BuyFind

Applied Calculus

7th Edition
Waner + 1 other
Publisher: Cengage Learning,
ISBN: 9781337291248
BuyFind

Applied Calculus

7th Edition
Waner + 1 other
Publisher: Cengage Learning,
ISBN: 9781337291248

Solutions

Chapter 8.1, Problem 98E

(a)

To determine

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 employees, had an operating budget of $1 million, turned out 100 pianos. Last year, I slashed the operating budget 1000 employees to $100,000 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 employees, had an operating budget of $1 million, turned out 100 pianos. Last year, I slashed the operating budget 1000 employees to $100,000 and production dropped to 10 pianos.

(c)

To determine

To calculate: The solution for a and K using equations logKa=3 and logK2a=4. If two year ago, my piano manufacture plant employed 1000 employees, had an operating budget of $1 million, turned out 100 pianos. Last year, I slashed the operating budget 1000 employees to $100,000 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 employees, had an operating budget of $1 million, turned out 100 pianos. Last year, I slashed the operating budget 1000 employees to $100,000 and production dropped to 10 pianos.

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