(Solution Download) The production function of a company is Q=0.9P+0.06t with Q being the number of products produced...


A. The production function of a company is Q=0.9P+0.06t with Q being the number of products produced per year and t being the number of labor hours per year.
1. Explain why you believe or do not believe that the above production function includes all the relevant inputs.
2. Explain why you believe or do not believe that the production function is reasonable if it is applied to all possible values to t.
3. Does the production function exhibit diminishing returns.
B.

A. How much time should be spent studying for each class? That is, maximize GPA by determining E* and U* subject to the 12 hour study time constraint.

b. Did this allocation of study time maximize or minimize your GPA?

 







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