ZuoTi.Pro
Question

Suppose a firms short run production function is given by the following table: 90 Howrono 20 50 90 120 140 150 (155 149 a) W

business   economics   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

lince; Totul product (TP)= Labor (L) x Quantityco) Ap = Charge in TP Charge in Labor(L) |а | TP | Пр 2000 20 - also SU22210 3

0 0
Add a comment
Know the answer?
Add Answer to:
Suppose a firm's short run production function is given by the following table: 90 Howrono 20...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • 2. Suppose a firm's short run production function is q = 600L-L. a. At what level...

    2. Suppose a firm's short run production function is q = 600L-L. a. At what level of labor does the firm maximize output (total product)? What is the value of total product at this point? b. Does this frim experience increasing marginal product of labor. If so, over what range of output? What happens to total product over this range? c. Over what range of output does this firm experience diminishing marginal product of labor? What is the value of...

  • Suppose in the short run a firm’s production function is given by Q = L1/2*K1/2, and...

    Suppose in the short run a firm’s production function is given by Q = L1/2*K1/2, and that K is fixed at K = 49.   If the price of Labor, w = $6 per unit of Labor, what is the firm’s Marginal Cost of production when the firm is producing 28 units of output?

  • Suppose in the short run a firm’s production function is given by Q = L1/2*K1/2, and...

    Suppose in the short run a firm’s production function is given by Q = L1/2*K1/2, and that K is fixed at K = 36.   If the price of Labor, w = $12 per unit of Labor, what is the firm’s Marginal Cost of production when the firm is producing 48 units of output? MC = ________________________

  • In-Class Activity #7 Below table illustrates the production of a furniture manufacturing company in the short-run....

    In-Class Activity #7 Below table illustrates the production of a furniture manufacturing company in the short-run. Labor is the variable input and capital is the fixed input in the production. Assuming all worker has equal skill at work. Average Product Total Output 10) 0 (AP) Marginal product (MP) Labor Capital (L (K) . 05 5 2 5 5 5 48 68 80 78 5 Fill in the average product and marginal product cells in the table. When do you observe...

  • Suppose that a firm has a production function given by: ? = ?^?.???^?.? . The wage...

    Suppose that a firm has a production function given by: ? = ?^?.???^?.? . The wage rate is $18 and the rental rate is $9. 12. Suppose that the firm has 4 units of capital in the short run. Find the short run total cost function. ________________________________ 13. Find the marginal product of labor (MPL) function. ________________________________ 14. Solve the optimization condition for K and write that equation. ________________________________ 15. Suppose the firm wants to minimize the cost of producing...

  • Suppose the production function for a firm is given by: q=5L0.5K0.25. In the short run, the...

    Suppose the production function for a firm is given by: q=5L0.5K0.25. In the short run, the firm has 256 units of capital. Find the Marginal Product of Labor (MPL). Fill in the appropriate numbers in the function below. MPL = ( ) L-0.5  

  • Q3. You are given the following short-run information for an individual firm. Labor (L) is the on...

    Q3. You are given the following short-run information for an individual firm. Labor (L) is the only variable input. The price of labor is S200/week. Total Fixed costs are S1000/week. a. Complete the rest of the table. b. What patterm can you see from the column of marginal product of labor? How might you explain it? c. Draw the MPL and MC curves respectively. Describe the relationship between the MPL and MC Total Labor product QMPL TVC TC ATC MC...

  • Suppose the firm's production function is Q = 2KL where Q is units of output, K...

    Suppose the firm's production function is Q = 2KL where Q is units of output, K is units of capital (which are fixed at 2), and L is units of labor. a. What is the firm’s short-run production function? b. Over the labor input usage range of 0 to 5, that is L ranging from 0 to 5, graph the firm’s Total Product curve. c. Derive and graph the firm’s Average Product curve and the Marginal Product curve. Graph/plot them...

  • Suppose that a firm is producing in the short run when machine number is fixed. It...

    Suppose that a firm is producing in the short run when machine number is fixed. It knows that as the number of workers used in the production process increases, the number of output changes according to the following table: # of workers # of output 0 0 1 10 2 17 3 22 # of workers # of output 4 25 5 26 6 25 7 23 1. Calculate the marginal and average products of labor for each additional worker....

  • Suppose a firm's production function is Q = (KL)0.5. In the short run, this firm's capital stock ...

    Suppose a firm's production function is Q = (KL)0.5. In the short run, this firm's capital stock is fixed at 100. Calculate the firm's short run total cost curve if w = 5 and v = 5. It can be shown (using calculus) that this firm's short run marginal costs are .1Q. In order to maximize its profits, how much would the firm choose to produce if the market price of its output was $5, $10, or $20. For each...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT