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(solution) Hey! Im looking for some help with a second year economics


Hey! Im looking for some help with a second year economics homework question. Please let me know if it can be answered! 

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A company has 10 machines, each of which can produce one part per hour. A machine requires one worker to operate it and can run for at most 16 hours per day. Workers can work between 0-12 hours per day. Workers earn $10 per hour for the first 8 hours and $20 per hour thereafter. The firm can have one of two types of generators: A small generator which powers a machine at a cost of 5$ per hour; or a large generator which powers a machine at a cost of $2 per hour but has an additional daily usage cost of $180. In the short run the company cannot hire/fire workers or change its generator. In the medium run it can hire/fire workers. In the long run it can also change its generator.

a) Calculate the short run total cost function and marginal cost function for

i) A company with a small generator and 6 workers; ii) A company with a larger generator and 8 workers

 


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Sep 13, 2020

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