TC = 50 + 3Q^2
Differentiating with respect to Q
MC = d(TC)/dQ = 3*2*Q = 5Q
Since MC is rising in Q, MPL is diminishing.
Nazli's Kitchen makes doner kebabs (a traditional Turkish dish) and has a total cost function given...
Nazli’s Kitchen makes doner kebabs (a traditional Turkish dish) and has a total cost function given by TC=50+3Q^2, where Q is the quantity of doner kebabs. Does Nazli’s Kitchen’s experience diminishing marginal product of labor? How do you know?
Nazli's Kitchen makes doner kebabs (a traditional Turkish dish) and has a total cost function given by TC = 50 + 302, where Q is the quantity of doner kebabs. Nazli's Kitchen's fixed cost of production is 0 50 392 O 50 + 3Q2
Nazli’s Kitchen makes doner kebabs (a traditional Turkish dish) and has a total cost function given by TC=50+3Q^2, where Q is the quantity of doner kebabs. Nazli’s Kitchen’s fixed cost of production is A. 0 B. 50 C. 3Q^2 D. 50+3Q^2
dont need a big answer, need to be small but to point Nazli's Kitchen makes doner kebabs (a traditional Turkish dish) and has a total cost function given by TC = 50 + 3Q2, where Q is the quantity of doner kebabs. Does Nazli's Kitchen's experience diminishing marginal product of labor? How do you know?
Given the total cost function for a firm is Q = output and TC = total cost Q TC 0 20 1 40 2 60 3 80 4 100 5 120 6 140 the production function that generated these costs must have increasing marginal product of the variable input (labor) TURE OR FLASE
Consider a firm that faces the following production function: q = f(L, K) = L1/2 K1/2 where q is output, L is labor, and K is capital. Use this production function to answer the following questions. (a) What is the marginal product of labor (MPL)? (b) Does the MPL follow the law of diminishing returns? How do you know? (c) What is the marginal product of capital (MPK)? (d) Does the MPK follow the law of diminishing returns? How do...
4. Consider the production functions given below: a. Suppose that the production function faced by a milk producer is given by Q = 40.5 20.5 = 4VK VL, where MPx = 2K-0.5 20.5 = 2 and MP, = 2 K0.5L-05 = 2 * i. Do both labor and capital display diminishing marginal products in the short run? ii. Find the marginal rate of technical substitution for this production function. (Hint: The MRTS = 1) iii. Does this production function display...
A firm produces a product in a competitive industry and has a total cost function (TC) of TC(a) 60+4q+2q2 and a marginal cost function (MC) of MC(q) = 4 + 4q. At the given market price (P) of $20, the firm is producing 4.00 units of output. Is the firm maximizing profit?V What quantity of output should the firm produce in the long run? The firm should produce unit(s) of output. (Enter your response as an integer.)
2. The cost function for your firm's product has been estimated as: TC = 30.25 + 300 +0.25Q?, where TC is measured in dollars, and Q is output, where TC is measured in dollars, and Q is output. Labor is the only variable input. The wage is $120 ATC= AFC =- AVC= MC - Minimum ATC is $ The marginal product of labor al minimum ATC is Find AVC and AP for an output level of 14. AVC = $_...
Suppose the production function for automobiles is ? = ?? where Q is the quantity of automobiles produced per year, L is the quantity of labor (man-hours) and K is the quantity of capital (machine hours). a) What is the total product (number of automobiles) if the firm uses 25 man hours and 2 machine hours? b) Sketch the isoquant corresponding to a quantity of Q=50. c) What is the general equation for the isoquant corresponding to any level of...