Register

Homework Help Question and Answers

Submit a new Query

Recent Homework Help Question & Answers


Question 39567

posted 1 years ago

. A carpenter opens a firm producing bookcases. The inputs into the production process for bookcases are labour (L) and wood (K). In the short run, the carpenter can purchase wood at a price of £50/unit. The labour cost (the wage) is £10/hour.
a. Draw three is cost lines showing the different input combinations that yield total costs of £200, £500 and £1000.[10 marks]
b. The production function for bookcases is B(L,K) = min(2L, K). The carpenter is considering the input combinations given in the table below and has asked you to tell him how many bookcases he could produce in each case. Fill out the last column of the table, shaded in green, to indicate how many bookcases are produced in each case. Which of these input combinations, if any, is efficient, and why?
c. What are the Returns to Scale for the production function given in part b.?
d. The market for bookcases is competitive. Bookcases sell for £100 each. What is the profit or loss per bookcase produced in the short run? In the long run, would any new firms enter this market and what will happen to the price of bookcases?

View answer

Question 31339

posted 1 years ago

4. Explain how logistics can impact how much inventory a company would need to have within their business. For example - fast logistics performance via air freight would have.impact on the amount of inventory an organization would need to carry. Explain your reasoning.

View answer

Question 31340

posted 1 years ago

2. Describe the difference between a fixed-quantity (Q) and a fixed-period (P) inventory system and provide an example for each.

View answer

Question 31341

posted 1 years ago

3. Using the analogy of writing home for money to explain the concept of demand during lead time. Be sure to account for the fact that both lead time and demand variables.

View answer

Question 31342

posted 1 years ago

4. Explain how logistics can impact how much inventory a company would need to have within their business. For example - fast logistics performance via air freight would have impact on the amount of inventory an organization would need to carry. Explain your reasoning.

View answer

Question 31529

posted 1 years ago

13) Suppose you have two different job offers. The first offer is in LA and pays $8100 per month.The price of food (F) in LA is $2 and the price of housing (H) is $12. The second offer is in SanFrancisco and pays $9600. Both food and housing are more expensive in SF at PF = 3 and PH = 14respectively. If your utility function is U (F, H) = FO.3 H 0.7 which job offer should you accept?

View answer

Question 31522

posted 1 years ago

6) The demand for a commodity is given by QD = 75 – 2P, and the supply by QS = 3 + P. What are the equilibrium price and quantity? If a tax of $3 per unit is imposed, what will be the price and quantity after the tax?

View answer

Question 31517

posted 1 years ago

1) The price elasticity of supply for phones is 0.8. If price rises by 2%, what will happen to the quantity supplied?

View answer

Question 31518

posted 1 years ago

2) Sally gets a raise of 12%, and as a result, her demand for burgers decreases by 9%. What is the income elasticity of Sally's demand for burgers? Are burgers a normal good, an inferior good, or neither for Sally?

View answer

Question 31519

posted 1 years ago

3) Illustrate the following utility functions by sketching indifference curves in the X,Y space: (Need not be to scale as long as the general shape is reasonable) (a) U(X,Y) = 2X + 3Y (perfect substitutes)(b) U(X,Y) = X1/2Y 1/2 (Cobb-Douglas) (c) Derive the expression for the Marginal Rate of Substitution for the utility functions above.

View answer

Questions not Found

Most popular subject

Thermodynamics

Essay/Summary

Mechanics

Complex Analysis

Engineering Economics

Calculus

Modern Physics

General Chemistry

Strength Of Materials

Fluid Mechanics

x