Question:
Given the production function Q = 6√L and the supply of labour L = √w, where L and w denote the number of labours and wage rate, respectively. If the unit price of the product is Rs. 243, then the profit maximizing value of w is Rs. _____ (in integer).
Given the production function Q = 6√L and the supply of labour L = √w, where L and w denote the number of labours and wage rate, respectively. If the unit price of the product is Rs. 243, then the profit maximizing value of w is Rs. _____ (in integer).
Updated On: Oct 1, 2024
Hide Solution
Verified By Collegedunia
Correct Answer: 81
Solution and Explanation
The correct answer is: 81
Was this answer helpful?
0
0
Top Questions on Poverty
- Explain with examples the role of democracy in the reduction of inequality and poverty.
- Which of the following are the main causes of individual poverty?
(A) Social exclusion
(B) Indebtedness
(C) Economic and political inequality
(D) Unemployment
Choose the correct answer from the options given below: - According to the NITI Aayog’s “National Multidimensional Poverty Index: A Progress Review 2023”, which of the following is/are CORRECT?
- Which of the following committees for the first time recommended for India
(i) use of implicit prices derived from quantity and value data collected in household consumer expenditure surveys for computing and updating the poverty lines
(ii) Mixed Reference Period (MRP) in estimating poverty lines - Let the production function be Q = \(\sqrt{L^2 + K^2}\) the unit price of labour (L) and capital (K) be Rs. 30 and Rs. 40, respectively, and the total cost be Rs. 580. Then the maximum value of Q subject to the cost constraint is ______ (round off to 2 decimal places).
Questions Asked in IIT JAM EN exam
- Consider a Keynesian Cross Model with following features,
Consumption Function: C = C0 + b(Y-T)
Tax Function: T = T0 + tY
Income Identity: Y = C + I0 + G0
Where, C = Consumption; Y = Real Income; T = Tax; I = Investment;
G = Government Expenditure; b = Parameter; t = Tax Rate
(The subscript 0 (zero) indicates that the concerned variable is autonomous)
If b = 0.7 and t = 0.2, value of the Keynesian multiplier is ________ (round off to 2 decimal places).- IIT JAM EN - 2024
- Business cycles and economic models
- Using the following table,
Year Population of the Economy GDP of the Economy (in crore) 2010 20,000 25,000 2020 25,000 40,000
the average growth rate (compounded annually) of per capita GDP in an economy during the period 2010-2020 is ________ (in percent, round off to 2 decimal places).- IIT JAM EN - 2024
- Growth models
- GDPF = Gross Domestic Product at Factor Cost; GDPM = Gross Domestic Product at Market Price; NNPF= Net National Product at Factor Cost; C = Consumption; I = Investment; G = Government Expenditure; X = Export; M = Import; T = Tax; S = Saving; D = Depreciation; NIA = Net Income from Abroad
Which of the following expressions is/are CORRECT?- IIT JAM EN - 2024
- National Income Accounting
- Let a random variable X has mean $\mu_x$ and non-zero variance $ \sigma ^2 _x$, and another X random variable Y has mean $\mu_y$ and non zero variance $\sigma ^2 _y$. If the correlation Y coefficient between X and Y is $\rho$, then which of the following is/are CORRECT?
- IIT JAM EN - 2024
- Probability
- Consider two independent random variables: $X ∼ N(5, 4)$ and $Y~N(3, 2)$. If $(2X + 3Y)~N(\mu, \sigma ^2)$, then the values of mean ($\mu$) and variance ($\sigma ^2$) are
- IIT JAM EN - 2024
- Probability
View More Questions