Managerial economics, economics, Microeconomics

Assignment Help:

A company a product using labor (L) and raw material (R) with Q = 80L^0.2 R^0.8. If labor costs $20 per hour and raw material $40 per unit, what is the optimal combination (least cost) of labor and raw material if the company wants to produce 1602 units of output? [The answers are may not be round numbers. You can round to 1 decimal point]

Related Discussions:- Managerial economics, economics

What types of questions would concern microeconomics, What types of questio...

What types of questions would concern microeconomics, versus macroeconomics? Microeconomics concerns itself with decision-making of individual consumers, firms and other organ

Homework, If a person literally had “nothing else to do,” (a) What would b...

If a person literally had “nothing else to do,” (a) What would be the opportunity cost of doing this homework?

Money creation process, The Money Creation Process is explained below: ...

The Money Creation Process is explained below: We can now study the money supply or the creation process. Suppose the government wishes to buy pencils worth Rs. 10 for the offi

Profit maximization, what is profit maximization..

what is profit maximization..

What caused the end of malthusian age, So what caused the end of Malthusian...

So what caused the end of Malthusian age? How did humanity escape from the trap in that invention and ingenuity increased the numbers though not the material well-being of humanity

What is economics about, What is economics about? Economics: Economi...

What is economics about? Economics: Economics is a social science which studies individuals’ economic behavior, economic phenomenon, ands also how individual agents, as like

Change in the rate of population growth, Should the manufacture, supply and...

Should the manufacture, supply and use of tobacco be criminalised? Provide arguments for and/or against (relates to defining crime; concepts of deviance etc) Examine t

Write short note on monopoly model, In the purely competitive analysis, the...

In the purely competitive analysis, there were two dissimilar models, one model for the industry, in which the interaction of supply and demand recognized the market price and quan

What is hyper inflation, What is hyper inflation? How it can be reduced? ...

What is hyper inflation? How it can be reduced? Hyper inflation means that prices of the consumable goods are very high. Prices can be decreased by supplying more goods in th

Price elasaticity, why does the quantity of education change in the privat...

why does the quantity of education change in the private universities much more responsive than salt as to changes in price?

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages