The production function for calculators is Q = 12L^2 - L^3, where Q is calculators/day and...
The production function for calculators is Q = 12L^2 - L^3, where Q is calculators/day and L is labour-days/day. What is the value of the average product of labour when L=5 ?
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The production function for calculators is Q = 12L^2 - L^3,
where Q is calculators/day and...
a. A firm has the production function q = ln L+12L^2- 10L^3. Find the average product...
a. A firm has the production function q = ln L+12L^2- 10L^3. Find the average product of labor, the marginal product of labor. b. Consider the following short-run production function: q = 6L^22 – 1/3L^3. At what level of L do diminishing marginal returns begin? At what level of L do diminishing returns begin?
A perfectly competitive firm's production function is Q=17LK where Q is the amount produced, L is...
A perfectly competitive firm's production function is Q=17LK where Q is the amount produced, L is the amount of labour hired and K is the amount of capital used. P is the price that the firm gets for its product. What is the marginal revenue product of labour?
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...
6. a) Consider the following Cobb-Douglas production function: Q AK°L where Q output, K labour, L...
6. a) Consider the following Cobb-Douglas production function: Q AK°L where Q output, K labour, L labour Express the above function in a logarithmic form
Suppose a firm's production function is given by the equation Q = 12L.5K.5 . This firm operates...
Suppose a firm's production function is given by the equation Q = 12L.5K.5 . This firm operates in the short run where capital (K) is fixed at a quantity of 16. If the price per unit of the good is $1.8 and labor costs $10 per unit. Then the profit maximizing amount of labor in the short run is ___?
a firm produces output according to the production function Q=4K+8L where K is capital and L...
a firm produces output according to the production function Q=4K+8L where K is capital and L is labour. in this production function are capital and labour (a) perfect complements (b) perfect substitutes (c) imperfect substitutes or (d) perfect substitues as long as labour is less than 8 and perfect complements when labour is more than 8.
Consider the following CES production function: Q= AlaL +1-a)K-]%, capital, respectively where Q is output and L and...
Consider the following CES production function: Q= AlaL +1-a)K-]%, capital, respectively where Q is output and L and K are inputs labour and i) Interpret the parameters A,a,t and V ii) Show that if f-0, the two input Labour and capital are imperfect substitutes in production
Consider the following CES production function: Q= AlaL +1-a)K-]%, capital, respectively where Q is output and L and K are inputs labour and i) Interpret the parameters A,a,t and V ii) Show that if...
You are given the following production function Q = K1/3L2/3, where Q is output, L is...
You are given the following production function Q = K1/3L2/3, where Q is output, L is labor, and K is capital. First, calculate the marginal product of capital and the marginal product of labor. Next, calculate the marginal rate of technical substitution of labor for capital, MRTSL,K. What does this tell you about the production function?
Consider the production function Q = 6L^2 - L^3.
4. Consider the production function Q = 6L^2 - L^3.a. Find average product. Find the number of labor (L) that the firm should hire to maximize average product.b. Find marginal product. Find the number of labor (L) that the firm should hire to maximize marginal product.c. Find the number of labor (L) that the firm should hire to maximize total product of labor.d. Find the number of labor (L) that the firm has zero average product.
Given production function Q=f(K, L) = 8KL + √L where K is capital and L is labor.
Given production function Q=f(K, L) = 8KL + √L where K is capital and L is labor. a. Find marginal product of labor and marginal product of capital.b. Define what is marginal rate of technical substitution, MRTS. Calculate the MRTS for the above case.c. When K = 10, L = 16, what is the total output? Sketch this isoquant function on a diagram where K is the vertical axis and L is the horizontal axis.
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...
6. a) Consider the following Cobb-Douglas production function: Q AK°L where Q output, K labour, L labour Express the above function in a logarithmic form
Consider the following CES production function: Q= AlaL +1-a)K-]%, capital, respectively where Q is output and L and K are inputs labour and i) Interpret the parameters A,a,t and V ii) Show that if f-0, the two input Labour and capital are imperfect substitutes in production
Consider the following CES production function: Q= AlaL +1-a)K-]%, capital, respectively where Q is output and L and K are inputs labour and i) Interpret the parameters A,a,t and V ii) Show that if...
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