Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Mar 02, 2024

A firm producing Rice has a production function given by: q = KL/3. The rental rate (v) is $8, and the wage rate (w)

A firm producing Rice has a production function given by: q = KL/3. The rental rate (v) is $8, and the wage rate (w) is $16. a. What is the marginal rate of technical substitution between labor and capital if K = 9 and L= 1. b. How many labors would minimize cost to produce 96 units of output?

Step by Step Solution

★★★★★

3.59 Rating (153 Votes )

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

Microeconomics

Authors: Douglas Bernheim, Michael Whinston

2nd edition

73375853, 978-0073375854

More Books

Students also viewed these Economics questions

Question

★★★★★

( a) Fill in the marginal output column of Table 3. b) Diminishing returns set in with the worker. (c) Negative returns set in with the worker. TABLE 3 Number of Workers 0 01234567 4 8 9 10 11 Total...

Answered: 1 week ago

Question

★★★★★

You have invested $160,000 at 12%. After paying the above school fees, how much would remain at the end of the ten years?

Answered: 1 week ago

Question

★★★★★

Stability lobes for a slot milling operationare given in Figure 5 to machineAluminum 7075 material Pleasefind the suitable depth of cut and spindle speedfor maximum metal removal rate by...

Answered: 1 week ago

Question

★★★★★

It has been reported that the 49,600 employees of United Airlines are distributed among the following corporate functions: For the sample space consisting of United employees: a. Draw a Venn diagram...

Answered: 1 week ago

Question

★★★★★

Determine (a) The distance dC for which portion BC of the cable is horizontal, (b) The corresponding components of the reaction at E. 7.5 ft 2 kips kips kis

Answered: 1 week ago

Question

★★★★★

For the following exercises, solve each system by Gaussian elimination. 0.5x0.5y + 0.5z = 10 0.2x0.2y + 0.2z= 4 0.1x0.1y+ 0.1z= 2

Answered: 1 week ago

Question

★★★★★

Determine the rejection region for a ????-test when (a) ????0 ???? = 50, ???? = 0.05, and ???? = 20. (b) ????0 ???? 50, ???? = 0.01, and ???? = 30. (c) ????0 ???? 50, ???? = 0.05, and ???? = 45....

Answered: 1 week ago

Question

★★★★★

Orange Corp. has two divisions: Fruit and Flower. The following information for the past year is available for each division: Orange has established a hurdle rate of 12 percent. Required: 1. Compute...

Answered: 1 week ago

Question

★★★★★

Please help answer 1. How should inventory policies for sea scallops be established if they are to be kept fresh before preparation? Kept frozen before preparation? 2. Assuming his inventory policy...

Answered: 1 week ago

Question

★★★★★

Implied Volatility. Replicate the Implied Volatility Smile Figure on Page 12 of LN3, using current Call options data on the S&P500 (SPX) maturing on January 20, 2023. Please state the assumptions you...

Answered: 1 week ago

Question

★★★★★

Q10. Cross-fertilizing a red and a white flower produces red flowers 25% of the time. Now we cross-fertilize five pairs of red and white flowers and produce five offspring. (Hint: the number of...

Answered: 1 week ago

Question

★★★★★

What is one possible sign that a customer disturbance has started to escalate ? Servers fill patrons ' drink orders more quickly People in the bar are standing up and backing away Customers order...

Answered: 1 week ago

Question

★★★★★

Indicate which Periodic Table of Acquisition Innovation techniques is described by the following statement." Collects ideals and solutions from the public and encourages cross-sector collaboration to...

Answered: 1 week ago

Question

★★★★★

huck likes to build things, and over the years, he has enhanced the backyard of his modest home with the addition of a three - car garage, a swimming pool, a large shed, a children's playhouse, and a...

Answered: 1 week ago

Question

★★★★★

Bethany got a call yesterday from First Bank, the company that issued her credit card, inquiring about an $ 1 0 5 . 0 0 charge made in Jamaica. Upon learning that Bethany was at home in Minnesota and...

Answered: 1 week ago

Question

★★★★★

Arya earns $17.20 per hour and works 80.0 regular hours per bi-weekly pay period. In addition, Arya worked 8.5 overtime hours this pay period, which are paid at 1.5 times her regular hourly rate. She...

Answered: 1 week ago

Question

★★★★★

38 Internal control consist of policies and procedures that a. involve cost-benefit considerations b. ensure the accuracy of business information c. deal with human element of controls such as,...

Answered: 1 week ago

Question

★★★★★

What is the ideal number of children to have? This question was asked on the Sullivan Statistics Survey I. Draw a dot plot of the variable Children from theSullivanStatsSurveyI data set at...

Answered: 1 week ago

Question

★★★★★

A monopolist operates with a fixed cost and a variable cost. Part of the fixed cost is sunk, and part nonsunk. How will the sunk and nonsunk fixed costs affect the firm's decisions as it tries to...

Answered: 1 week ago

Question

★★★★★

What is a risk premium? What determines the magnitude of the risk premium?

Answered: 1 week ago

Question

★★★★★

For the following pairs of goods, would you expect the cross-price elasticity of demand to be positive, negative, or zero? Briefly explain your answers. a) Tylenol and Advil b) DVD players and VCRs...

Answered: 1 week ago

Question

★★★★★

Assume the project profile model shown in Figure 3.10. Define the efficient frontier. The dotted lines represent the minimum return and the maximum risk that the company will accept. Which projects...

Answered: 1 week ago

Question

★★★★★

Suppose the information in Problem 2 was supplemented by importance weights for each of the four assessment criteria, where 1 = low importance and 4 = high importance: Assume, too, that evaluations...

Answered: 1 week ago

Question

★★★★★

A company has four project investment alternatives. The required rate of return on projects is 20%, and inflation is projected to remain at 3% into the foreseeable future. The pertinent information...

Answered: 1 week ago

Previous Question Next Question