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1 A firms production process uses labor L and capital K.pdf

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1. 20% of the one thousand (1000) people who live in Accra are children with 10% being aged. If a survey revealed that, apart from children (below the age of 16) and the aged, 10% of the people are neither looking for work nor employed. a. Based on your understanding of the labour concepts, what will be the labour force participation rate (LFPR)? (3 marks) b. Assuming 200 people who live in Accra are actively searching for job, but do not have one yet, what will be the rate of unemployment in Accra? (3 marks) c. What will be the rate of employment in Accra? (3 marks).

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1. A firm's production process uses labor, L, and capital, K, and materials, M, to produce an output, Q according to the function Q=KLM, where the marginal products of the three inputs are M PL= KM,MPK=LM, and MPM=KL. The wage rate for labor is w=2, the rental rate of capital is r= 1 , and the cost of materials is m=4 per unit. Let materials input be fixed now at M=2. What is the cost minimizing level of capital that the firm must use to produce a target level of output, Q= 1600? a) K =5 b) K=10 c) K=20 d) K=40

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1 A firms production process uses labor L and capital K.pdf

  • 1. 1. A firm's production process uses labor, L, and capital, K, and materials, M, to produce an output, Q according to the function Q=KLM, where the marginal products of the three inputs are M PL= KM,MPK=LM, and MPM=KL. The wage rate for labor is w=2, the rental rate of capital is r= 1 , and the cost of materials is m=4 per unit. Let materials input be fixed now at M=2. What is the cost minimizing level of capital that the firm must use to produce a target level of output, Q= 1600? a) K =5 b) K=10 c) K=20 d) K=40