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April 19, 2014

Homework Help: Management & Economics

Posted by Lisel on Saturday, September 17, 2011 at 4:22pm.

a producer of light bulbs claims to have the folllowing production function: Q=10L*G.
a) what is the marginal product of labor? or glass?
b)Draw the relavant isoquant map and isocost line if the cost of labor is $4 per work-hour and the cost of glass is $4 per pound and 90 light bulds are to be produced.
What is the cost minimizing combination of glass and labor>
c) If Q were to increase to 160 light bulbs, would this firm exhibits constant, increasing or decreasing returns to scale. Explain.

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