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2. A construction site uses two types of workers - skilled (S) and unskilled (U). They produce feet of new pavement (Q) per day according to the production function Q = 100S-5S² + 50U-5U² Skilled workers are paid $200 per day, while unskilled workers are paid $100 per day. The company paid $40,000 for equipment for the skilled workers. The company has a daily budget of $2,000 to hire skilled and unskilled workers. a. How many skilled and unskilled workers should be hired in order to produce the most pavement?

2. A construction site uses two types of workers - skilled (S) and unskilled (U). They produce feet of new pavement (Q) per day according to the production function Q = 100S-5S² + 50U-5U² Skilled workers are paid $200 per day, while unskilled workers are paid $100 per day. The company paid $40,000 for equipment for the skilled workers. The company has a daily budget of $2,000 to hire skilled and unskilled workers. a. How many skilled and unskilled workers should be hired in order to produce the most pavement?

Microeconomics: Principles & Policy
Microeconomics: Principles & Policy
14th Edition
ISBN:9781337794992
Author:William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:William J. Baumol, Alan S. Blinder, John L. Solow
Chapter7: Production, Inputs, And Cost: Building Blocks For Supply Analysis
Section: Chapter Questions
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2. A construction site uses two types of workers - skilled (S) and unskilled (U). They produce feet of new pavement (Q) per day according to the production function Q = 100S -5S² + 50U-5U² Skilled workers are paid $200 per day, while unskilled workers are paid $100 per day. The company paid $40,000 for equipment for the skilled workers. The company has a daily budget of $2,000 to hire skilled and unskilled workers. a. How many skilled and unskilled workers should be hired in order to produce the most pavement?
Transcribed Image Text:2. A construction site uses two types of workers - skilled (S) and unskilled (U). They produce feet of new pavement (Q) per day according to the production function Q = 100S -5S² + 50U-5U² Skilled workers are paid $200 per day, while unskilled workers are paid $100 per day. The company paid $40,000 for equipment for the skilled workers. The company has a daily budget of $2,000 to hire skilled and unskilled workers. a. How many skilled and unskilled workers should be hired in order to produce the most pavement?
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