Your Automobile Assembly Plant Has a Cobb-Douglas Production Function Given

question 5

Multiple Choice

Your automobile assembly plant has a Cobb-Douglas production function given by where q is the number of automobiles it produced per year, x is the number of employees, and y is the daily operating budget (in dollars) . Annual operating costs amount to an average of $10,000 per employee plus the operating budget of $ . Assume you wish to produce 1,000 automobiles per year at a minimum cost. How many employees should you hire?

• A) employees
• B) employees
• C) employees
• D) employees
• E) employees

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Definitions:

Romberg Test

A neurological test that assesses the sense of balance and proprioception, wherein an individual is asked to stand with feet together and eyes closed to detect problems in the vestibular or proprioceptive systems.

Vestibular Apparatus

A complex system within the inner ear that provides information about spatial orientation and balance.

Weber Test

A quick screening test for hearing that involves placing a tuning fork in the center of the forehead to help diagnose unilateral (one-sided) hearing loss.

Snellen Test

A visual acuity test using a chart with letters of varying sizes to determine how well a person can see at a distance.