Business, 19.12.2021 18:40 mochoa4

Consider a firm which produces a single output using two inputs according to the following production function: y - min{2K, L}, where y is the firms output, K is machinery (measured in machine-hours) and L is labor supply (measured in person-hours). Let r be the cost of one machine-hour and let w be the wage rate (i. e. the cost of one person-hour). (a) Does the firms technology exhibit increasing returns to scale? Explain! (b) Draw the iso-quant corresponding to output of 10 units. Be sure to label important features in the aggan (c) Suppose that r = 16 and w = 4, Determine the firms cost function c(y). (d) On a diagram that has costs on the vertical axis and output and the horizontal axis, plot the firms cost curve c(y), average cost curve AC(), and marginal cost curve MC(v).

Answers: 1

Show answers

Another question on Business

Business, 22.06.2019 01:30

Side bar toggle icon performance in last 10 qs hard easy performance in last 10 questions - there are '3' correct answers, '3' wrong answers, '0' skipped answers, '1' partially correct answers about this question question difficulty difficulty 60% 42.2% students got it correct study this topic • demonstrate an understanding of sampling distributions question number q 3.8: choose the correct estimate for the standard error using the 95% rule.

Answers: 2

Answer

Business, 22.06.2019 10:00

University car wash built a deluxe car wash across the street from campus. the new machines cost $219,000 including installation. the company estimates that the equipment will have a residual value of $19,500. university car wash also estimates it will use the machine for six years or about 12,500 total hours. actual use per year was as follows: year hours used 1 3,100 2 1,100 3 1,200 4 2,800 5 2,600 6 1,200 prepare a depreciation schedule for six years using the following methods: 1. straight-line. 2. double-declining-balance. 3. activity-based.

Answers: 1

Answer

Business, 22.06.2019 10:30

What are the positive environmental trends seen today? many industries are taking measures to reduce the use( _gold,carbon dioxide,ozone_) of -depleting substances and are turning to(_scarce,renewable,non-recyclable_) energy sources though they may seem expensive. choose one of those 3 option to fill the

Answers: 3

Answer

Business, 22.06.2019 14:00

Your dormitory, griffingate, has appointed you central banker of its economy, which deals in the currency of wizcoins. assume that the velocity of wizcoins in griffingate is constant at 10,000 transactions per year. right now, real gdp is 1,000 wizcoins, and there are 2,000 wizcoins in existence.

Answers: 2

Answer

You know the right answer?

Consider a firm which produces a single output using two inputs according to the following productio...

Questions

Business, 15.04.2020 04:32

In the classic or rational model of decision making, which assumption(s) is/are made:1.That there are several equally good options2.That there is clar...