Suppose Noah and Naomi's weekly production function for garden benches is F( L) = (3/2) L, where

Question:

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 function?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Microeconomics

ISBN: 978-1118572276

5th edition

Authors: David Besanko, Ronald Braeutigam

See More Books

Question Posted: Mar 18, 2016 04:46 AM

See More Questions

Suppose Noah and Naomi's short-run weekly production function for garden benches is where L represents the number of hours of labor employed. The wage rate is $15 an hour. What is their cost...
There are two production plants for producing widgets out of labor and capital. Plant 1's weekly production function is and plant 2's weekly production function is a. Do these technologies satisfy...
There are two production plants for producing widgets out of labor and capital. Plant 1's weekly production function is Plant 2's weekly production function is There is a total of 100 workers...
Solar Energy Corp. has $4 million in earnings with four million shares outstanding. Investment bankers think the stock can justify a P/E ratio of 21. Assume the underwriting spread is 5 percent. What...
What problem might arise when central corporate costs are allocated based on actual sales?
For the system shown in Figure P5.12, find the output, c(t), if the input, r(t), is a unit step. R(s) E(s) 4 C(s) s(s + 3) FIGURE P5.12
Harrison Corporation produces two joint products from its manufacturing operation. Product J sells for $41.50 per unit, and product M sells for $12 per unit at the split-off point. In a typical...
Thoni Manufacturing has gathered information from materials requisition sheets and labor time sheets for several jobs worked on during the last month and needs to calculate the job costs. Required a....
On the first day of the fiscal year, a company issues a $5,700,000, 6%, 4-year bond that pays semiannual interest of $171,000 ($5,700,000 6% ), receiving cash of $6,340,048. Journalize the bond...
About five years ago, Isabelle, Eden, Samara, and Joy formed a partnership to carry on a snow removal and landscape business. All the partners, except Isabelle, made an initial contribution of...
Many airlines operate a hub-and-spoke system in which passengers headed for different destinations fly into the hub on the same plane, then switch planes to reach their final destinations. How does...
Suppose that XYZ Corporation's total wages are twice the company's total expenditure on capital. XYZ has a Cobb-Douglas production function that has constant returns to scale. Its production function...
What are the problems and issues of localizing and distributing databases worldwide? LO.1
How would applying the core values and concepts of the Baldrige Performance Excellence Framework improve healthcare quality?
1. How does kaizen differ from a kaizen event? 2. What is the Deming Cycle? Explain the activities that make up each step.
3. Implement F (X,Y,Z) = XY'ZYZ' by using a) Only one 8-to-1 MUX. b) Only one 4-to-1 MUX. 4. Realize (a,b,c,d) = m(0, 4, 5, 9, 13, 14, 15) with a 8-to-1 Mux. a) Consider a, b, c as selection lines...
1.Pink describes several "frames" including: The Less Frame, The Experience Frame, The Label Frame, The Blemished Frame, The Potential Frame. Which frame is your favorite? Why? Give a specific...
Rise of the hackers essay prompt question Do you think you might be vulnerable to the social engineering attack that hackers used against Matt in the video?
In a certain geographical market, Sprint wishes to increase its market share by taking a survey of customers of its competitor, Pacific Bell, in an effort to find out which parts of its service are...
For the following arrangements, discuss whether they are 'in substance' lease transactions, and thus fall under the ambit of IAS 17.
Which do you think would be more effective at corporate governance - a unitary or multilevel board? Explain the reasons for your answer. (Appendix)
1. Mexico s import restrictions on used cars _____ the price of 1998 cars and _____ the price of 1997 cars. 2. In Figure the taxi medallion policy prevents mutually beneficial transactions for...
1. Mexico s import restrictions on used cars _____ the price of 1998 cars and _____ the price of 1997 cars. 2. In Figure the taxi medallion policy prevents mutually beneficial transactions for...
1. Mexico s import restrictions on used cars _____ the price of 1998 cars and _____ the price of 1997 cars. 2. In Figure the taxi medallion policy prevents mutually beneficial transactions for...
The rate of return on Cherry Jalopies, Inc., stock over the last five years was 14 percent, 11 percent, 4 percent, 3 percent, and 7 percent. What is the geometric return for Cherry Jalopies, Inc.?
U.S. GAAP specifies all of the following characteristics of variable interest entities except: A. Equity holders hold less than 5% of the entitys voting stock. B. Equity holders do not have voting...
Rank the following three stocks by their risk-return relationship, best to worst. Night Ryder has an average return of 10 percent and standard deviation of 27 percent. The average return and standard...

Suppose Noah and Naomi's weekly production function for garden benches is F( L) = (3/2) L, where

Question:

Step by Step Answer:

Their shortrun cost function is C 10Q Explanation A firms cost function describes th...View the full answer

Microeconomics

Students also viewed these Economics questions