User Account

All Pages

What are the maximum amount of k and l

Assignment Help Business Economics
Reference no: EM131395856

Suppose that a firm's cost per unit of labor (w) is $30 per day and its cost per unit of capital (r) is $50 per day.

a. Draw the isocost line for a total cost per day of $15,000. (Base case) and Draw the isoquant curve when this firm is producing efficiently, assuming output is 100 units. What are the maximum amount of K and L possibly used to produce 100 units?

b. If the price of capital decreases to $40 and other things remain constant, show the effect of a decrease in price on the producer's equilibrium. What are the new K and new L?

c. If the total cost increases to $30,000, other things remain constant, please draw the new isocost line and new isoquant curve, compared to part a.

d. What is the condition for cost minimization of inputs to produce100 units of output?

Reference no: EM131395856

Questions Cloud

Describe three requirements elicitation difficulties : Describe three requirements elicitation difficulties or challenges from the examples below. Give an example of one of these challenges from your experience or otherwise.
Create a bankloan class that derives from bankaccount : Write a main()function that declares an array of 10 BankLoan objects. Write a recursive sort()function that places the BankLoan objects in descending order based on loan amount. Save the file as DescendingLoanSort.cpp.
Evaluate the specific preparation steps in the preparedness : According to the Department of Health and Human Services (2002), the nation's capacity to respond to bioterrorism depends largely on the ability of clinicians and public health officials to detect, manage, and effectively communicate in advance of..
Etymological definitions or operational definitions : Determine whether the following are demonstrative definitions, enumerative definitions, or definitions by subclass.- "Oak" means a tree that bears acorns.
What are the maximum amount of k and l : Draw the isocost line for a total cost per day of $15,000. (Base case) and Draw the isoquant curve when this firm is producing efficiently, assuming output is 100 units. What are the maximum amount of K and L possibly used to produce 100 units?
Advice silcraze city council of its liability : Advice Silcraze City Council of its liability in each of the following situations I.e with James, Ben and Mary who are all Members of the Gym - James uses the Bench Press and is injured as the equipment is broken.
Discuss factors that are part of your decision : Discuss factors that are part of your decision when determining if Algorithm efficienty is important. Algorithm efficiency is important in a lot of cases but the biggest is for large programs.
Definitions by subclass or etymological definitions : Determine whether the following are demonstrative definitions, enumerative definitions, definitions by subclass, synonymous definitions, or etymological definitions.- "Tree" means this, and this, and this (as you point to several trees).
Should you write and install the program : If you do not, many transplant opportunities will be missed while the hospital searches for another programmer to write the program.

Reviews

Write a Review

Business Economics Questions & Answers

  Illustrate what is this economy capacity to produce.

According to the production function, with 300 labor hours, illustrate what is this economy's capacity to produce

  Explain how incentive pay might have negative effect

Although some components of pay such as bonus, stock or stock options can provide incentives for managers to act in shareholder interests, sometimes they can have a negative effect and lead managers to make decisions that are not in shareholder inter..

  Policy makers are pursuing a fixed exchange rate regime

Assume that policy makers are pursuing a fixed exchange rate regime. Now suppose that the foreign interest rate falls. Discuss what policy makers must do to maintain the pegged exchange rate. Also discuss what effect this will have on domestic output..

  What is speaker in the weary blues attempting to convey

What is the speaker in "The Weary Blues" attempting to convey in his description of the scene?

  Find an article in which either fiscal or monetary policy

Drawing on current business publications, find an article in which either fiscal or monetary policy makers were describing their goals of maintaining stable prices, full employment, and adequate economic growth over time. Which goal was the most impo..

  Diminishing and negative marginal product of labor

Describe the difference between a diminishing marginal product of labor and a negative marginal product of labor. Why would a profit-maximizing firm always choose to operate where the marginal product of labor is decreasing (but not negative)?

  Leadership supports innovation

"In a healthy innovative company, leadership supports innovation." Do you agree or disagree? Are there variations across industries or fields? Provide examples to illustrate and support your position.

  Decided that in order to have a comfortable retirement

You have decided that in order to have a comfortable retirement you will need to replace $65,000in income each year in retirement. Assuming you will need 20 years of retirement income and an inflation rate of 3.5%, how much will you need to have save..

  What type of preferences is carl exhibiting

Suppose there are two types of shirts available to Carl: red shirts and black shirts Carl is always wiling to exchange three black shirts for one red shirt. What type of preferences is Carl exhibiting? Draw several indifference curves to illustrate C..

  What is labour productivity

Why are you taking this class. Explain. Did you read and understand syllabus requirements for this class. What is labour productivity.

  What are the costs of inflation

Be able to use the AE/PC model to analyze: counter-cyclical policy, disinflation, response to supply shocks. What is the difference between accomodating and non-accomodating responses to supply shocks? Explain how the Fed’s concern with keeping Y clo..

  Revenue-sharing in professional sports

Revenue-sharing in professional sports. Assume that there are two grades of professional football players. There are a limited number of “stars,” whom the fans most want to watch, and an unlimited number of “non stars.” There are too few stars to ful..

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd