in year 1, capital stock was 6, labor input was 3 and output was 12. year...
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year 1, capital stock was 6, labor input was 3 and output was 12.
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Various financial data for the past two years follow. Output: Input: Sales Labor Raw materials Energy...
Various financial data for the past two years follow. Output: Input: Sales Labor Raw materials Energy Capital Other LAST YEAR $200,005 30,005 34,725 4,890 49,750 1,890 THIS YEAR $ 202,005 40,050 44,735 5,990 49,750 3,050 a. Calculate the total productivity measure for this company for both years. (Round your answers to 2 decimal places.) Total Productivity Last year This year b. Calculate the partial productivity measures for labor, capital, and raw materials for this company for both years. (Round your...
#6 6. A manufacturer uses labor and capital to produce widgets. Labor and capital are perfect...
#6
6. A manufacturer uses labor and capital to produce widgets. Labor and capital are perfect substitutes and the production function is Q-2K+IL a. Derive and graph the isoquants for Q-20 and 0-40 units of output (not all units of K will be whole numbers) (20 - 2K+ILK -10-0.5L.) 0-20 LK 040 LK 10 b. Suppose the price of labor is w 51 and the price of capital is for a total cost of $10 and $15. 51. Graph the...
In the short run, we assume that capital is a fixed input and labor is a variable input, so the f...
In the short run, we assume that capital is a fixed input and labor is a variable input, so the firm can increase output only by increasing the amount of labor it uses. In the short-run, the firm's production function is q fixed number of units of capital. fL, K), where q is output, L is workers, and K is the A specific equation for the production function is given by: Or , when K=29, q - (Bx29xL) 512- The...
Various financial data for the past two years follow. LAST YEAR THIS YEAR Output: Sales $...
Various financial data for the past two years follow. LAST YEAR THIS YEAR Output: Sales $ 201,000 $ 203,000 Input: Labor 30,100 40,100 Raw materials 34,500 45,100 Energy 5,050 6,005 Capital 50,050 49,900 Other 2,050 2,990 a. Calculate the total productivity measure for this company for both years. (Round your answers to 2 decimal places.) b. Calculate the partial productivity measures for labor, capital, and raw materials for this company for both years. (Round your answers to 2 decimal places.)
please answer in terms of blanks of capital. Payments to capital could take the form of...
please answer in terms of blanks
of capital. Payments to capital could take the form of dividend payments to the shareholders in a company or rent le The Femaining third is pald to the owners paid to the owners of real estate So if you multiply output () in the private business sector by 2/3, you get total employee compensation from that the order (so you multiply 2/3 times Q/ HW) gives the same result (average compensation 2/3 x [Q/...
1 (Specific Factor Model, Chapter 3) In the simple" version of the specific factor model, there...
1. (Specific Factor Model, Chapter 3) In the "simple" version of the specific factor model, there are two sectors (goods), one factor (labor) that is perfectly mobile between the two sectors, and one fixed - or specific - factor in each sector. To be concrete, suppose the two goods are food and clothing, the specific factor in food is "land" - represented by "T", and the specific factor in clothing is "capital", represented by "K'. The production functions for each...
Suppose that we have perfectly competitive input markets (for both capital and labor) and output markets....
Suppose that we have perfectly competitive input markets (for both capital and labor) and output markets. Firm "Tropical Juice" produces orange juice which it sells at $6. The input price that the firm faces is an hourly wage of $5 and the rental rate of $2. Furthermore, the firm currently has a capital stock of 2. Find the labor demanded by the firm in the short run under the following production technologies. a) f(k,l) = k0.1l0.9 b) f(k,l) = max{k,...
12. When the total cost is minimized for producing output Q. at the input combination selected, the slope of the isocos...
12. When the total cost is minimized for producing output Q. at the input combination selected, the slope of the isocost is equal to the slope of the isoquant the Marginal Rate of Technical Substitution (MRTSLK) equals the input ratio of Land K. the productivity ratio of labor and capital equals their total-cost ratio. all of the above are correct
In 2018 countryX GDP grew by 3%. During the same period, the capital stock grew by...
In 2018 countryX GDP grew by 3%. During the same period, the capital stock grew by 6% and the population decreased by 3%. By how much did total factor productivity grow in countryX for the same period?
Consider an economy described by the Cobb-Douglas production function: Y = A, KAH 1/3 H1/12 1/12...
Consider an economy described by the Cobb-Douglas production function: Y = A, KAH 1/3 H1/12 1/12 1/2 If the capital stock and real GDP each grows at 3 percent per year, while labor hours grow at 1 percent per year, and the quantity of human capital and natural capital are both constant, what is the average annual growth rate of efficiency (or total factor productivity)? 1.5 percent per year 2 percent per year 0-1 percent per year O percent per...
Various financial data for the past two years follow. Output: Input: Sales Labor Raw materials Energy Capital Other LAST YEAR $200,005 30,005 34,725 4,890 49,750 1,890 THIS YEAR $ 202,005 40,050 44,735 5,990 49,750 3,050 a. Calculate the total productivity measure for this company for both years. (Round your answers to 2 decimal places.) Total Productivity Last year This year b. Calculate the partial productivity measures for labor, capital, and raw materials for this company for both years. (Round your...
#6
6. A manufacturer uses labor and capital to produce widgets. Labor and capital are perfect substitutes and the production function is Q-2K+IL a. Derive and graph the isoquants for Q-20 and 0-40 units of output (not all units of K will be whole numbers) (20 - 2K+ILK -10-0.5L.) 0-20 LK 040 LK 10 b. Suppose the price of labor is w 51 and the price of capital is for a total cost of $10 and $15. 51. Graph the...
In the short run, we assume that capital is a fixed input and labor is a variable input, so the firm can increase output only by increasing the amount of labor it uses. In the short-run, the firm's production function is q fixed number of units of capital. fL, K), where q is output, L is workers, and K is the A specific equation for the production function is given by: Or , when K=29, q - (Bx29xL) 512- The...
please answer in terms of blanks
of capital. Payments to capital could take the form of dividend payments to the shareholders in a company or rent le The Femaining third is pald to the owners paid to the owners of real estate So if you multiply output () in the private business sector by 2/3, you get total employee compensation from that the order (so you multiply 2/3 times Q/ HW) gives the same result (average compensation 2/3 x [Q/...
12. When the total cost is minimized for producing output Q. at the input combination selected, the slope of the isocost is equal to the slope of the isoquant the Marginal Rate of Technical Substitution (MRTSLK) equals the input ratio of Land K. the productivity ratio of labor and capital equals their total-cost ratio. all of the above are correct
Consider an economy described by the Cobb-Douglas production function: Y = A, KAH 1/3 H1/12 1/12 1/2 If the capital stock and real GDP each grows at 3 percent per year, while labor hours grow at 1 percent per year, and the quantity of human capital and natural capital are both constant, what is the average annual growth rate of efficiency (or total factor productivity)? 1.5 percent per year 2 percent per year 0-1 percent per year O percent per...
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