Question

On a monthly basis when a factory employs L worker-hours of labor, they can produce Q(L)...

On a monthly basis when a factory employs L worker-hours of labor, they can produce Q(L) = 7L + 40L1/6 - 1 scooters. An investment in labor of K dollars gives them an employment level of L(K) = 0.055K - 12,500/K worker-hours.

a. The factory currently invests 2,000 dollars in labor. At what rate is the number of scooters being produced changing with respect to the amount they invest in labor. Round your final answer in 2 decimal places and include units with your answer.

b. How many scooters are they producing when they invest 2,000 dollars in labor? Round your final answer to the nearest whole number and include units with your answer.

Homework Answers

Answer #1

​​​​​​

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
3. A firm employs labor and capital by paying $40 per unit of labor employed and...
3. A firm employs labor and capital by paying $40 per unit of labor employed and $200 per hour to rent a unit of capital. The production function is given by: Q = 120L – 2L2 + 240K – 3K2, where Q is total output. a. At what level of labor (L) and capital (K) will output no longer increase (the maximum number to labor and capital that a firm would ever employ)? b. Determine the firm’s optimal combination or...
Suppose that the output Q (in units) of a certain company is Q = 75K1/3L2/3, where...
Suppose that the output Q (in units) of a certain company is Q = 75K1/3L2/3, where K is the capital expenditures in thousands of dollars and L is the number of labor hours. Find ?Q/?K when capital expenditures are $343,000 and the labor hours total 8000. (Round your answer to the nearest whole number.) ?Q/?K =   thousand units per thousand dollars Interpret ?Q/?K. If labor hours remain at 8000 and K increases by $1000, Q will increase about ____ thousand units....
1. When a commercial bakery employs w full time bakers, the daily costs, in dollars, is...
1. When a commercial bakery employs w full time bakers, the daily costs, in dollars, is given by C(w)= 400w+ 1200√w, where C(w ) is in dollars. In order to produce x loaves of bread each day, they need w(x)= 0.005x+750/x bakers. The bakery currently supplies 500 loaves of bread each day. At what rate is the daily costs changing with respect to the number of loaves of bread they supply? Include units! 2.The number of babies born in a...
The management of a factory finds that the maximum number of units a worker can produce...
The management of a factory finds that the maximum number of units a worker can produce in a day is 30. The learning curve for the number of units N produced per day after a new employee has worked for t days is modeled by N = 30 1 − ekt . After 19 days on the job, a worker is producing 18 units in a day. How many days should pass before this worker is producing 25 units per...
1. A firm production function is given by q(l,k) = l0.5·k0.5, where q is number of...
1. A firm production function is given by q(l,k) = l0.5·k0.5, where q is number of units of output produced, l the number of units of labor input used and k the number of units of capital input used. This firm profit function is π = p·q(l,k) – w·l – v·k, where p is the price of output, w the wage rate of labor and v the rental rate of capital. In the short-run, k = 100. This firm hires...
At the beginning of the period, the Cutting Department budgeted direct labor of $128,000, direct materials...
At the beginning of the period, the Cutting Department budgeted direct labor of $128,000, direct materials of $153,000 and fixed factory overhead of $10,500 for 7,600 hours of production. The department actually completed 10,400 hours of production. What is the appropriate total budget for the department, assuming it uses flexible budgeting? Round your final answer to the nearest dollar. Do not round interim calculations. a.$295,368 b.$395,026 c.$291,500 d.$398,895 Production and sales estimates for March for the Robin Co. are as...
Fancy Millwork has a factory that produces custom kitchen cabinets. It has multiple product lines. Materials...
Fancy Millwork has a factory that produces custom kitchen cabinets. It has multiple product lines. Materials and labor for the cabinets are determined by each job. To simplify the assignment, we will assume the following average costs. The company estimates that it will have 32,000 direct labor hours in total for the kitchen cabinets. The materials include $2,000 for the wood and other materials on a per job basis. It requires 40 hours of labor on average for a custom...
Orange County Chrome Company manufactures three chrome-plated products—automobile bumpers, valve covers, and wheels. These products are...
Orange County Chrome Company manufactures three chrome-plated products—automobile bumpers, valve covers, and wheels. These products are manufactured in two production departments (Stamping and Plating). The factory overhead for Orange County Chrome is $213,389. The three products consume both machine hours and direct labor hours in the two production departments as follows: Direct Labor Hours Machine Hours Stamping Department Automobile bumpers 558 803 Valve covers 295 557 Wheels 340 597 1,193 1,957 Plating Department Automobile bumpers 171 1,166 Valve covers 175...
Four Case Studies on Corporate Social Responsibility: Do Conflict Affect a Company's Corporate Social Responsibility: Apple...
Four Case Studies on Corporate Social Responsibility: Do Conflict Affect a Company's Corporate Social Responsibility: Apple Inc. Apple’s profile Apple Inc. (hereafter Apple) was established in 1977 and is registered on the NASDAQ Global Select Market exchange. According to its Form 10-K ‘Apple designs, manufactures and markets mobile communications, media devices, personal computers and portable digital music players, and sells a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications’. Its products are sold through...
How can differential analysis be applied here to determine if it would be profitable to invest...
How can differential analysis be applied here to determine if it would be profitable to invest in new equipment to increase capacity for a constrained resource? KRAYDEN’S CYCLE COMPONENTS INTRODUCTION: COMPANY, PRODUCT, AND SUPPLY CHAIN Krayden’s Cycle Components (KCC) is a high-end specialty fabricator that manufactures one product with many variants. The basic product is known as a rolling chassis, a key component used in manufacturing motorcycles. While there are variations across the industry, a rolling chassis typically consists of...