# Consider the following simplified economy described by a Cobb-Douglas production function with three factors of production: “K” is physical capital (the number of machines), “L” is labor (the number of workers), and “H” is human capital (the number of college

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when identifying the factors of production the term ____ may also be used to refer to labor a. human resources** b. contract resources c. production resources d. management resources ______ includes the physical and intellectual contributions people make

2. ## Economics

What are the three types of productive resources? Select all that apply. A. the raw materials provided by the planet B. the planning and work that go into production C. the markets that sell the results of production D. the social systems that ensure

3. ## macroeconomics

Describe the four factors of production: land, labor, capital, and entrepreneurship. Pick a product with which you are familiar, and explain how these four factors of production were used to transform raw materials into the finished good that you enjoyed.

4. ## math

The daily total cost (in dollars) incurred by Trappee and Sons for producing x cases of TexaPep hot sauce is given by the following function. c(x)=0.000002x^3+3x+453 (a) Find the average cost function C. C = ? (b) Find the level of production that results

5. ## principles of macroeconomics

It is possible for an economy to increase its production of computers and, at the same time, to increase its production of cars if the economy a. moves downward and to the right along its production possibilities frontier and the frontier is bowed outward.

6. ## Calculus

A company manufactures x units of one item and y units of another. The total cost in dollars, C, of producing these two items is approximated by the function C=7x^2+xy+1y^2+600. A) If the production quota for the total number of items (both types combined)

7. ## Algebra

a factory can produce two products, x and y with a profit approximated by P=14x+22y-900. the production of y can exceed x by no more than 100 units moreover production levels are limited by the formula x+2y,+1,400. what production levels yield maximum

8. ## Math

2. The cost of producing x units of a certain commodity is given by Px  1000  0 x MCsds, where P is in dollars and Mx is marginal cost in dollars per unit. A. Suppose the marginal cost at a production level of 500 units is \$10 per unit, and the cost

9. ## Economics

If an economy produces its most wanted goods but uses outdated production methods, it is --the answer is "it is not achieving productive efficiency. But doesn't productive efficiency mean using the "least cost method of production"? So if you use outdated

10. ## Social studies

How are capital resources used in production? A:They allow producers better access to world markets B:They make it possible to employ more skilled labor C:They provide tools that make production more efficient D:They purchase raw materials needed for

11. ## Economics

2. (i) The production function for a firm is given by Q = LK where Q denotes output; Land K labor and capital inputs. Wage rate and rental rate are given by w and r respectively. (a) Show whether or not the above production function exhibits diminishing

12. ## U.S. Gov. and Ec.

What line on a production possibilities curve shows the amounts of goods produced? A. production possibilities frontier B. opportunity cost line C. utilization of resources D. maximum possible production line

13. ## math

The daily total cost (in dollars) incurred by Trappee and Sons for producing x cases of TexaPep hot sauce is given by the following function. c(x)=0.000002x^3+3x+453 (a) Find the average cost function C. C = ? (b) Find the level of production that results

14. ## Math

The daily total cost (in dollars) incurred by Trappee and Sons for producing x cases of TexaPep hot sauce is given by the following function. (a) Find the average cost function C. C = ? (b) Find the level of production that results in the smallest average

15. ## economic

Draw a production possibilities curve for a hypothetical economy producing capital good and consumer goods. Suppose a major technological breakthrough occurs I the capital goods industry and the new technology is widely adopted only in this industry. Draw

16. ## social studies

Our economy ______ operates on its production possibility curve. A. always B. usually C. sometimes D. never I'm stuck between B and C. Here's the text: "Usually there's some economic slack, but every so often we do manage to operate at peak efficiency.

17. ## Math

The revenue function for a production by a theater group is R(t)= -50t^2+300t, where t is the ticket price in dollars. The cost function for the production is C(t)= 600-50t. Determine the ticket price that will allow the production to break even.

18. ## Economics

The law of increasing costs means that as production shifts from one item to another, A. the cost of production gets cheaper and cheaper. B. the cost of producing an item stays the same no matter how many are produced. C. more and more resources are

I am still not able to get this: These are all factors of production: natural resources, human resource and, capital resources, I have to give five examples of each that go into the production of an automobile. Is there any sites that could help me with

20. ## log 101

An 80% learning curve has been observed for the production of the MEERKAT system. If the 5th production unit''s recurring cost is \$1 million, what will be the recurring cost for the 10th production unit? Assume that the production line is continuous and

21. ## Economics

In an economy where a unit of labour can produce either 1 unit of x or 4 units of y (or any linear combination of the two) and a unit of capital can produce either 4 units of x or 1 unit of y (or any linear combination of the two). There are 100 units of

These are all factors of production: natural resources, human resource and, capital resources, I have to give five examples of each that go into the production of an automobile. Is there any sites that could help me with this? I really don't get it

23. ## Calculus

Information to solve problems Q=12L+29L^2-1.1L^3 Q= # of cars produced/year L=# of laborers used per year for production Each car sells for \$125. \$7000 per laborer per year is cost for labor and other consumable materials. I attempted some parts of these

24. ## Economics

Consider the following simplified economy described by a Cobb-Douglas production function with three factors of production: “K” is physical capital (the number of machines), “L” is labor (the number of workers), and “H” is human capital (the

25. ## Microeconomics

I'm just confused about this one concept. My lecture notes say the following: Markets for goods + services: - firms sell - households buy Markets for Factors of Production: - Households sell - Firms buy I don't understand the "factors of production". What

26. ## S.S

How are the capital resources used in production A. They allow producers better access to world market B. They make it possible to employ more skilled labradors C. They provide tools to make production more efficient......... D. They purchase the Rall

27. ## A & P

A young man happens to spot an ex-girlfriend he's trying to avoid. Why does his mouth become dry? A. His cranial nerves shut down saliva production. B. His central nervous system shuts down saliva production. C. His sympathetic nervous system overrides the

28. ## Economics (Production Possibility Frontiers)

Assume that the endownment of capital and labor in a given society is 20 units of capital and 20 units of labor. The production function of good X can be expressed as X = K1/2L1/2, and the production of good Y can be expressed as Y = K + L. Which of the

29. ## economic - emergency

Question concerning production function - Cobb douglas. Given is: y=(0,2K-1 + 0,8L-1)-1 If wk = wL =1, what will k and L be? Now suppose again: y=(0,2k-1 + 0,8L-1)-1 and z=K1/3*L2/3. Is product y or z always more demanding to capitals (in case of labour)?

30. ## Econoics

Cobb-Douglas Production function Y=60K^1/3 L^2/3 If K=64 L=8 calculate MPL What is the equilibrium real wage in the economy

31. ## Macroeconomics help!

Consider the following simplified economy described by a Cobb-Douglas production function with three factors of production: “K” is physical capital (the number of machines), “L” is labor (the number of workers), and “H” is human capital (the

32. ## Economics

Consider the production function Q = 20K 1/2 L 1/2. The firm operates in the short run with 100 units of capital. a. The firm’s short-run production function is Q = __________. c. The average product of labor function is AP = __________. d. The marginal

33. ## calculus word problem

A company has a Cobb-Douglas production function f(x,y)= 20x^0.33y0.67 where x is the utilization of labor and y is the utilization of capital. Determine the number of units of product produced when 1728 units of labor and 27,000 units of capital are used.

34. ## economics

Fill in the blanks below with ↑ to indicate an increase in the variable or with ↓ to indicate a decrease in the variable. Answer the questions with a brief written response. A) Consumption > Production ⇒ Economy is Out of Equilibrium ⇒ Inventories

35. ## Math (UBC)

Economists use production functions to describe how output of a system varies with another variable such as labour or capital. For example, the production function P(L) = 200L + 10L^2 - L^3 goves the output of a system as a function of the number of

36. ## math, calculus

The demand function for a good is p=40−0.02q. Round your numeric answers to one decimal place. a) Write the revenue as a function of production, q. R(q) = b) What production level maximizes revenue? q = c) What price corresponds to this production level?

37. ## Calculus

using the demand function p = 41 − 0.04 q instead of the one given in your book. Round your numeric answers to one decimal place. a) Write the revenue as a function of production, q. R(q) = b) What production level maximizes revenue? q = c) What price

38. ## math

a school production ended at 8:06 p.m. the production lasted 1 hour 32 minutes.at what time did the production begin?

39. ## Managerial Economics

A company has developed the production function of Q=80L.5 K0.6 where L represents labor and K represents Capital. a. If L is increased by 2% with K unchanged, what is the resulting percentage change in output? b. Describe the nature of returns to scale

40. ## Economics

Initially suppose that both countries have the same production function, namely q = K.3L.7. For this production function, MPL = .7K.3L-.3 and MPK = .3K.-7L.7. Derive (with all steps shown) the long-run total cost function for each country. (Given that both

41. ## math

A factory can produce two products, x and y, with a profit approximated by P=14x + 22y -900. The production of y must exceed the production of x by at least 100 units. Moreover, production levels are limited by the formula x + 2y less than or equal to

42. ## calculus m119

The cost function for a product is C(q)=q3−60q2+1200q+1160 for 0≤q≤50 and a price per unit of \$599. a) What production level maximizes profit? q = b) What is the total cost at this production level? cost = \$ c) What is the total revenue at this

43. ## ECON

PLEASE CHECK AND CORRECT MY ANSWERS!!!! MRTS = marginal rate of technical substitution RTS = returns to scale MP = marginal product Suppose the production function is Cobb-Douglas and f(x1, x2) = [x1^(1/2)][x2^(3/2)]. (Note: x1 and x2 are variables). a)

44. ## Math

PLEASE HELP!! SHOW WORK A factory can produce two products, x and y, with a profit approximated by P = 14x + 22y – 900. The production of y must exceed the production of x by at least 100 units. Moreover, production levels are limited by the formula x +

45. ## Economics

I picked C as the answer to this question but I am not sure? The difference between production possibilities frontiers that are vowed out and those that are linear is that: A)bowed out production possibilities frontiers illustrate tradeoffs, whereas linear

46. ## Micro Economics

Briefly explain the following: (a)Economic cost and accounting cost. (b)Free market economy and mixed economy. (c)Marginal utility theory and indifference curves analysis. Please note that we don't do students' homework for them. Once YOU have come up with

47. ## Social studies

How are the capital resources used in production A. They allow producers better access to world market B. They make it possible to employ more skilled labradors C. They provide tools to make production more efficient......... D. They purchase the Rall

48. ## government

This one i am stuck between A and B i need help. Which correctly lists the three factors of production in a capitalist economy? A. land, labor, and a laissez-faire economy B. socialism, labor, and capital C. land, labor, and capital D. land, capital, and

49. ## Math

The average number of new virus particles (virions) produced by a virally-infected cell during its lifetime is called the burst size. We will call the burst size N. Under reasonable assumptions, N can be approximated by N = p/u(p) where p is the rate of

50. ## statistics

A poll asked 500 adults if they thought Ontario should produce more, less or maintain current production of ethanol. -160 people responded "more ethanol production" -136 people responded "less ethanol production" -155 people responded "maintain current

51. ## math

The production of rice in the year 2001 was 1000 tonnes which was 25% of the total food grain production in that year. In the next year if the production of rice decreased by 4% and production of rice as a percentage of total food grain production

52. ## Engineering

Using a computer spreadsheet you have written, and the data in Problem 11–26, determine the daily and annual sludge production at the following removal efficiencies: 40%, 45%, 50%, 55%, 60%, and 65%. Plot annual sludge production as a function of

53. ## Econ

1.ÊA production-possibilities curve indicates the:Ê A.ÊCombinations of goods and services an economy is actually producing. B.ÊMaximum combinations of goods and services an economy can produce given its available resources and technology. C.ÊMaximum

54. ## science

A young man happens to spot an ex-girlfriend he’s trying to avoid. Why does his mouth become dry? A. His cervical plexus overrides the parasympathetic stimulation for saliva production. B. His cranial nerves shut down saliva production. C. His central

55. ## Economics

Consider the production function Q= 20K^(1/2)L^(1/2). The firm operates in the short run with 16 units of capital. a. The firm's short-run production function is Q=? b. The average product of labor function is AP=? c. The marginal product of labor function

56. ## Economics Help pls

Suppose you are given the following production function: , where y is output and K is capital. y= 60K + 20.3K2- K3 1.1 what is a production function, what is the real work application of such, and where would you source the data to develop a production of

57. ## eceonomic

The isoquant line is described on this forms: a)y=[x1/2 + x1/2]2 (1/2 should be mark as upper quartile) b)y=[x12 + x22]1/2 (x1 as lower quartile and 2 upper for first x and same for x22). The question is how to draw the isoquent line and how to explain the

58. ## Econometric -SAS

I am having trouble figuring out the correct code. I am trying to do an unrestricted and restricted model of a Cobb-Douglas Production Model. lnQ=B1 + B2 lnL + B3 lnK + e This is my code data cobb; infile 'cobb'; input q l k; proc reg data = cobb; model q

59. ## Economics

A Cobb-Douglas production function for new company is given by  f(x,y)  50x 2 5 y 3 5 where x represents the units of labor and y represents the units of capital. Suppose units of Labor and capital cost \$100 and \$200 each respectively. If the

60. ## Macroeconomics

Economists have found that a good approximation of value added production ntion is given by Y=TFP*(K^alpha)*(L^-alpha) TFP is Total factor Productivity K is capital stock L is quantity of labor used alpha is a paramater around 1/3. How is value added

61. ## Macroeconomic

An increase in the capital stock will: A. Shift production function downward. B. Shift the production function upward C. Flatten the production function D. Steepen the production function The answer is B?

62. ## Managerial Economics

I'm not sure I have the formulas correct for this problem and I do not know what the labor hours are.... Dimex Company, a sheet-metal mfg., estimates its long run production function is: 3 3 2 2 Q = -0.015625K L + 10K L where Q is the number of body panels

63. ## Math Calculus

Economists use production functions to describe how output of a system varies with another variable such as labour or capital. For example, the production function P(L) = 200L + 10L^2 - L^3 goves the output of a system as a function of the number of

64. ## Calculus

using the demand function p = 41 − 0.04 q instead of the one given in your book. Round your numeric answers to one decimal place. a) Write the revenue as a function of production, q. R(q) = b) What production level maximizes revenue? q = c) What price

65. ## Economics

1(a) How do wants differ from desires? How do wants arise and grow? (In 60-80 words) (b)Explain any five factors which influence classification of wants into necessities, comforts and luxuries. (In 60-80 words) (c) How are production, consumption and

66. ## Social Studies

What impact do you think independence had on the production levels of farms in Ukraine? Production increased under individual ownership. Production decreased under individual ownership.** Production did not change much under individual ownership.

67. ## accounting

Describe how the separation of (1) authorization of production transactions, (2) recording of these transactions, and (3) physical custody of inventories can be specified among the production, inventory, and cost accounting departments. How does the

68. ## accounting

Describe how the separation of (1) authorization of production transactions, (2) recording of these transactions, and (3) physical custody of inventories can be specified among the production, inventory, and cost accounting departments. How does the

69. ## accounting

Describe how the separation of (1) authorization of production transactions, (2) recording of these transactions, and (3) physical custody of inventories can be specified among the production, inventory, and cost accounting departments. How does the

70. ## B

suppose that the total cost function for a manufacturer is C=100+X^2 where x represents the weekly production of widgets. if production is increasing at the rate of 500 calculators per week, when production output is 6000 calculators. find the rate of

71. ## Math- Algebra

The function C(x)=4x+850 closely approximates the cost of daily production run of x picture frames. The number of picture frames produced is represented by the function x(t)=90t, where t is the time in hours since the beginning of the production run. now

72. ## math stats

These data are a sample of the daily production rate of fiberglass boats from Hydrosport, Ltd., a Miami manufacturer 17 21 18 27 17 21 20 22 18 23 The company production manager feels that a standard deviation of more than three boats a day indicates

73. ## MANAGERIAL ECONOMICS

ASSUME THE PRODUCTION FUNCTION GIVEN AS Q=7L+10L2-L3 THE AMOUNT OF EMPLOYMENT WHICH MAXIMIZES THE TOTAL PRODUCTION OR AT WICH MARGINAL PRODUCT IS ZERO

74. ## Economics 260

How to draw a production function indicating three stage of production

75. ## quantitative methods for business

El Computer produces its multimedia notebook computer on a production line that has an annual capacity of 16,000 units. The cost to set up the production line is \$2345, and the annual holding cost is \$20 per unit. Current practice calls for production runs

76. ## econ

Suppose the country of Maverick has specialized in the production of a good but has not yet entered into trade. At this point in time, Maverick has A. Moved to a level of production outside its production possibilities curve. B. Shifted its production

I really need help, this is my second post. Information to solve problems Q=12L+29L^2-1.1L^3 Q= # of cars produced/year L=# of laborers used per year for production Each car sells for \$125. \$7000 per laborer per year is cost for labor and other consumable

78. ## math

A factory can produce two products, x and y, with a profit approximated by P=14x + 22y -900. The production of y must exceed the production of x by at least 100 units. Moreover, production levels are limited by the formula x + 2y less than or equal to

79. ## health economy

Suppose that you are to specify a short-run production function for counseling services.Which inputs might you include in the production function?Which would be varaiable inputs and which would be fixed inputs?

80. ## Calculus Help

using the cost function C(q) = q3−60q2+1200q+760 for 0 ≤ q ≤ 50 and a price per unit of \$551. Round your answers to the nearest whole number. a) What production level maximizes profit? q = b) What is the total cost at this production level? cost = \$

81. ## Calculus

the cost function C(q) = q3−57q2+1083q+1010 for 0 ≤ q ≤ 50 and a price per unit of \$534. Round your answers to the nearest whole number. a) What production level maximizes profit? q = b) What is the total cost at this production level? cost = \$ c)

82. ## Economics

Which of the following is least likely to affect an economy's capacity to produce? A.Technology B. Capital C. Labor D. Education E. Government spending I know technology and capital both have a significant affect on the economy's economy so I can cross

83. ## Economic212

Prepare a 350-700-word memo addressing the following: a. Describe the use of Gross Domestic Product (GDP) to measure the business cycle. b. Describe the roles of government bodies that determine national fiscal policies. c. Explain the effects of fiscal

84. ## Tech

__________ is one of the few major indicators for which the ratio of production between the U.S. and China reflects the ratio of population size. A. Bicycle production B. Meat consumption C. Automobile production D. Fertilizer use im confused between A and

85. ## math

The daily production costs P (in dollars) for a manufacturer of sound systems is given by the quadratic function. P(x)= -0.003x^2+150x-375,000 Where x is the number of units produced. What production level will yield a maximum profit?

86. ## History

How are capital resources used in production? A. They allow producers access to world markets B. They make it possible to employ more skilled laborers C. They provide tools that make production more efficient D. They purchase the raw materials needed for

87. ## Macroeconomics

Manipulation of the Cobb Douglas Equation gives us expression for output per working age person: growth rate of (Y/N)=[1/(1-alpha)*growth rate of TFP]+[(alpha/(1-alpha))*growth rate of (K/Y)]+ [growth rate of (L/N)] N is the working age population K is

88. ## econ - 2 ques

on a circular flow diagram: If you buy a pair of shoes, does the purchase directly contribute to the arrows of a) spending and revenue OR b) spending and revenue AND goods and services bought and sold #2 After working a week at a nail salon, you get your

89. ## Economics

B. Suppose there are two goods, Cloth and Food, and two factors of production, labour and capital. Suppose that the production function for each good is "homothetic". Put capital K in the vertical axis and labour L in the horizontal axis. For Cloth

90. ## Auditing

Describe how the separation of (1) authorization of production transactions, (2) recording of these transactions and (3) physical custody of inventories can be specified amoung the production, inventory and cost accounting departments. How does the

91. ## math

The production of rice in the year 2001 was 1000 tonnes which was 25% of the total food grain production in that year. In the next year if the production of rice decreased by 4% and production of rice as a percentage of total food grain production

92. ## algebra

a factory can produce two products, x and y with a profit approximated by P=14x+22y-900. the production of y can exceed x by no more than 100 units moreover production levels are limited by the formula x+2y,+1,400. what production levels yield maximum

93. ## social studies

which of the following statements is false A.the refining of oil into gasoline increased the production of automobiles in the U.S B.in 1916 there were about 200,000cars in Texas and 1.5 million by 1936. C.the great depression nearly eliminated all

You have decided to develop a worksheet for each manufacturing facility manager to submit each week. It should show total production and revenue, and total scrap and cost for each product for the week, if a facility drops below 5,000 units of production on

95. ## economics

The cost function for an enterprise has the following form: TC = 10L + 20K The production function has the form: 4 ln L + 10 K 1/2 a. Derive the mathematical forms of the marginal and average products of capital and labor. How is the marginal product of

Ms. Sue you know how yesterday you and I both worked on the natural resources, capitol, etc. Well I listed some things like cell phones etc. which were not connected with the production of an automobile. This is my assignment: List factors of production

97. ## Social studies

please help me! What factors made the Tang capital of Chang'an a center of culture and trade? Select all that apply. A.It welcomed foreigners and their beliefs. B.It based its trade on the merit system. C.It was the center of silk production. D.It was

98. ## calculus

proponents of the peak oil theory claim that worldwide production of petroleum will soon reach a maximum and start to decline. (there is considerable debate about how soon this will occur) let P(t)= the world's rate of petroleum production t years after

99. ## economics

What two kinds of changes in the capital stock can improve labor productivity? How can each type be illustrated with a per-worker production function? What determines the slope of the per-worker production function? 14-) (Rules of the Game) How do “rules

100. ## Calculus

A company is increasing production at the rate of 25 units per day. The daily demand function is determined by the fact that the price (in dollars) is a linear function of q. At a price of \$70, the demand is 0, and 100 items will be demanded at a price of