If marginal labour costs are given by the equation MLC = 20 + 8L. Calculate the cost of employing the first two labourers
MLC = 20 + 8L
When L = 2,
MLC = 20 + 8(2) = 36
The cost of employing the first two labourers = $36
If marginal labour costs are given by the equation MLC = 20 + 8L. Calculate the...
Suppose that capital costs $50 per unit and labour costs $20 per unit. If the marginal product of capital is 100 and the marginal product of labour is 30, a cost-minimizing firm should employ more of both capital and labour. employ less of both capital and labour. employ more capital and less labour. employ less capital and more labour. not change its current factor use.
Suppose the production function for a firm is given by: q 8L +2K. If the firm currently has 20 units of capital (K) and 10 units of labor (L), then calculate the Marginal Rate of Technical Substitution (MRTSL). (Round to the nearest two decimal places if necessary.) Answer:
Suppose the linear production function is given by Q= 4K + 8L What is the marginal product of capital when the firm uses 10 units of capital and 10 units of labor? What is the AP of labor if 3 units of capital and 5 units of labor are used?
1. Assuming Farm Apple Sdn Bhd hire the labour to pick apple. Using the information below, answer the following questions: Quantity of LabourUnits of Output00116221325431536640 a) Assume a perfectly competitive firm, Farm Apple Sdn Bhd spent at a fixed rate of MYR 800 for wages, and each of their apple (output) sells for MYR 20, calculate the marginal product of labour, value of the marginal product of labour, and marginal profit. Using your answer, explain how many labours should and should...
Given the following data, calculate the total fixed total variable and marginal costs at each level of production. Quantity Total Cost Total Fixed Cost Total Variable Cost Average Total Cost Marginal Cost 0 $100 1 $20 2 $30 3 $100 4 $75
Given the cost equation: TC = 20 + 3Q^{2} + 5Q, what is the marginal cost at the 10th unit?
In class A7 - Productivity and Costs (Chapter 11) 1. Calculate the Average Product and Marginal Product of the variable input Inputs No. of Average Marginal boats Product Product Labour of Draw the AP and MP curves of the variable input. Remember AP and MP are measured in units of output! Identify the max point of AP of Labour and MP of Labour (the points of diminishing returns for both curves). The diagram need not be to scale. 2. The...
. Suppose afirm is hiring labour and capital and that the ratio of marginal products of the two inputs is greater than the ratio of input prices. Does this imply that the firm is maximizing profit? Why or why not? 4. Explain how the slope of the labour supply curve affects the fraction of employers payroll-tax costs actually passed on to employees in the form of lower wages.
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Sweaters sell for $20 at the crafts fair. Allie knits sweaters and her marginal costs are given in the table below. Allie’s marginal costs increase with each additional sweater. If Allie is behaving rationally, how many sweaters will she sell? Marginal Cost ($) 1st sweater 3 2nd sweater 6 3rd sweater 10 4th sweater 16 5th sweater 23 6th sweater 30