Answer to Question #127997 in Microeconomics for Renu

Question

Case study:
Consider the Beiswanger Company, a small firm engaged in engineerng analysis. Beiswanger’s president has estimated that the firm’s output per month (Q) is related in the following way to the number of engineers € and technicians used (T): Q = 20E – E^2 + 12T – 0.5T^2 . The monthly wage of an engineer is $4,000, and the monthly wage of a technician is $2,000. President allots $28,000 per month for the combined wages of engineers and technicians.
Question 1: What will be the calculated MP^t?
a. 12 – T
b. 13 – T
c. 22 – T
d. 15 – T
Question 2: What will be the value of T?
a. E – 2 (wrong answer)
b. E + 2
c. E – 6
d. E – 4

Answer 1

Dear Renu, your question requires a lot of work, which neither of our experts is ready to perform for free. We advise you to convert it to a fully qualified order and we will try to help you. Please click the link below to proceed: Submit order