Recent Posts • Latest Topics • Unanswered Questions

Sam and Erica are starting a new restaurant in Portland, Oregon. While Sam plans to do the cooking ...

MrGrimey

wrote...

Go to Answer

Posts: 336

Rep:

6 years ago

Sam and Erica are starting a new restaurant in Portland, Oregon. While Sam plans to do the cooking ...

Sam and Erica are starting a new restaurant in Portland, Oregon. While Sam plans to do the cooking himself, he will need to employ workers and machinery to produce food. He estimates his production function as:
      q = 15L.25K
Sam is able to accumulate $10,000 to finance the business. Workers cost $10 and capital costs $50.
a.   If Sam wishes to produce the most output with the finances available, how much labor and capital should Sam employ? Use a Lagrangian to solve this problem.
b.   Does this bundle of capital and labor also minimize the costs? Explain using a graph.

Textbook

Microeconomics: Theory and Applications with Calculus

Edition: 4^th

Author: Perloff

Read 398 times

5 Replies

Report

Replies

Answer verified by a subject expert

Rumko

wrote...

Posts: 279

Rep:

6 years ago

More solutions for this book are available here

1 Vote

Conor Quigley

Report

Related Topics

Ivandalize

wrote...

4 years ago

Thanks

Report

kristen R.

wrote...

4 years ago

thank you

Report

Conor Q.

wrote...

3 years ago

thanks

Report

ligmanutz

wrote...

3 years ago

Report

New Topic

Quick Reply

Explore

Post your homework questions and get free online help from our incredible volunteers

1184 People Browsing

109 Signed Up Today

Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook

Live Chat

Related Images

5713

172

861

Your Opinion

Previous poll results: What's your favorite math subject?

Bonobos, Chimpanzees, and the 98% DNA Link

It's sore throat season, why does my mucus have red spots?

The Toxic Skin and Fungi Defense

Courses by Biology Forums

Strange Ingredients Lurking in Doritos Chips

Ready to ask a question on Biology Forums? Try it out

Join Our Community

Biology Forums - Study Force is a free online homework help service catered towards college and high school students. Get homework help and answers to your toughest questions in biology, chemistry, physics, mathematics, engineering, accounting, business, humanities, and more. Master your assignments quickly with thousands of step-by-step solutions to countless textbook questions asked and answered by our members. If we don't have your question, don't worry. You can ask any homework question and get expert homework help in as little as two hours.

Our extensive online study community is made up of college and high school students, teachers, professors, parents and subject enthusiasts who contribute to our vast collection of study resources: textbook solutions, study guides, practice tests, practice problems, lecture notes, equation sheets and more. With our help, your homework will never be the same!

Join for free today

How is Biology Forums - Study Force different than tutoring?

Home Search Q & A Board Gallery Resource Library Blog Dictionary Chat	Quick Links Start a Topic Latest Topics Unanswered Questions Courses Study Tools Browse by Textbook	Social Facebook YouTube Community Stats Who's Online Trending Staff	Help About Us Take the Tour Study Tips Posting Guidelines Terms and Policies Contact Us
Biology Forums - Study Force © 2010-2024 \| Powered by SMF \| SMF © 2015, Simple Machines \| Sitemap Biology-Forums.com is not affiliated with any publisher. Book covers, title and author names appear for reference only.