can you please provide explanations and working Pomme manufacture Wifidgets. They use both labour, L, and capital, K, in theirproduction of Wifidgets. Both L and K are measured in hours. The production.method they use requires that at least one labour and one capital is alwaysemployed.(a) Pomme have a Cobb-Douglas technology which means that their productionfunction is: Q(L, K) = (LK) 0.5. The production method requires that at leastone labour and one capital is always employed.Find the marginal product of labour and marginal product of capital.How does production change as Pomme employ more labour? Howdoes production change as Pomme employ more capital? Sketch theproduction function with regard to labour and with regard to capital.Compute the marginal technical rate of substitution. Sketch theisoquants.

Pomme's Wifidget Production: Cobb-Douglas and MarginalsLet's analyze Pomme's production considering…

Answered: Pomme manufacture Wifidgets. They use…

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter7: Production And Cost In The Firm

Section7.A: Appendix: A Closer Look At Production And Cost

Problem 1AQ

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Suppose that a car dealership wishes to see if efficiency wages will help improve its salespeople’s productivity. Currently, each salesperson sells an average of one car per day while being paid $20 per hour for an eight-hour day.a. Suppose that if the wage is raised a second time to $40 per hour, the number of cars sold rises to an average of 2.5 per day. What is now the labor cost per car sold? $______ per vehicleb. If the firm’s goal is to maximize the efficiency of its labor expenditures, which of the three hourly salary rates should it use: $20 per hour, $30 per hour, or $40 per hour? $______ per hourc. By contrast, which salary maximizes the productivity of the car dealer’s workers (cars sold per worker per day)? $_______ per hour
Al's production function for deer is f(x1,x2) = (2x1 + x2)^1/2, where x1 is the amount of plastic and x2 is the amount of wood used. If the cost of plastic is $4 per unit and the cost of wood is $3 per unit, then the cost of producing 5 deer is a) $55 b) $10 c) $50 d) $75
The chemical X-2000 is produced using two inputs, benzene (B) and labor (L) in the exact proportions of one gallon of benzene for each two hours of labor services. Firms in the industry have the production function: qX = min[B, 0.5L] The production of X-2000 generates fumes that greatly increase the chance of cancer among workers. The workers would suffer no ill health effects if they were provided with masks containing a filtering system. The masks increase the hourly cost of labor by another $2. Suppose that in response to this health hazard, the government enacts a regulation that requires the firm to provide each worker with a mask. f) Do you think the new regulation will affect the firm’s choice of input levels (i.e. the firm’s cheapest technique) for a given level of output? g) How will the new regulation affect the firm’s total and marginal cost functions?
please argunt !!!!!!!!!! state the three stages of production
What is the difference between economies of scale andeconomies of scope? How do firms consider these wheninvesting in processes?
Solve it correctly last time incorrect solution provides Q) The marginal products of capital (MPK) and labor (MPL) are, respectively, MPK = 2000 units; MPL = 1500 units. The input prices are: PK = $10/unit; and PL = $150/unit. To minimize production costs, the firm should A. increase both capital and labor B. decrease both capital and labor C. increase capital; decrease labor D. decrease capital; increase labor E. do nothing; costs are minimized
No written by hand solution "Lemonade in Winter" includes the cost of the ingredients, but not the cost of labor O True O False
Production data for Joe's Pizza Parlor are as follows. For simplicity assume that labor is the only input.Each pizza sells for $5. How many workers will Joe hire if he must pay each one $45 a day? Number of Workers Pizzas Baked Per Day 0 0 1 10 2 18 3 24 4 30 5 32
Suppose the production function is given by Q=K1/2L1/2, and that Q=30 and K = 36. How much labor isemployed by the firm?A. 49 B.6 C.36 D.25
A firm uses 3 factors of production. Its production function is f(x, y, z) = min{x3/y, y2, (z4 − x4)/y2}. If the amount of each input is multiplied by 6, its output will be multiplied by A.) 216 B.) 36 C.) 6 D.) 0.16 -the Answer is 36, Please explain in detail why this is
Coca cola uses labour(L) and capital (k) in its production process. It estimates that the production function facing it is given by Q= K0.5 L0.5. The company can sell a bottle of coke at GH4. The cost of a machine is GH3 and that of Man- hour is GH5. The firm's total cost if production at the end of production is expected to be GH 3000. Required: Determine The optimal level of capital and labour usage The firm’s firm’s profit at the optimal levels of capital and labour usage The firm’s elasticity of output with respect to labour and capital and interpret it
Suppose that there is a firm that produces chairs and the firm receives an order for 80 chairs. The firm has two resources available to it. The first is a (human) worker, who must be paid $18 for each hour they spend producing chairs. The second is a robot, that costs $15 of inputs (including electricity and maintenance) for each hour it works. Chairs produced by either method are identical and of equivalent quality. Assume that the use of these two inputs is completely independent. This means that the number of hours of robot-work does not affect the productivity of the worker, and vice versa. The production of chairs based upon the numbers of hours of each of the inputs used is given below. For example, 2 hours of robot time will produce 10 chairs. 7 hours of worker time will produce 54 chairs. Please use the image provided to answer the following: 1) Do any of the inputs in this example exhibit diminishing returns to scale? If so, which and how do you know? If not, how do you…

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