A Cobb-Douglas production function for new company is given by FF(KK, LL) = KK3/5LL2/5 where K represents the units of capital and L represents the units of labor. Suppose units of labor and capital cost $200 and $100 each respectively. If the budget constraint is $30,000, find the maximum production level for this company.
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- SuProse a liim hus revenue R=15t- 5q2 und (Ost (= 93-13.5e+ 50+ 40. Make a sketch of average Variable cOst, marginal (ost and maigina fevenue.The pumlative eveage labor hours to assemble the first fiva units of product A was 14.579 hours. If the learning curve, based on the previous experience with similar products, is 76%, what is the estlimated tlime (labor hours hat wil be neguirees its assemtie ife 2 uni? The mumiber of labor hours required to assemble the 24 unit is hours. (Round to one decimal place.)The amount of fish caught per week on a trawler is a function of the crew size assigned to operate the boat. Based on past data, the following production schedule was developed: CREW SIZE (NUMBEROF WORKERS) AMOUNT OF FISH CAUGHT PERWEEK (HUNDREDS OF LBS) 2 3 4 5 6 7 8 9 10 11 12 3 6 11 19 24 28 31 33 34 34 33 a. Over what ranges of workers are there (i) increasing, (ii) constant, (iii) decreasing, and (iv) negative returns?b. How large a crew should be used if the trawler owner is interested in maximizing the total amount of fish caught?c. How large a crew should be used if the trawler owner is interested in maximizing the average amount of fish caught per worker?
- Oregon Fiber Board makes roof liners for the automotiveindustry. The manufacturing manager is concerned aboutproduct quality. She suspects that one particular failure, tears in the fabric, is related to production-run size. An assistantgathers the following data from production records: a. Draw a scatter diagram for these data.b. Does there appear to be a relationship between run sizeand percent failures? What implications does this datahave for Oregon Fiber Board’s business?solve b part..plz solve it within 30-40 mins I'll give you multiple upvote(hand written)The amount of fish caught per week on a trawler is a function of the crew size assigned to operate the boat. Based on past data, the following production schedule was developed: CREW SIZE (NUMBEROF WORKERS) AMOUNT OF FISH CAUGHT PERWEEK (HUNDREDS OF LBS) 2 3 4 5 6 7 8 9 10 11 12 3 6 11 19 24 28 31 33 34 34 33 a. Over what ranges of workers are there (i) increasing, (ii) constant, (iii) decreasing, and (iv) negative returns?b. How large a crew should be used if the trawler owner is interested in maximizing the total amount of fish caught?c. How large a crew should be used if the trawler owner is interested in maximizing the average amount of fish caught per worker? Expert Solution arrow_forward Step 1 The marginal and average product of the worker or labor is useful in calculating the amount of fish that the workers can catch as well as in the real industries also. If the company calculates the average and marginal products, the company can decide on how to…
- What is the marginal effect of experience if a baseball player has 5 years of experience? Call: lm(formula Salary = Residuals: Min 1Q Median Max 3Q -7596287 -2108665 -462907 1582398 21522851 Coefficients: HR R (Intercept) -1820768 Experience ExperSq --- Estimate Std. Error t value Pr(>ltl) 845,369 Experience + ExperSq+ HR + R, data = Baseball_for_R) 845369 -23846 93232 31963 Signif. codes: 0*** 0.001 **' 0.01 * 0.05 0.1' -23,846 Residual standard error: 3451000 on 406 degrees of freedom Multiple R-squared: 0.4736, Adjusted R-squared: 0.4684 F-statistic: 91.3 on 4 and 406 DF, p-value: < 2.2e-16 606,909 359743 -5.061 6.32e-07 *** 7.066 6.98e-12 *** 119636 8236 -2.895 0.003994 ** 26782 3.481 0.000553 *** 8645 3.697 0.000248 *** 3,630,695 11. Suppose Firm A has a budget of P1.5 million pesos in outsourcinginputs, labor and machines, that would lend support in its 1 yearoperation. Suppose further that the cost of labor for 1 year is P150,000and for a machine is P200,000. If it decides to hire 6 laborers, howmany machines would it accept?Production Economi co, Theory and application Given the gollowing huypothetical data on input (x) and tätal Phypical Pno duct (TPP) og xZ corporation. Input (x) Tatal Phypical Pně duct (TPP) Average Phyoi cal Product C APP) Marginal Phuysical Pro du ct (MPP) 6 14 4 3.5 4 24 4 32 4 4 10 38 3.8 3 12 42 3.5 14 44 3.14 1 44 2.75 42 2.33 -1 30 1. 5 - 6 20
- Plz solve 30 minutes... Hand writtenThe ciange in revenueleamed by the business as it employees an additional nit of an input holding otier resource use constant is: (a) Fhe Marginal physical product fb) Fhe Total physical product.- (c) The Average physicał product OThe Marginal value productProfit Analysis Unendo, is a large computer game manufacturer. CALL DUTY WWII They have estimated that the demand function for their game "Call of Duty: WWIII" is as follows ... p = 82 - 0.05q; where p is the price of a game and q is the number of game produced and sold per week. They estimate that their cost function in dollars is ... C(q) = 22g + 5000; where the fixed cost is $5000 and the marginal cost is $22 per game Unendo wishes to maximize the weekly profit of producing and selling the game. Find the price, p, per game that generates maximum profit. (Round vour answer to 2. decimal places if necessarv). 8.