Suppose Noah and Naomi's short-run weekly production function for garden benches is where L represents the number
Question:
where L represents the number of hours of labor employed. The wage rate is $15 an hour. What is their cost function?
Transcribed Image Text:
F(L)-min (0, L-2)
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 82% (17 reviews)
Their cost function is C 30 15Q Explanation A firms cost function describes the total cost of ...View the full answer
Answered By
Rajat Gupta
used to take tution classes from my school time.
Conducted special topic claases during my graduation to help the students pass their exams.
Currently, teaching and conducting online claases during my post- graduation too.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Economics questions
-
Suppose Noah and Naomi's weekly production function for garden benches is F( L) = (3/2) L, where Lrepresents the number of hours of labor employed. The wage rate is $15 an hour. What is their cost...
-
Capital Gains Taxes: Taxes on capital g0ains are applied to income earned on investments that return a profit or capital gain and not on income derived from labor. To the extent that such capital...
-
We have said that economic profit is equal to economic revenue minus economic costwhere cash inflows or outflows are not real economic revenues or costs unless they are in fact impacted by the...
-
Fill in the missing amounts for the following bank reconciliation: Practice Exercise3 Bank Reconciliation March 31,20 Bank Statement Balance $3,764.00 Add: Deposit in transit $4,031.00 Deduct:...
-
A manager of Cascade Mutual Funds is contemplating acquiring servers to operate its website. The servers will cost $660,000 cash and will have zero terminal salvage value. The recovery period and...
-
Discuss the conditions that have to be met in order to hold an auditor successfully liable.
-
Find the number of games in a single-elimination tournament for each of the following numbers of teams: 1. 4 teams 2. 8 teams 3. 20 teams
-
Marc Company assembles products from a group of interconnecting parts. The company produces some of the parts and buys some from outside vendors. The vendor for Part X has just increased its price by...
-
Assume that all you have available are data for the following ratios and your firm and your industry. Total Asset Turnover = Revenues/Assets Total Margin = EBIT/Revenues Net Profit Margin =...
-
1. Describe Nike's company's communication goals 2. What different communication channels did Nike use to reach and engage with its target audience? 3. Give an example of a successful communication...
-
Suppose that Hannah and Sam have the Cobb-Douglas production function Q = F(L,K) = 10L0.25K0.25 Both a worker and a unit of capital cost $1,000 per week. If Hannah and Sam begin by remodeling 100...
-
Does a firm with the cost function experience economies of scale, diseconomies of scale, or neither? (2)-Q %3D
-
Arrange the following in order of increasing ionic radius: Cl, Na+, and S2. Explain this order. (You may use a periodic table.)
-
List and describe at least 2 ingredients of the promotional mix that Tre Stelle is using. Outline another ingredient that you would suggest that Tre Stelle use and explain why they should use it.
-
Outline a plan for employee engagement and training initiatives to enhance OHS awareness and develop a culture of safety within the organization. Highlight specific topics or areas of training that...
-
For simplicity, suppose all four banks have the same leverage ratio of L before the negative shocked happened. Please answer the questions below. i. How high can the leverage ratio L be for there to...
-
Define critical thinking. How important is critical thinking in making business decisions? Explain and provide examples. Please list any sources used
-
The shares of a newly listed company are doubling in value every 12 hours. If you bought $3,000 worth of the stock when it was first offered: Determine the appropriate model giving the value of your...
-
The xy-plane shows two x-intercepts, a y-intercept and vertex V of a parabola. If the line passes through the points (2,0) and V, which of the following must be the y-intercept of the line? A) 3 B) 2...
-
When the concentration of a strong acid is not substantially higher than 1.0 10-7 M, the ionization of water must be taken into account in the calculation of the solution's pH. (a) Derive an...
-
1. The short-run marginal cost curve is shaped like the letter _____and the short-run average cost curve is shaped like the letter _____. 2. The negatively sloped portion of the short-run marginal...
-
1. The short-run marginal cost curve is shaped like the letter _____and the short-run average cost curve is shaped like the letter _____. 2. The negatively sloped portion of the short-run marginal...
-
1. The short-run marginal cost curve is shaped like the letter _____and the short-run average cost curve is shaped like the letter _____. 2. The negatively sloped portion of the short-run marginal...
-
PLEASE OPEN IMAGE AND ANSWER ALL REQUIREMENTS Requirement 1 . Calculate the price per hour that New York Temps should charge based on Mason's proposal. = Price per hour Requirement 2 . On the basis...
-
dig in to the three methods we can use to value inventory: FIFO, LIFO and average cost. There are pros and cons to each method. What is key is that we are using a consistent method in valuing...
-
Fixed factory overhead cost $ 3 9 , 0 0 0 Fixed selling and administrative costs 7 , 4 0 0 Variable direct materials cost per unit Variable direct labor cost per unit 5 . 0 1 Variable factory...
Study smarter with the SolutionInn App