the supply is given by P = 10 + Q. If a $10 per-unit excise tax is lecied on the buyers of a good, then after the tax buyers will pay how much for each unit of the good.
suppose in 2010, the cost of a market basket of goods was $2001. In 2012, the cost fo the same amrket basket of goods was $2,105. Calculate the price index for 2012, using the price index formula, asume 2010 is the base year________
the daughter of a women with the income in the bottom third of the income distribution will herself have a 60% chance of being in the bottom third, a 25% chance of being in the middle third, and a 15% chance of being in the top third. Income Group..
Suppose the following data describe output in two different years. Item Year 1 Year 2 Apples Bicycles Movie Rentals 20,000 @ 25¢ each 700 @ $800 each 6,000@ $1.00 each 30,000 @ 30¢ each 650 @ $900 each 8,000 @ $1.50 each (a) Compute nominal GDP in ..
Suppose that \(X_{1},X_{2},....,X_{n} \) is an i.i.d. random sample, where \(X_{i}\) follows a normal distribution, with mean zero and unknown variance \(\sigma^{2}\) . Find the Maximum Likelihood Estimator of \(\sigm..
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