Directions: Suppose a firm's marginal product of capital and marginal product of labor schedules are as shown in the table below. The firm hires both capital and labor competitively for $5 and $8, respectively. This assignment will be graded out of 6 points with 2 points possible for each question.


Capital MP of Capital Labor MP of Labor

0 0

1 10 1 28

2 9 2 30

3 8 3 24

4 7 4 20

5 6 5 16

6 5 6 12

7 4 7 8

8 3 9 4


1. Suppose the firm is currently using 4 units of capital and 4 units of labor. Is the corresponding output being produced at least cost? How do you know?


2. Consider your answer to the question above. Generally speaking, what would a firm need to do in order to move towards producing at the least cost?



3. What is the least-cost combination of labor and capital?

Answers

Answer 1

Answer:

In order to determine whether the firm is currently producing at least cost, we need to compare the marginal cost of using an additional unit of capital or labor to the marginal revenue generated by that unit. Since we do not have information on the marginal revenue in this case, it is impossible to say for sure whether the firm is producing at least cost.

In order to move towards producing at the least cost, a firm would need to adjust the combination of labor and capital it uses in order to minimize the marginal cost of production. This can be achieved by adjusting the mix of labor and capital used in production until the marginal cost of an additional unit of labor is equal to the marginal cost of an additional unit of capital.

In order to determine the least-cost combination of labor and capital, we need to find the point where the marginal cost of using an additional unit of labor is equal to the marginal cost of using an additional unit of capital. From the information given in the table, we can see that this point occurs when the firm is using 3 units of capital and 3 units of labor. At this point, the marginal cost of using an additional unit of labor is 24 and the marginal cost of using an additional unit of capital is 8, which are equal. Therefore, the least-cost combination of labor and capital is 3 units of each.


Related Questions

Which of the following illustrates a situation that
would not be protected by the First Amendment
due to time, place, and manner restrictions?

Answers

Constraints of time, place, and manner are imposed by the government and are neutral in terms of content. Regulating the placement or size of signs on public property.

What would not be protected by the First Amendment?

Speaking in a way that will soon result in illegal behaviour is not protected by the First Amendment. This type of discourse must be addressed to a particular individual or group. It must be a clear command to take quick, illegal action. There must be a belief that the communication will actually result in illegal behaviour.

Therefore, Anti-business protesters who blocked up busy junctions in Times Square, New York City, during rush hour were detained and charged.

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AP STATISTICS boxplot: range, mean, IQR, and 3rd quartile, see image below. Really easy for stats people !!

Kristiana collected data on the amount of time in minutes each person in a large sample of customers spent in a local sporting store. The data also included recording the gender for each customer. These data were used to generate the boxplots shown to the right.



a. the range in the amount of time in minutes males in the sample of customers spent in the store is approximately 40 minutes.

b. the mean amount of time in minutes in the sample of customers spent in the store is approximately 20 minutes.

c. the third quartile of the amount of time in minutes males in the sample of customers spent in the store is approximately 45 minutes.

d. the interquartile range of the amount of time in minutes females in the sample customers spent in the store is 15 minutes.

e. approximately half of the males in the sample of customers spent at least as much time in the store as any females in the sample of customers.

Answers

The answer is E. The middle line on a boxplot graph is the same as the median of the data, which for the males was equivalent to the highest value for females. This indicates that about half of the males spent more time in the store than any females

1) Briefly explain ONE development that contributed to the patterns of population in Mississippi between 1800 and 1860.


2) Briefly explain ONE effect of the patterns of population in Mississippi reflected in the table.


3) Briefly explain ANOTHER effect of the patterns of population in Mississippi reflected in the table

Answers

Before and after becoming a state, Mississippi's population expansion is clearly associated with the increase in cotton output. The number of White people increased from 5,179 in 1800 to 353,901 in 1860, while the number of slaves increased from 3,489 to 436,631.

Mississippi was the main cotton producer in the United States throughout the first half of the 19th century, and owners of sizable estates relied on the work of African slaves. Between 1800 and 1860, the nation saw two significant changes. Rice and tobacco were the previous cash crops; cotton is now the new cash crop. The slave trade expanded to fill the economic gap in the Chesapeake region as the crops changed. Furs from the Great Lakes and the Missouri River; basic foods like maize and wheat from the Midwest; cotton, sugar, and tobacco from the plantations of the Deep South; and just about every other trade commodity you can think of were all transported by the Mississippi River. And in each instance, commerce resulted in a certain culture.

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PLS ANSWER QUICK!!!!
How long does it take for a light particle to travel 25 light years?

Answers

The speed of light is approximately 186,282 miles per second, and a light year is the distance that light travels in one year, which is approximately 5.88 trillion miles. Therefore, it would take a light particle approximately 25 * 5.88 trillion miles / 186,282 miles per second = 8.46 * 10^14 seconds to travel 25 light years.

This time is so large that it is usually measured in years rather than seconds. To convert the time to years, we would need to divide the time in seconds by the number of seconds in a year, which is approximately 31.5 million seconds. This would give us a time of approximately 8.46 * 10^14 seconds / 31.5 million seconds = 26,847 years.

Therefore, it would take approximately 26,847 years for a light particle to travel 25 light years. Note that this is just an approximate value, as the exact time would depend on various factors such as the exact speed of light and the distance traveled.

A blind tate tet will be conducted with 9 volunteer to determine whether people can tate a difference between bottled water and tap water. Each participant will tate the water from two different glae and then identify which gla he or he think contain the tap water. Auming that people cannot tate a difference between bottled water and tap water, what i the probability that at leat 8 of the 9 participant will correctly identify the tap water?

Answers

The correct answer is 0.01953125 i the probability that at leat 8 of the 9 participant will correctly identify the tap water.

Probability is simply the possibility that something will happen. We may talk about the possibility of one result, or the likelihood of numerous outcomes, when we don't know how an event will turn out. The study of events with a probability distribution is known as statistics. Probability: P(A) = f / N, determines the likelihood that an event will occur. Odds and probability are related, however the odds depend on the probability. Prior to determining the chance of an event, probability must be known. A probability is a numerical representation of the likelihood or possibility that a particular event will occur. Probabilities can be expressed as fractions from 0 to 1, as well as percentages from 0% to 100%.

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THIS IS AN EARTH SCIENCE QUESTION
predict how you would use a compass for navigation if you traveled back in time 1 million years

Answers

Answer:

with a stick we would use a compass

Evaluating Expressions with Exponents

What is the value of the expression 3x7+3^2

Answers

Answer:

30

Explanation:

if you mean 3 times 7+3^2 then its 30

if you meant 3x7+3^2 then its 3x^7+9

Identify the following information for each of the three main monotheistic faiths: Christianity, Judaism, and Islam (AP Human Geo)

Answers

Answer:

Christianity- Holy book- Bibe, sacred City-Bethlaham Palestine, Founder Jesus, America, Europe sub saharan Africa. No taboos original christanity though is like no drinking but now no. Branches- Protestant, Orthodox, Catholic.Symbol Cross.

Judaism-Holy book Torah

Sacred Site- Jerusalem Palestine

Founder-Abraham

Moet practiced- Palestine

Taboo- Can only cat Kosher foods

Key branches not enough to be

Symbol the jewish Sign

Islam:

Holy book- Quran

Sacred Site-Jerusalam Palestine Sauria Arabia

Founder-Prophet Mohammad

Branches-Mainly Sunni and Shia

Symbols cresent with Little star

Explanation:

I nope this helps please Mark brainlest if you nerd Help with AP human geo I am thing it I can Help.

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