The formulas in a and K using the data for each of the two year and the Cobb-Douglas formula. If two year ago, my piano manufacture plant employed 1000 workers, had an operating budget of $ 1 million, turned out 100 pianos. Last year, I slashed the operating budget to $ 10 , 000 and production dropped to 10 pianos.
The formulas in a and K using the data for each of the two year and the Cobb-Douglas formula. If two year ago, my piano manufacture plant employed 1000 workers, had an operating budget of $ 1 million, turned out 100 pianos. Last year, I slashed the operating budget to $ 10 , 000 and production dropped to 10 pianos.
Solution Summary: The author calculates the formulas in a and K using the data for each of the two years and the Cobb-Douglas formula.
To calculate: The formulas in a and K using the data for each of the two year and the Cobb-Douglas formula. If two year ago, my piano manufacture plant employed 1000 workers, had an operating budget of $1 million, turned out 100 pianos. Last year, I slashed the operating budget to $10,000 and production dropped to 10 pianos.
(b)
To determine
To calculate: The equations in a and logK If two year ago, my piano manufacture plant employed 1000 workers, had an operating budget of $1 million, turned out 100 pianos. Last year, I slashed the operating budget to $10,000 and production dropped to 10 pianos.
(c)
To determine
To calculate: The value for a and K If two year ago, my piano manufacture plant employed 1000 workers, had an operating budget of $1 million, turned out 100 pianos. Last year, I slashed the operating budget to $10,000 and production dropped to 10 pianos.
(d)
To determine
To calculate: The number of pianos using the Cobb-Douglas formula if increase the operating budget back to $1 million but lay off half the workforce. If two year ago, my piano manufacture plant employed 1000 workers, had an operating budget of $1 million, turned out 100 pianos. Last year, I slashed the operating budget to $10,000 and production dropped to 10 pianos.
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