What is the total number of hours of labor needed

Assignment Help Business Economics
Reference no: EM132482075

Andy needs to hire workers and use ovens to cook and serve pizzas. The number of ovens Dan owns is fixed to be 4. The short-run production function is F(L)=40L^1/2 where L is the total number of hours of labor input per day. Suppose the cost of labor is $10 per hour and the cost of each oven is $40 per day.

(a) What is the total number of hours of labor needed to produce Q pizzas?

(b) What is the fixed cost of cooking and serving Q pizzas?

(c) What is the variable cost of cooking and serving Q pizzas?

Reference no: EM132482075

Questions Cloud

What is the firm total cost function : The firms Production function is given by Q = 5L + 15K. The price of Capital is $20 per unit and the price of Labor is $8 per unit.
What is the price elasticity of demand : Suppose the Demand for baseballs is given by Q = 90 - 6P. a) What is the price elasticity of demand when P = 6?
Evaluate a green building : Find a green building in your community and take a tour; if you cannot find one locally, find one online. Identify all the green features you can find.
Explain how dose-response data utilized for risk assessment : Discuss one current event (within the last six to eight months) that exemplified the relationship between toxicology and environmental safety and health
What is the total number of hours of labor needed : (a) What is the total number of hours of labor needed to produce Q pizzas? (b) What is the fixed cost of cooking and serving Q pizzas?
Decrease in demand or a decrease in quantity demanded : Does the decrease in the number of vehicles entering central London represent a decrease in demand or a decrease in quantity demanded for the use of central
What is the main idea of the o-ring model : What is the main idea of the O-ring model, which involves different types of skills?
How has the phrase of adverse selection : In the field of health economics, how has the phrase of adverse selection and the enactment of the Affordable Care Act, created an impact on the health insuranc
Discuss audit sampling for tests of details of balances : Discuss audit sampling for tests of details of balances and for tests of controls and substantive tests of transactions. How do they differ?

Reviews

Write a Review

Business Economics Questions & Answers

  Understanding biblical view of business ethics

Review three or four key principles that are important in understanding a Biblical view of business ethics. Give examples of how you have (or might in the future) apply these principles.

  Difference - ad-as model and the dynamic ad-as model

Which of the following is a major difference between the AD-AS model and the dynamic AD-AS model? The dynamic .AD-AS model assumes the economy does not experience long-run growth, while the AD-AS model assumes there is constant inflation in the ec..

  Global set of rules governing mnc investment

What are the arguments in favour of developing a global set of rules governing MNC investment?

  What will happen to the equilibrium interest rate

Explain using the money market graph, what happens when (1) the price level (CPI) goes up, (2) when the discount rate is lowered and (3) when the Fed sells more bonds on the market. What will happen to the equilibrium interest rate in each case?

  Failure for a continuous-operation monitoring

The time to failure for a continuous-operation monitoring device of air quality has uniform distribution over a 24-hour day

  Which sector is more labor intensive

The sales revenue in the agricultural sector is $120, the earnings of labor in the agricultural sector is $70 and the earning of capital in the agricultural.

  Determining the stolper-samuelson theorem

According to the Stolper-Samuelson theorem, would you expect all workers across the globe to favor limiting trade given that due to technological advances, production of most goods the world over are capital intensive? Why or why not?

  How do foreign investments get scared by monetary policy

In an interview with Daron Acemoglu, he says "the hot money which was floating through Turkey has stopped after FED's declaration that we are going to give much more attention on monetary policy". Basically I know some fundamental things like monetar..

  Each equal semi-annual cash flow in the equivalent series

A series of quarterly cash flows began with the first cash flow on April 1,1990 and ends with the last cash flow on January 1,2000. The first quarterly cash flow is equal to $24,000. Use a nominal interest rate of 13% and continuous compounding. Dete..

  Discuss various ways inflation can hinder economic activity

Discuss the various ways inflation can hinder economic activity. What are some strategies you might use in your life to deal with rising inflation? How might these strategies change if we experienced deflation?

  Consumer privacy protection in comparison to europe

Assess whether the United States has a weak consumer privacy protection in comparison to Europe. Evaluate the implications of this difference on global organizations doing business in multiple countries. Explain actions that if taken would greatly st..

  Discuss the quadratic vnm utility function

Consider the quadratic VNM utility function U(w) = a + bw + cw2.

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!

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