Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 12, 2024

1.Given the Production Function of a perfectly competitive firm, Q = 120L + 9L 2 - 0.5L 3 , where Q = Output and L

1.Given the Production Function of a perfectly competitive firm, Q = 120L + 9L² - 0.5L³, where Q = Output and L = labor input

c.Suppose that the wage rate is $60 and the price of output is $2 per unit.How many workers should the firm hire?

d.If demand forecasts predict an output level between 3500 and 3800 in the next decade, what would be your long-run strategy to optimize the resources of your company?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

Step: 3

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

Managerial Economics

Authors: William F. Samuelson, Stephen G. Marks

8th edition

1118808940, 978-1119025900, 1119025907, 978-1119025924, 978-1118808948

More Books

Students also viewed these Economics questions

Question

★★★★★

Consider again the conditions of Exercise 9. For i = 1, . . . , R, and j = 1, . . . , C, let On the basis of a random sample of n observations from the given population, construct a test of the...

Answered: 1 week ago

Question

★★★★★

a. Suggest a suitable method for following the progress of each of these reactions: i. H 2 O 2 (aq) + 2I (aq) + 2H + (aq) 2H 2 O(l) + I 2 (aq) ii. HCOOCH 3 (aq) + H 2 O(l) HCOOH(aq) + CH 3 OH(aq)...

Answered: 1 week ago

Question

★★★★★

18. Let X1,..., Xn be independent random variables having a common distribution function that is specified up to an unknown parameter . Let T = T (X) be a function of the data X = (X1,..., Xn). If...

Answered: 1 week ago

Question

★★★★★

The following data were obtained in a BET apparatus for adsorption equilibrium of nitrogen on silica gel (SG) at -195.8C. Estimate the specific surface area in m2/g of silica gel. How does your value...

Answered: 1 week ago

Question

★★★★★

43. Which of the following can be described as involving indirect finance? A. A bank buys a U.S. Treasury bill from one of its depositors. B. A corporation buys commercial paper issued by another...

Answered: 1 week ago

Question

★★★★★

Select a trainer of yoga and an interview with her. Write a paper in which you answer the following questions: How did the person you observe and interview get started? What educational and...

Answered: 1 week ago

Question

★★★★★

A vertical centrifuge, operating at $100 \mathrm{rpm}$, contains an aqueous suspension of solid particles with $S G=1.3$ and radius of $1 \mathrm{~mm}$. When the particles are $10 \mathrm{~cm}$ from...

Answered: 1 week ago

Question

★★★★★

The rallying cry of Donald Trump in the US presidential election in 2016 was to Make America Great Again and to focus on policies that protected and boosted US jobs and US workers. On election, Mr...

Answered: 1 week ago

Question

★★★★★

Compute the variance and the ACF (lag-1 to lag-4) of the following ARMA models with $\operatorname{Var}\left(a_{t} ight)=1$ : (a) $z_{t}=0.7 z_{t-1}+a_{t}$; (b) $z_{t}=0.4 a_{t-1}+a_{t}$; (c)...

Answered: 1 week ago

Question

★★★★★

The optical system of Figure P33.95 consists of a converging lens and a converging mirror. The focal points of the lens are marked by open dots and the center of curvature of the mirror by a solid...

Answered: 1 week ago

Question

★★★★★

In testing the cash discounts on vendors invoices, the auditor did not expect to find any errors in the sample and therefore used attributes sampling techniques. Based upon the statistical...

Answered: 1 week ago

Question

★★★★★

Cook v. Gardner On June 15, a professional cook had a conversation with her neighbor, an amateur gardener with no business experience who grew tomatoes for home use and to give to relatives. During...

Answered: 1 week ago

Question

★★★★★

2. List five points that are crucial to pay attention to if you want to positively influence someone from a foreign culture.

Answered: 1 week ago

Question

★★★★★

1. Discuss what you think is meant by the following statements: a) Splitting an egg into half to get two chickens. b) We cannot study time by taking apart a clock.

Answered: 1 week ago

Question

★★★★★

5. Give some examples of hidden knowledge.

Answered: 1 week ago

Previous Question Next Question