Pontus produces hand woven rugs in his garage using needles (k) and his own labor (l)...
Pontus produces hand woven rugs in his garage using needles (k)
and his own labor
(l) as inputs, where labor is measured as the number of hours per
day that Pontus
works. In the short run, the number of needles is fixed at
k1 = 1. Pontus is at his
efficient scale when he produces 10 rugs per day, and the marginal
product of Pontus
labor then equals 5 rugs per hour. How many hours per day does
Pontus work when
he produces at his efficient scale? Use a diagram to illustrate
your reasoning.
Homework Answers
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Pontus produces hand woven rugs in his garage using needles (k)
and his own labor
(l)...
Bob Thomason produces theorems using hours of labor and Big Machines. In the short run, his...
Bob Thomason produces theorems using hours of labor and Big Machines. In the short run, his labor is a variable factor but the number of Big Machines is fixed. When he works for L hours using M Big Machines, Bob can produce L·M theorems. There are only 3 Big Machines in the world, and they can only be rented in whole number quantities (you can not employ 1/2 of a Big Machine). Bob's time is worth $1 per hour, and...
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