EBK INTERMEDIATE MICROECONOMICS AND ITS
12th Edition
ISBN: 9781305176386
Author: Snyder
Publisher: YUZU
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Question
Chapter 6, Problem 6.1P
a.
To determine
To calculate:Labor required to produce 60 and 100 cans of tuna per hour, when capital input is fixed at 6 per hour.
b.
To determine
To calculate:Labor required to produce 60 and 100 cans of tuna per hour when capital input is fixed at 8 per hour.
c.
To determine
To draw:Isoquants at output of 60 and 100 tuna cans, indicating points of sub-part a and b and determination of rate of substitution along the isoquants.
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Students have asked these similar questions
Consider the following production function of DVDS: Q = K0.5L 0.5, where Q represents DVDS
(boxes per hour), K denotes capital input (units per hour), and L denotes labour input (units of
worker time per hour). The unit cost of capital and labour are $40 and $20, respectively.
a) What is the optimal input ratio of labour and capital for the production?
b) Determine the appropriate input mix to produce 800 boxes of DVDS. Compute the cost of
production.
c) Suppose the government decided to offer a subsidy that would make the cost of labour $15.
What is the optimal input mix to produce the same level of output, and the new cost of
production? Also, compute the substitution effect in the employment of labour.
Imagine that the production function for tuna cans is given by: q = 6K + 4L Where q = output of tuna cans per hour K = capital per hour L = labor input per hour.
a. Assume capital is fixed at K = 6, how much L is required to produce 60 tuna cans per hour?
b. Now assume capital is fixed at K = 8, how much L is required to produce 100 tuna cans per hour?
c. Graph the q = 60 and q = 100 isoquants, in indicate the points found in parts a and b.
d. What are the MP of capital and labor and What is the MRTS along the isoquants?
Frisbees are produced according to the production function q = 2K+Lwhere q =output of frisbees per hour, K =capital input per hour, L =labor input per hour.
a) If K = 10, how much L is needed to produce 100 frisbees per hour? b) If K = 25, how much L is needed to produce 100 frisbees per hour?
c) Graph the q = 100 isoquant. Indicate the points on that isoquantd defined in part a and part b. What is the RTS along this isoquant? Explain why the RTS is the same at every point on the isoquant.
Chapter 6 Solutions
EBK INTERMEDIATE MICROECONOMICS AND ITS
Ch. 6.2 - Prob. 1TTACh. 6.2 - Prob. 2TTACh. 6.2 - Prob. 1MQCh. 6.2 - Prob. 2MQCh. 6.3 - Prob. 1TTACh. 6.3 - Prob. 2TTACh. 6.3 - Prob. 1MQCh. 6.3 - Prob. 2MQCh. 6.4 - Prob. 1TTACh. 6.4 - Prob. 2TTA
Ch. 6.5 - Prob. 1MQCh. 6.5 - Prob. 2MQCh. 6.5 - Prob. 3MQCh. 6.6 - Prob. 1TTACh. 6.6 - Prob. 2TTACh. 6.7 - Prob. 1MQCh. 6.7 - Prob. 2MQCh. 6.7 - Prob. 3MQCh. 6.7 - Prob. 4MQCh. 6 - Prob. 1RQCh. 6 - Prob. 2RQCh. 6 - Prob. 3RQCh. 6 - Prob. 4RQCh. 6 - Prob. 5RQCh. 6 - Prob. 6RQCh. 6 - Prob. 7RQCh. 6 - Prob. 8RQCh. 6 - Prob. 9RQCh. 6 - Prob. 10RQCh. 6 - Prob. 6.1PCh. 6 - Prob. 6.2PCh. 6 - Prob. 6.3PCh. 6 - Prob. 6.4PCh. 6 - Prob. 6.5PCh. 6 - Prob. 6.6PCh. 6 - Prob. 6.7PCh. 6 - Prob. 6.8PCh. 6 - Prob. 6.9PCh. 6 - Prob. 6.10P
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