The output at a certain factory is Q(K, L) 120K23 L13 units, where K is the capital investment measured in units of $1,000 and L the size of the labor force measured in worker-hours. a. Compute the output if the capital investment is $125,000 and the size of the labor force is 1,331 worker-hours. b. What will happen to the output in part (a) if both the level of capital investment and the size of the labor force are cut in half
Answers
Answer:
a. Compute the output if the capital investment is $125,000 and the size of the labor force is 1,331 worker-hours.
Q(K, L) = 120K²/³ x L¹/³
- K = $125,000 / $1,000 = 125
- L = 1,331
Q(125,1331) = 120 x 125²/³ x 1331¹/³ = 120 x 25 x 11 = 33,000 units
b. What will happen to the output in part (a) if both the level of capital investment and the size of the labor force are cut in half
Q(K, L) = 120K²/³ x L¹/³
- K = 125 / 2 = 62.5
- L = 1,331 / 2 = 665.5
Q(62.5,665.5) = 120 x 62.5²/³ x 665.5¹/³ = 120 x 15.75 x 8.73 = 16,499.7 units
Final answer:
To solve the problem, substitute the given values for capital and labor into the function equation to find the output. Then, cut those values in half and do the process again to establish how the output changes.
Explanation:
To solve this problem, first we must understand the function provided: Q(K, L) = 120K^2/3 L^1/3. In this function, Q is output, K is capital investment, and L is labor force.
For part (a), we substitute K with 125 (since K is in units of $1000 and capital investment is $125,000), and L with 1331:
Q(125,1331) = 120(125)^2/3 (1331)^1/3
Solve this equation to find Q, which is the output.
For part (b), if both capital and labor are cut in half, we substitute K with 62.5 and L with 665.5 into the equation, and solve for Q again to find out how the output changes:
Q(62.5,665.5) = 120(62.5)^2/3 (665.5)^1/3
Finding the solutions to these calculations will provide you with the answers to both parts of your problem.
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During a resuscitation, if a task is overlooked, it's best to inform the team leader in a professional and respectful manner. The team leader is ultimately responsible for task coordination.
During a resuscitation, clear communication and role division are crucial. If you notice that a task has been overlooked, it would be most appropriate to bring it to the attention of the team leader in a respectful and professional manner. This is because the team leader is responsible for coordinating the team's efforts and ensuring that all necessary tasks are carried out.
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Final answer:
During a resuscitation, if a task has been overlooked, the most appropriate action is to communicate this to the team leader or another team member.
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During a resuscitation, it is important for the team leader to assign team roles and tasks to each member. However, if a task has been overlooked, the most appropriate action would be to communicate this to the team leader or another team member. This ensures that the task is addressed and assigned to the appropriate person promptly.
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You would assume that Milo has considerably more resources to pay his ticket as an attorney versus Jim who is unemployed.
The fine would be disproportionately heavy from Jim,
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All persons looking for work at the going wage will be able to find jobs in an equilibrium setting.
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Answer:
Ira would pay $122.08
Explanation:
Sales tax is a tax levied on a customer (by the government) for the consumption of a product. The final consumer who utilizes the product bears the burden of such tax.
The tax is usually a percentage of the price of the product.
For Ire who bought a racket that cost $112, at a sales tax rate of 9%, the tax to be paid by Ire
= 9% of $112
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= 10.08
The sales tax is $10.08
Total amount to be paid
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= 112 + 10.08
= 122.08
Total amount paid by Ire for the racket is $122.08
112 + 10.08 = 122.08