At L=64, K = 82, the marginal product of labor is 10 and the marginal product of capital is 20. What is the marginal rate of tec
1 answer:
Answer:
-0.5
Explanation:
Marginal rate of technical substitution (MRTS) refers to the rate at which the inputs are substituted for one another in a production of particular good.
Given that,
The marginal product of labor = 10
The marginal product of capital = 20
Hence,
= - 0.5
Therefore, the marginal rate of technical substitution is - 0.5.
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Answer:
a. P0 = 0.5686
b Lq = 0.0467
c. Wq 0.0093 hours
d. W= 0.1205 hours.
e. Yes
Explanation:
This is a case of a multiple-server queuing Model.
The average arrival rate, λ = 5 per hour .
The average service rate, µ = 9 per hour .
The number of servers (k) = 2 .
The ratio λ/µ = 5/9 = 0.556. The nearest value from the table (attached as image) is 0.55.
a. P0 = 0.5686
b. Lq can be obtained using the formula below.
Lq = λ.μ((λ/μ))^s)P0 /((s-1)!(s.μ) - λ)^2)
Lq = 5*9*((5/9)^2)*0.5686/((2-1)!*(2*9 - 5)^2) = 0.0467
c. Wq can be obtained using the formula below
Wq = Lq / λ = 0.0467/5 = 0.0093 hours
d. The average time a boat will spend at the dock, W
W= Wq + 1/µ = 0.0093 + 1/9 = 0.1205 hours.
e. The average service time is 6 minutes (60/10), and the average waiting time is also 6 minutes. Since the average time, a boat will spend waiting is just 6 minutes, which is acceptable. Hence, the level of service is satisfactory.
