FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. Consider a rm with the production function (1 = F (K, L) = K SIP-5. This results in the marginal product functions MP1, =

image text in transcribed
image text in transcribed
1. Consider a rm with the production function (1 = F (K, L) = K \"SIP-5. This results in the marginal product functions MP1, = ER \"5170-5 and MPK = %K'-75L'5. The wage rate is 4 and the rental rate is 6. The rm wants to produce 10,000 units. What combination of labour and capital should it use? (6 marks)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles of Microeconomics

Principles of Microeconomics

Authors: N. Gregory Mankiw

8th edition

1305971493, 978-1305971493

More Books

Students also viewed these Economics questions

Question

★★★★★
Rank the following from greatest to least for the percentage of its volume above the water line: a. Basketball floating in fresh water b. Basketball floating in saltwater c. Basketball floating in...

Answered: 1 week ago

Question

★★★★★
Did the faculty member teach elsewhere before coming to your school?

Answered: 1 week ago

Question

★★★★★
1. Understand possible effects of interpersonal crime that occurs in childhood and/or adulthood and the impact that has for individuals, their families and the community

Answered: 1 week ago

Question

★★★★★
Mr. Soukup has prepared the following list of statements about service companies and merchandisers. 1. Measuring net income for a merchandiser is conceptually the same as for a service company. 2....

Answered: 1 week ago

Question

★★★★★
Amy Richards' movie collection occupies 5 8 of her computer's hard drive. Her photography takes up 1 6 of the drive. The operating system, application software, and miscellaneous files take up...

Answered: 1 week ago

Question

★★★★★
The average realized retum on Elue Moose Producers's stock from 2013 to 2017. was Based on economic condifions. You compled the following information with estimates of refurns from Blue Moose...

Answered: 1 week ago

Question

★★★★★
Crystal wants life insurance that will diversify her financial portfolio and build wealth. She is searching for a policy that uses an investment method that has the potential to grow at a maximum...

Answered: 1 week ago

Question

★★★★★
Mention and explain the job description of Distribution and Exhibition do fast and need correct answer with good explanation

Answered: 1 week ago

Question

★★★★★
3. Assignment Task Question No 1 a) Which is better, an investment that earns 10% compounded quarterly, one that earns 9.95% compounded monthly, or one that earns 9.9% compounded continuously? b) The...

Answered: 1 week ago

Question

★★★★★
Please do a to c a) Figure 3.1 shows the light intensity on a screen behind a single slit. The slit width is 0.20 mm and the screen is 1.5 m behind the slit. What is the wavelength (in nm) of the...

Answered: 1 week ago

Question

★★★★★
On Nov 8 th , the 4 % , 3 0 - year U . S T - bond has quoted ( asked ) price 1 0 2 . 1 2 5 0 , it paid interest 6 2 days ago . What s the actual sale price? ( The bond pays interest every 1 8 2 days....

Answered: 1 week ago

Question

★★★★★
question 7 The annual per capita consumption of fresh bananas(in pounds) in the United States can be approximiated by the normaldistribution, with a mean of 8.1 pounds and a standard deviation of 2...

Answered: 1 week ago

Question

★★★★★
2. In this chapter, the reader should reflect on the following concepts: Message, communication error, data, code, information, metaphor.

Answered: 1 week ago

Question

★★★★★
1. To gain insight about the information processes operating in a communication process.

Answered: 1 week ago

Question

★★★★★
4. As your starting point, take two everyday decisions you have made during the past year. Discuss these decisions based on the following question: Why do you think your decisions may have been wrong?

Answered: 1 week ago

Previous Question Next Question