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In a recent 60 Minutes Story on technological unemployment, a plant manager at Amazon said that "Each [robot] can produce the same amount as 1...
In a recent 60 Minutes Story on technological unemployment, a plant manager at Amazon said that "Each [robot] can produce the same amount as 1 ½ workers."
a.) (3) Suppose robots and workers are perfectly substitutable inputs. Write an equation for the plant's production function that accurately describes their production.
b.) (3) Given your production function, if the cost of labor is $1,000/week and the cost of capital is $2,000/week, how many workers and how many robots will the plant use to produce 50,000 packages?
(3) Given your production function, if the cost of labor is $1,700/week and the cost of capital is $2,000/week, how many workers and how many robots will the plant use to produce 50,000 packages?
