A firm attempting to expand output in the short-run faces the total product of labor schedule:...
A firm attempting to expand output in the short-run faces the total product of labor schedule:
TPL = 24 L^2 - L^3
The firm's total product is maximum at L= .
The firm's total product curve is a concave up function at the interval [ ). (Note: Please write the largest interval where the total product curve is a concave up function. Please use a comma to separate two numbers, but please do not use any space. )
The firm's marginal product function reaches its maximum point at L = .
For this firm, at L = , the average product equals the marginal product. When the average product equals the marginal product, the amount of the average product is .
When the total product is the highest, the slope of the marginal product function is .
There is an open interval containing L=7, where the firm enjoys increasing returns to scale. True or false? If true, write 1. If wrong, write: 0. The statement is
Homework Answers
Add Answer to:
A firm attempting to expand output in the short-run faces the
total product of labor schedule:...
Equation Description: A firm is attempting to minimize total cost subject to sufficiently employing units of labor and u...
Equation Description: A firm is attempting to minimize total
cost subject to sufficiently employing units of labor and units of
capital to produce an output level at least as large as a specified
output quota. Total cost equals the cost to employing units of
labor plus the cost to employing units of capital. A firm's
production function is the product of two terms: the
first term is units of capital raised to the .25 power; and, the
second term is units...
The figure below contains the short-run total product curve (TPsR) for a firm. It graphs its...
The figure below contains the short-run total product curve (TPsR) for a firm. It graphs its output (q) as a function of hired labor (L) 2.a) Graphically illustrate on the figure below the extent of both the average product of labor (APL) and the marginal product of labor (MP) at point A. 2.b) At point A is MPL APL or is MPL APL? 2.c) Locate a point on TP (label it C) where MPL is negative. 2.e) Locate a point...
The marginal product of labour (MPL) at a particular labour input level (L) corresponds to the...
The marginal product of labour (MPL) at a particular labour input level (L) corresponds to the __ on the total product of labour (TPL) curve. O area under the curve between 0 and a particular level of L area above the curve between 0 and a particular level of L slope of the ray from the (0,0) origin to the particular level of L slope of a tangent line at the particular level of L The average product of labour...
The inflection point of the total product curve is where: a. the value of the marginal...
The inflection point of the total product curve is where: a. the value of the marginal product is negative. b. the average product equals marginal product. c. the marginal product reaches its maximum or the total product will start to increase at a decreasing rate. d. the marginal rate of technical substitution is equal to one.
If in the short run a firm's marginal product is positive, then: o the firm must...
If in the short run a firm's marginal product is positive, then: o the firm must be operating either in stage 1 or stage 2 of its production function. O its total product must be increasing. O its total product may be increasing or decreasing. O its average product must be increasing. Question 9 2.5 pts Suppose K and L are perfect complements in a production function. Then the isoquants will be O a straight line shaped like letter L...
4. Short questions: A firm has production function f(K, L) = 2L + 3K. The price of L is w and the...
4. Short questions: A firm has production function f(K, L) = 2L + 3K. The price of L is w and the price of K is r. Derive the cost function of the firm. a. b. A firm in a competitive industry takes account of the fact that the demand curve it faces has a negative slope. True or false? C. A profit-maximizing firm continues to operate even though makes negative profits. It sells its product at a price of...
In the short-run, we assume that capital is a fixed input and labor is a variable...
In the short-run, we assume that capital is a fixed input and labor is a variable input, so the firm can increase output only by increasing the amount of labor it uses. In the short-run, the firm's production function is q =f(L,K), qs8LK + 3L2-1.3 where q is output, L is workers, and K is the fixed number of units of capital. What is the marginal product of labor as a function of L and K? MPL=/ -(Properly format your...
20. In the short run, your firm can vary only the amount of labor it employs....
20. In the short run, your firm can vary only the amount of labor it employs. Labor can be hired for $5 per unit, and your firm's fixed costs are $25. Your firm's short-run production function is given in the table below: Labor Input Marginal Average Output Product of Product Labor of Labor Total Cost Average Average Total Variable Cost Cost Marginal Cost 12 3 20 28 34 43 46 48
e total cost 19. For a certain firm, the 10th unit of output marginal cost of Sto. It follows that the production...
e total cost 19. For a certain firm, the 10th unit of output marginal cost of Sto. It follows that the production of the 10th it fo r of outputut the firm produse marinat revenue of land them the firm's profi not the 100th unit of t h e firm's average total costs C. Firm's profit-maximize ve futut is less than 100 units. d. production of the 101st unit of output the lost unit of output must increase the firm's...
In the short run, a perfectly competitive firm produces output using capital services (a fixed input)...
In the short run, a perfectly competitive firm produces output using capital services (a fixed input) and labour services (a variable input). At its profit-maximizing level of output, the marginal product of labour is equal to the average product of labour. a. What is the relationship between this firm's average variable cost and its marginal cost? O Average variable cost is higher than marginal cost O Average variable cost equals marginal cost O Average variable cost is less than marginal...
Equation Description: A firm is attempting to minimize total
cost subject to sufficiently employing units of labor and units of
capital to produce an output level at least as large as a specified
output quota. Total cost equals the cost to employing units of
labor plus the cost to employing units of capital. A firm's
production function is the product of two terms: the
first term is units of capital raised to the .25 power; and, the
second term is units...
The figure below contains the short-run total product curve (TPsR) for a firm. It graphs its output (q) as a function of hired labor (L) 2.a) Graphically illustrate on the figure below the extent of both the average product of labor (APL) and the marginal product of labor (MP) at point A. 2.b) At point A is MPL APL or is MPL APL? 2.c) Locate a point on TP (label it C) where MPL is negative. 2.e) Locate a point...
The marginal product of labour (MPL) at a particular labour input level (L) corresponds to the __ on the total product of labour (TPL) curve. O area under the curve between 0 and a particular level of L area above the curve between 0 and a particular level of L slope of the ray from the (0,0) origin to the particular level of L slope of a tangent line at the particular level of L The average product of labour...
If in the short run a firm's marginal product is positive, then: o the firm must be operating either in stage 1 or stage 2 of its production function. O its total product must be increasing. O its total product may be increasing or decreasing. O its average product must be increasing. Question 9 2.5 pts Suppose K and L are perfect complements in a production function. Then the isoquants will be O a straight line shaped like letter L...
4. Short questions: A firm has production function f(K, L) = 2L + 3K. The price of L is w and the price of K is r. Derive the cost function of the firm. a. b. A firm in a competitive industry takes account of the fact that the demand curve it faces has a negative slope. True or false? C. A profit-maximizing firm continues to operate even though makes negative profits. It sells its product at a price of...
In the short-run, we assume that capital is a fixed input and labor is a variable input, so the firm can increase output only by increasing the amount of labor it uses. In the short-run, the firm's production function is q =f(L,K), qs8LK + 3L2-1.3 where q is output, L is workers, and K is the fixed number of units of capital. What is the marginal product of labor as a function of L and K? MPL=/ -(Properly format your...
20. In the short run, your firm can vary only the amount of labor it employs. Labor can be hired for $5 per unit, and your firm's fixed costs are $25. Your firm's short-run production function is given in the table below: Labor Input Marginal Average Output Product of Product Labor of Labor Total Cost Average Average Total Variable Cost Cost Marginal Cost 12 3 20 28 34 43 46 48
e total cost 19. For a certain firm, the 10th unit of output marginal cost of Sto. It follows that the production of the 10th it fo r of outputut the firm produse marinat revenue of land them the firm's profi not the 100th unit of t h e firm's average total costs C. Firm's profit-maximize ve futut is less than 100 units. d. production of the 101st unit of output the lost unit of output must increase the firm's...
In the short run, a perfectly competitive firm produces output using capital services (a fixed input) and labour services (a variable input). At its profit-maximizing level of output, the marginal product of labour is equal to the average product of labour. a. What is the relationship between this firm's average variable cost and its marginal cost? O Average variable cost is higher than marginal cost O Average variable cost equals marginal cost O Average variable cost is less than marginal...
Most questions answered within 3 hours.
-
During Heaton Company’s first two years of operations, it
reported absorption costing net operating income as...
asked 2 minutes ago -
Consider testing the
hypotheses:
H0: p = 0.56
H1: p > 0.56
where p is
the...
asked 5 minutes ago -
In a two-factor analysis of variance a main effect is defined as
____.
a. the unique...
asked 13 minutes ago -
A bank's loan officer rates applicants for credit. The ratings
are normally distributed with a mean...
asked 13 minutes ago -
Fill in the following information for Adipic Acid: molecular
weight, g or ml, mole, melting point,...
asked 19 minutes ago -
how
to use a for loop to iterate over the string below and print each
character...
asked 20 minutes ago -
Please type answer, Thanks.
Respond to the following in a minimum of 175
words:
Research industry...
asked 20 minutes ago -
Assume that all interest rates in the economy increase from 9
percent to 10 percent. Which...
asked 30 minutes ago -
Describe the function of a Change Control Board.
When calculating Planned Value (PV), what is the...
asked 36 minutes ago -
The customer help center in your company receives calls from
customers who need help with some...
asked 47 minutes ago -
A manufacturer wished to compare the wearing qualities of two
different types of automobile tires, A...
asked 45 minutes ago -
Write a MATLAB script file that will sum all the positive
entries in V and stop...
asked 53 minutes ago