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The figure below contains the short-run total product curve (TPsR) for a firm. It graphs its...
1. Imagine a firm has the following short-run production function: q=f(L,K) = K L – L?...
1. Imagine a firm has the following short-run production function: q=f(L,K) = K L – L? Assume K = 25. a. Fill in the following table. (First, find the total output from the production function, then find the marginal product by dividing the change in total output by change in labor.) Capital MPL Labor 7 Total Output 126 APL 18 25 12 25 25 25 25 25 10 11 12 13 14 15 25 25 25 b. How many units...
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...
Consider the Total Product (TP) curve given below. Three rays from the origin touch the TP...
Consider the Total Product (TP) curve given below. Three rays from
the origin touch the TP curve at four points. Label these points
(A, B, C, D). Now consider the slope of the ray from the origin to
each point and the slope of a line tangent to TP at each point.
Use the relationship among the slopes to plot the Average
Product ( AP) and Marginal Product (MP) curves on the set of axes
below. You need not “calculate”...
Lauren owns a factory that produces softball gloves. The table below represents her factories productivity and...
Lauren owns a factory that produces softball gloves. The table
below represents her factories productivity and costs when various
numbers of workers are hired.
Graphically illustrate her total, marginal and average product
curves as well as her marginal and average variable cost curves.
Show where the inflection point lies, where production is maximized
and what number of workers corresponds to the highest average and
marginal product as well as the lowest average variable and
marginal cost.
TPL - Total Product...
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
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...
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...
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 16 units of capital. Find the Marginal Product of Labor (MPL). Fill in the appropriate numbers in the function below. MPL = Answer ___ L-0.5 (Round to the nearest 2 decimal places if necessary.)
8.13. A firm produces a product with labor and capital. Its production function is described by...
8.13. A firm produces a product with labor and capital. Its production function is described by Q = L + K. The marginal products associated with this production function are MPL = 1 and MPK = 1. Let w= 1 and r = 1 be the prices of labor and capital, respectively. a) Find the equation for the firm's long-run total cost curve as a function of quantity Q when the prices labor and capital are w = 1 and...
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...
1. Imagine a firm has the following short-run production function: q=f(L,K) = K L – L? Assume K = 25. a. Fill in the following table. (First, find the total output from the production function, then find the marginal product by dividing the change in total output by change in labor.) Capital MPL Labor 7 Total Output 126 APL 18 25 12 25 25 25 25 25 10 11 12 13 14 15 25 25 25 b. How many units...
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...
Consider the Total Product (TP) curve given below. Three rays from
the origin touch the TP curve at four points. Label these points
(A, B, C, D). Now consider the slope of the ray from the origin to
each point and the slope of a line tangent to TP at each point.
Use the relationship among the slopes to plot the Average
Product ( AP) and Marginal Product (MP) curves on the set of axes
below. You need not “calculate”...
Lauren owns a factory that produces softball gloves. The table
below represents her factories productivity and costs when various
numbers of workers are hired.
Graphically illustrate her total, marginal and average product
curves as well as her marginal and average variable cost curves.
Show where the inflection point lies, where production is maximized
and what number of workers corresponds to the highest average and
marginal product as well as the lowest average variable and
marginal cost.
TPL - Total Product...
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...
8.13. A firm produces a product with labor and capital. Its production function is described by Q = L + K. The marginal products associated with this production function are MPL = 1 and MPK = 1. Let w= 1 and r = 1 be the prices of labor and capital, respectively. a) Find the equation for the firm's long-run total cost curve as a function of quantity Q when the prices labor and capital are w = 1 and...
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...
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