Ans. 3. e) 0.4
As we know that MC = W/ MPL, then
$10 = $4/ MPL
MPL = $4/$10
MPL = 0.4
Hence, The marginal product of labor is 0.4.
Question 3 4 pts Suppose in the short run a firm's marginal cost of production is...
Suppose the short-run production function is q = 8L0.5. If the marginal cost of producing the 20th unit is $12, what is the wage per unit of labor?
4. Suppose a firm is planning for the short-run. The firm's fixed cost is 100, and its variable cost per unit of output is 5. a. Fill in the following table. Output, Fixed Cost, FC Variable Cost, VC Total Cost, с Marginal Cost, MC Avg. Fixed Cost, AFC Avg. Var. Cost, AVC Avg. Cost, AC 9 0 1 2 3 4 5 6 7 8 9 10 b. Does this firm's short-run cost structure display economies of scale? Why or...
4. Suppose a firm is planning for the short-run. The firm's fixed cost is 100, and its variable cost per unit of output is 5. a. Fill in the following table. Fixed Total Cost, Avg. Var. Variable Cost, VC Output, Cost, Marginal Cost MC Avg. Cost, Avg. Fixed Cost, AFC Cost, FC AVC АС 10 b. Does this firm's short-run cost structure display economies of scale? Why or why not?
QUESTION 5 The marginal product for labor is given (MP) = 3 – 0.02*L; price of the product is $100 and wage = 200. Based on information above, the marginal product of labor at the optimal level of employment is $3 $2 $1.5 $1 2 points QUESTION 6 If the labor elasticity of output is 0.5 and the capital elasticity of output is 0.9, then the production function exhibits constant returns to scale. economies of scale. diseconomies of scale. diminishing...
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...
5. A firm produces widgets with production function: q-2vKL. In the short run, the firm's amount of capital is fixed at K = 100. The rental rate is v = 1 and the wage for L is w= 4. (a) Find the firm's short-run total cost curve (SRTC), short-run average cost curve (SRAC), and the short-run marginal cost (SMC) function. (b) Graph the firm's SAC and SMC using the following levels of production: q 25 and q= 100. (c) Find...
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...
QUESTION 21 If the firm's marginal cost is $10 and in the short run capital is fixed, with wages for workers at $40 per hour, what must the worker's marginal product per hour be? $10 $40 4 400
please answer all 3
Question Completion Status: If the firm's marginal cost is $10 and in the short run capital is fixed, with wages for workers at $40 per hour what must the worker's marginal product per hour bel 510 540 400 If the Marginal Product of capital is 6 and the Marginal Product of laboris 3; the prices of capital and labor are 510 and 12 respectively. What should the manager do Increase output Substitute in more labor for...
Question 3 1 pts Suppose that a firm is producing in the short run with output given by: Q = 50L - 50L? The firm hires labor at a wage of $50 per hour and sells the good in a competitive market at P = $10 per unit. Find the firm's optimal use of labor. Enter as a value. • Previous Nam.