Given the hourly costs: Machine-P60; Worker-P50 Each input has to work in integer hour Marginal Product Machine Hours Used 1 2 3 4 5 сл 6 7 8 15 18 21 18 15 12 9 3 Worker 8 10 10 10 8 6 4 2 00 If the daily budget for the 2 inputs is P570, what is the optimal mix of machine-hours and worker-hours, respectively? [Select] What is the total product for this optimal mix of machine- hr & worker-hr with daily budget of P570? [Select] After how many hours of use does diminishing marginal return (product) set in for the machine? [Select]

Given the hourly costs: Machine-P60; Worker-P50 Each input has to work in integer hour Marginal Product Machine Hours Used 1 2 3 4 5 сл 6 7 8 15 18 21 18 15 12 9 3 Worker 8 10 10 10 8 6 4 2 00 If the daily budget for the 2 inputs is P570, what is the optimal mix of machine-hours and worker-hours, respectively? [Select] What is the total product for this optimal mix of machine- hr & worker-hr with daily budget of P570? [Select] After how many hours of use does diminishing marginal return (product) set in for the machine? [Select]

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter11: The Firm: Production And Costs

Section: Chapter Questions

Problem 8P

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Given the hourly costs: Machine-P60; Worker-P50 Each input has to work in integer hour Hours Used 1 2 3 45 6 98 7 8 Marginal Product Machine 15 18 21 18 15 12 9 3 Worker 8 10 10 10 8 8 6 6 4 42 2 If the daily budget for the 2 inputs is P570, what is the optimal mix of machine-hours and worker-hours, respectively? [Select] What is the total product for this optimal mix of machine- hr & worker-hr with daily budget of P570 ? [Select] After how many hours of use does diminishing marginal return (product) set in for the machine?
200 150 8130 g 12 $100 60 0 Multiple Choice: 250 Units of labor What is the marginal rate of technical substitution at each cost minimizing equilibrium point? 0.80 0.40 120 2.50 2.00 Q-1,200 Q-800 Q-400 375 500 Saved impossible to tell without marginal products