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

Question

1 Approved Answer

Assume that labor (artist) and capital (robot) are perfect substitutes in producing an output (= painting) for a firm.Marginal product of labor (MP L =AP

Assume that labor (artist) and capital (robot) are perfect substitutes in producing an output (= painting) for a firm.Marginal product of labor (MPL=APL) is 20 paintings per day and the price of labor (PL) is $40/day.The MP of capital (MPK= APK) is 15 paintings per day, and the rental rate of capital (PK) for one day is $20. What is the minimum totalcost needed to produce1200 paintings?

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

Essentials Of Mis

Essentials Of Mis

Authors: Kenneth Laudon

8th Edition

1292153776, 9781292153773

More Books

Students also viewed these Economics questions

Question

★★★★★
Assume that each of the following changes is independent (i.e., except for this change, all other factors remain unchanged). In each case, indicate what will happen to the earnings multiplier and...

Answered: 1 week ago

Question

★★★★★
Based on the information in problems 10 and 11, what is Santos and Cecilias current ratio? What is their liquidity ratio? What is their debt-to-asset ratio? Comment on each ratio. Assume that the...

Answered: 1 week ago

Question

★★★★★
=+10. For the probabilities of Exercise 8 and the decision tree of Exercise 4, using the expected values found in Exercise 8, compute the standard deviations of the values associated with each action...

Answered: 1 week ago

Question

★★★★★
Healthy Start Bakery mass- produces bread using three sequential processing departments: Mixing, Baking, and Packaging. The following transactions occurred during February: 1. Direct materials used...

Answered: 1 week ago

Question

★★★★★
Do you believe that what we put on the Internet is our property and we have automatic privacy, or Privacy Is Completely And Utterly Dead, And We Killed It"....

Answered: 1 week ago

Question

★★★★★
Using all 1991 birth records in the computerized national birth certificate registry compiled by the National Center for Health Statistics (NCHS), statisticians Traci Clemons and Marcello Pagano...

Answered: 1 week ago

Question

★★★★★
? Learn By Doing Adult male height (X) follows (approximately) a normal distribution with a mean of 69 inches and a standard deviation of 2.8 inches. a. What proportion of males are less than 65...

Answered: 1 week ago

Question

★★★★★
Under the Age Discrimination in Employment Act, how long must employers maintain specific information ( name , address, date of birth, occupation, rate of pay ) for each employee and applicant?

Answered: 1 week ago

Question

★★★★★
Men are more likely than women to use stress coping by blaming others. In conclusion, Men, and Women equally use blaming others and copying mechanisms. The average for both seems to be slightly lower...

Answered: 1 week ago

Question

★★★★★
Your workplace is experiencing change, the owner of the company is deciding to selling the company. Explain how this change will affect the company and the employees. Opening: Tell the audience what...

Answered: 1 week ago

Question

★★★★★
Scenario: Current COVID-19 situation Analyze the business environment for WestJet Airlines in Canada, using Porter's Five Forces model.

Answered: 1 week ago

Question

★★★★★
In the following bank balance sheet, amounts are in millions of dollars. The required reserve ratio is 5% on the first $30 million of checkable deposits and 11% on any checkable deposits over $30...

Answered: 1 week ago

Question

★★★★★
10. Find a news article in a daily newspaper, and answer the following questions: (a) Does the information in the article support your views and attitudes or does it conflict with them? (b) Does the...

Answered: 1 week ago

Question

★★★★★
2. Give an example where information that is emotionally interesting, specific and close in time and space, can be used to capture someones interest.

Answered: 1 week ago

Question

★★★★★
7. How can an interpreter influence the utterer (sender)?

Answered: 1 week ago

Previous Question Next Question