Are workers-machines utilized in cost-minimizing manner, Microeconomics

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Are workers-machines utilized in cost-minimizing manner

Automated Labs uses 5 workers and 200 machines to produce its product. The MP of the last worker is 2 units of output/day; the MP of the last machine is 400 units of output/day. The daily paid for each worker is $100 and the rental of each machine is $300/day.

a) What is the MP per dollar spent on a worker?

b) What is the MP per dollar spent on machine?

c) Are workers and machines being utilized in the cost-minimizing manner?

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Microeconomics: Are workers-machines utilized in cost-minimizing manner

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Microeconomics: Are workers-machines utilized in cost-minimizing manner

Reference No:- TGS064077

Have a Question? (oR Write a Review)

Recent Questions Asked Microeconomics

Q : Market conditions of perfect competition-monopolistic

Q : What level of man-hours will maximize total output

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Request for Solution File

Ask an Expert for Answer!!

Microeconomics: Are workers-machines utilized in cost-minimizing manner

Reference No:- TGS064077

Recent Questions Asked Microeconomics

Q : Market conditions of perfect competition-monopolistic

Q : What level of man-hours will maximize total output

Q : How much of the net income will be distributed

Q : Options for new factory configuration

Q : Are workers-machines utilized in cost-minimizing manner

Q : Price elasticity and income elasticity

Q : Credit to the allowance account

Q : How many inspectors should be hired

Q : Determining the capital-asset pricing model

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