Question: Suppose Noah and Naomi's weekly production function for garden benches is F( L) = (3/2) L, where Lrepresents the number of hours of labor employed.

Suppose Noah and Naomi's weekly production function for garden benches is F( L) = (3/2) L, where Lrepresents the number of hours of labor employed. The wage rate is $15 an hour. What is their cost function?

Step by Step Solution

★★★★★

3.33 Rating (162 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Their shortrun cost function is C 10Q Explanation A firms cost function describes th... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

847-B-E-D-S (2738).docx

120 KBs Word File

Students Have Also Explored These Related Economics Questions!

Suppose Noah and Naomi's short-run weekly production function for garden benches is where L represents the number of hours of labor employed. The wage rate is $15 an hour. What is their cost...

There are two production plants for producing widgets out of labor and capital. Plant 1's weekly production function is and plant 2's weekly production function is a. Do these technologies satisfy...

There are two production plants for producing widgets out of labor and capital. Plant 1's weekly production function is Plant 2's weekly production function is There is a total of 100 workers...

Microeconomics Questions Problem 1 Suppose Noah and Naomi's weekly production function for garden benches is F(L) = (3/2)L, where L represents the number of hours of labor employed. The wage rate is...

I. Which of the following is correct? a) The pivot of the budget line shows the substitution effect while a slope gives the income effect. b) The pivot of the budget line shows the substitution...

Chapter 1 Refresher on technology and firms I.1 Short questions (answering requires only a few well chosen sentences and possibly a simple illustration) a) Consider an economy where all firms'...

,kindly answer the following please Consider an economy in which the representative firm produces the final consumption good using the production function Y = zN, with > = 1.0. The economy is...

Using the formulas for the steady state levels of capital and output, compare the capital stock, , and output, , after the drop in the population . (10 points) c. Graph the level of output (y-axis)...

&+ help here plss. 9. One-shot DMP model (inspired by Albrecht, Navaro and Vroman (2010]) Time: One period Demography: A unit mass continuum of workers and a larger mass of firms who can create...

In the rest of this chapter, we lead the reader through the formulation of several more complicated linear programming models. The most important step in formulating an LP model is the proper choice...

Definite Coulomb's of electrostatic.

Janet Miyoshi has prepared the following list of statements about the general ledger. 1. The general ledger contains all the asset and liability accounts but no owners equity accounts. 2. The general...

A company is expanding into an international market and is facing high price escalation due to tariffs, shipping costs, and foreign exchange fluctuations. As a financial analyst, propose strategies...

What is the primary purpose of the Sequence Activities process? a) To develop the project schedule b) To identify and document relationships among project activities c) To allocate project resources...

1. Consumer surplus equals _________ minus _________. 2. Producer surplus equals _________ minus_________. 3. In Figure Tupaks consumer surplus is _________, compared to _________ for Thurl. 4. In...

1. You are willing to pay $2,000 to have your house painted, and Pablos marginal cost of painting a house is $1,400. If you agree to split the difference, the price is ______, your consumer surplus...

Which of the following accounts increases with a debit ? a) Interest Payable b) Accounts Payable c) Cash d) Capital

Lockheed Corporation purchased a machine on January 2, 2020, for $4,000,000. The machine has an estimated 5-year life with no salvage value. The straight-line method of depreciation is being used for...

Asset W has an expected return of 10.6 percent and a beta of 1.40. If the risk-free rate is 3.6 percent, complete the following table for portfolios of Asset W and a risk-free asset. (Leave no cells...