Quiz Space

Managerial Economics · Quiz 1 · 25 Feb 2024 · January 2024 term

Question 10: Optimal level of Labour (L) for producing 10000 units of…

Question 10

+2 marksNumerical answer

The production function for a product is given by q = 100KL If the price of capital is INR 1200 per day and the price of labour INR 300 per day.
Based on the above data, answer the given subquestions.

Optimal level of Labour (L*) for producing 10000 units of output will be____________

Show answer

Correct answer: 20

See the whole paperTake it as a mock test

Question 10 of 19 in the IIT Madras BS Managerial Economics (Managerial Economics) Quiz 1 paper sat on 25 Feb 2024, in the January 2024 term (IIT M DEGREE AN2 EXAM QDB2 25 Feb 2024). It carries 2 marks.

More questions from this paper

  1. Q1The Cobb-Douglas production function F(K, L)=K^(p)L^(q)
  2. Q2When one is not able to compare two goods and is confused about which one to choose, his preference violates
  3. Q3When a person prefers Mango to Apple, Apple to Guava and Guava to Mango, his preference violates
  4. Q4The marginal product of labour is defined as
  5. Q5If marginal costs equal average total costs
  6. Q6If the firm is currently using 3 hours of labour for each hour of machine time, is it minimizing its costs of productio…
  7. Q7If not, what will be the optimal combination of labour L=
  8. Q8If not, what will be the optimal combination of capital K=_
  9. Q9What will be the optimal capital-labour ratio
  10. Q11Optimal level of capital (K) for producing 10000 units of output will be_
  11. Q12Minimized cost corresponding to 10000 units of output will be
  12. Q13If Elmo has 2 quarters and a dime in his pockets, he can buy 1 soft drink. How many soft drinks can he buy if he has 4 …
  13. Q14Does Elmo have convex preferences between dimes and quarters?
  14. Q15What is the opportunity cost of filling this order (i.e., selling these cartons to the\ fraternity)?_(in \$)
  15. Q16Should you sell the Fritos to the fraternity?
  16. Q17What will be the average fixed cost if company produces 100 units _
  17. Q18What is marginal cost of company at q=25? _
  18. Q19What is average variable cost at q=25?