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Managerial Econ and Strategy (3rd Edition) Perloff
Ch. 5 q. 2.2
Please explain in Excel?
Figure...
2.2 Each extra worker produces an additional unit of out- put up to six workers. As...
2.2 Each extra worker produces an additional unit of out- put up to six workers. As more workers are added, no additional outputis produced. Draw the total product 0of labor, average product of labor, and marginal prod- uct of labor curves in a graph similar to Fioun labor, and the figures are smooth employing a worker for a ble Labor ont woroint A is the average product of labor for workers. comcustroduct of labor curve shoh eight computers, q. can...
Please answer the two sub-parts Question 4 (20 points) A firm has the following short-run production...
Please answer the two sub-parts
Question 4 (20 points) A firm has the following short-run production function as follows: Q = 15L +18L2-0.5L, where Q = total products per period and L = number of workers employed per period. 4.1) (3 points) Derive the marginal product of labor (MPL). At what number of workers (L) does the law of diminishing returns begin? MPL = f(L) = Law of diminishing return begins when L = workers. . 4.2) (3 points) Derive...
only number 5 Write an expression of the marginal cost function MC. Estimate the effect on...
only number 5
Write an expression of the marginal cost function MC. Estimate the effect on TC about by 2 units decrease in from the current output level of 15 units. 5) A firm's short-run production function is given by Q = 50L -.0212 Where L denotes the number of workers. 1. Find the size of the workforce that maximizes output. 2. Find marginal product of labor (MPL) 3. Find the average product of labor (APL) 4. Find the size...
A firm can manufacture a product according to the production function: Q = F(K, L) =...
A firm can manufacture a product according to the production function: Q = F(K, L) = K3/4L1/4. Instruction: Enter your responses rounded to three decimal places. a. Calculate the average product of labor, APL, when the level of capital is fixed at 81 units and the firm uses 16 units of labor. ____ What is the average product of labor when the firm uses 256 units of labor? ____ Instruction: The second response is the exponent on L in the...
Labor Output L Q. 0 0 1 3 2 8 3 15 4. 20 5 21...
Labor Output L Q. 0 0 1 3 2 8 3 15 4. 20 5 21 6 17 5 21 6 17 What is the marginal product of the third worker? Note: Recall that marginal product is MPL AQ AL 5 7 00 Question 7 1/1 pts What is the average product when three workers are employed? Note: Recall that average product is APL • 5 7 8 correct Question 8 0/1 pts Is it sensible for the firm to...
17) We manufacturer automobiles given the production function q = 5KL where q is the number...
17) We manufacturer automobiles given the production function q = 5KL where q is the number of autos assembled per eight-hour shift, K is the number of robots used on the assembly line (capital) and L is the number of workers hired per hour (labor). If we use K = 10 robots and L = 10 workers in order to produce q = 450 autos per shift, then we know that production is: A) technologically efficient. B) technologically inefficient. C)...
A firm's production function is Q = 70L0.6 K0:3. Its marginal product of labor is thus...
A firm's production function is Q = 70L0.6 K0:3. Its marginal product of labor is thus MP2 = 42L-0.4 0.3 and its marginal product of capital is MPK = 21L0.6 K-0.7. a. What returns to scale does this production function exhibit: constant, increasing, or decreasing? Show mathematically. b. Suppose the wage rate is $12 and the rental rate for capital is $48. Show that the firm is not minimizing cost when it employs 40 workers (L) per day and 15...
Lulu currently hires 4 workers and rents 9 machines to produce 12 leggings. Is Lulu minimizing...
Lulu currently hires 4 workers and rents 9 machines to produce
12 leggings. Is Lulu minimizing her costs? How do you know?
Lulu owns a firm that produces leggings. The production function is given by Q = 2VKVL, so that MPL VK VI and MPk = VL Q is Lulu's VK output, K is capital, L is labor, and MP is the marginal product. The wage (w)rate per worker (L) is $40 per day and rental rate (r) per unit...
5) A firm's short-run production function is given by Q=50 L-.02 L^{2}
5) A firm's short-run production function is given by Q=50 L-.02 L^{2}Where L denotes the number of workers.1. Find the size of the workforce that maximizes output.2. Find marginal product of labor (M PL)3. Find the average product of labor (APL)4. Find the size of the workforce which maximizes the average product of labor. Calculate M PL and A PL at this value. What do you observe.6) Find and classify the critical (stationary) points of the following function and state...
QUESTION 10 Acme Eggs produces eggs. Acme has estimated this production function for its eggs: Q...
QUESTION 10 Acme Eggs produces eggs. Acme has estimated this production function for its eggs: Q = 10L".SK.) The marginal product of labor is given by MPL =5L-0.5 K.S and the marginal product of capital is given by MPx=520.5 -0.5 where Q = output measured in eggs, L = labor measured in person hours, and K = capital measured in machine hours. Acme currently pays a wage of $15 per hour and considers the relevant rental price for capital to...
2.2 Each extra worker produces an additional unit of out- put up to six workers. As more workers are added, no additional outputis produced. Draw the total product 0of labor, average product of labor, and marginal prod- uct of labor curves in a graph similar to Fioun labor, and the figures are smooth employing a worker for a ble Labor ont woroint A is the average product of labor for workers. comcustroduct of labor curve shoh eight computers, q. can...
Please answer the two sub-parts
Question 4 (20 points) A firm has the following short-run production function as follows: Q = 15L +18L2-0.5L, where Q = total products per period and L = number of workers employed per period. 4.1) (3 points) Derive the marginal product of labor (MPL). At what number of workers (L) does the law of diminishing returns begin? MPL = f(L) = Law of diminishing return begins when L = workers. . 4.2) (3 points) Derive...
only number 5
Write an expression of the marginal cost function MC. Estimate the effect on TC about by 2 units decrease in from the current output level of 15 units. 5) A firm's short-run production function is given by Q = 50L -.0212 Where L denotes the number of workers. 1. Find the size of the workforce that maximizes output. 2. Find marginal product of labor (MPL) 3. Find the average product of labor (APL) 4. Find the size...
Labor Output L Q. 0 0 1 3 2 8 3 15 4. 20 5 21 6 17 5 21 6 17 What is the marginal product of the third worker? Note: Recall that marginal product is MPL AQ AL 5 7 00 Question 7 1/1 pts What is the average product when three workers are employed? Note: Recall that average product is APL • 5 7 8 correct Question 8 0/1 pts Is it sensible for the firm to...
A firm's production function is Q = 70L0.6 K0:3. Its marginal product of labor is thus MP2 = 42L-0.4 0.3 and its marginal product of capital is MPK = 21L0.6 K-0.7. a. What returns to scale does this production function exhibit: constant, increasing, or decreasing? Show mathematically. b. Suppose the wage rate is $12 and the rental rate for capital is $48. Show that the firm is not minimizing cost when it employs 40 workers (L) per day and 15...
Lulu currently hires 4 workers and rents 9 machines to produce
12 leggings. Is Lulu minimizing her costs? How do you know?
Lulu owns a firm that produces leggings. The production function is given by Q = 2VKVL, so that MPL VK VI and MPk = VL Q is Lulu's VK output, K is capital, L is labor, and MP is the marginal product. The wage (w)rate per worker (L) is $40 per day and rental rate (r) per unit...
5) A firm's short-run production function is given by Q=50 L-.02 L^{2}Where L denotes the number of workers.1. Find the size of the workforce that maximizes output.2. Find marginal product of labor (M PL)3. Find the average product of labor (APL)4. Find the size of the workforce which maximizes the average product of labor. Calculate M PL and A PL at this value. What do you observe.6) Find and classify the critical (stationary) points of the following function and state...
QUESTION 10 Acme Eggs produces eggs. Acme has estimated this production function for its eggs: Q = 10L".SK.) The marginal product of labor is given by MPL =5L-0.5 K.S and the marginal product of capital is given by MPx=520.5 -0.5 where Q = output measured in eggs, L = labor measured in person hours, and K = capital measured in machine hours. Acme currently pays a wage of $15 per hour and considers the relevant rental price for capital to...
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