The production function for puffed rice

Assignment Help Business Economics

Reference no: EM13898372

The production function for puffed rice is

Q = 100 √KL or Q=100 K^(1/2) L^(1/2)

where Q = output of boxes per hour K = number of puffing guns used per hour L = number of workers hired per hour

a. Calculate the Q = 1000 isoquant for this production function and show it on a graph.

b. If K = 10, how many workers are required to produce Q = 1,000? What is the average?

c. Suppose technical progress shifts the production function to Q = 200 √KL. Answer parts product of puffed rice workers? a and b for this new situation.

Reference no: EM13898372

Questions Cloud

Optimum output combination lies on this isocost curve : The Hassman Company produces two joint products, X and Y. The isocost curve corresponding to a total cost of $500,000 is Qy = 1,000 – 10Qx – 5Qx^2. What is the optimum output of product Y? Can you be sure that the optimum output combination lies on t..

Explain advantages-disadvantages of investing in real estate : Explain advantages and disadvantages of investing in real estate. Do tax laws seem to favor certain types of investments?

Low marginal cost of producing the product : You are manager of a small pharmaceutical company that received a patent on a drug three years ago. Despite strongest sales(125milion last year) and a low marginal cost of producing the product ($0.25 per pill) your company has yet to show a profit f..

How many tee-shirts must atrium sell to break even : Atrium, a manufacturer of upscale designer tee-shirts, is considering launching an Internet operation to sell its product direct to consumers in addition to distributing through traditional bricks-and-mortar retail stores. If Atrium can sell 10,000 t..

The production function for puffed rice : The production function for puffed rice is- Calculate the Q = 1000 isoquant for this production function and show it on a graph. If K = 10, how many workers are required to produce Q = 1,000? What is the average?

Example of market failure-requires government intervention : Write a paper of 500 words, not including the title and References page, that analyzes the need for health care reform. Include the following in your paper: Identify concerns about cost, quality, and access to the current U.S. health care system. Ans..

Do you believe that some industries are unfairly targeted : In the land of free trade, the public does not view all industries as equal. Do you believe that is ethical? Do you believe that some industries are unfairly targeted? Become an advocate for either the consumer or the industry. Prepare an argument ex..

Portray your switching costs : After you have been in a job for a while, you should portray your switching costs as:

What type of fiscal and monetary policy : In the most recent recession of 2008 and 2009, the United States saw a declining GDP, rising unemployment, and, sometimes, deflation. What type of fiscal and monetary policy is appropriate to fight the recession? Analyze these using the Phillips curv..

User Account

All Pages