Suppose that the average product of labor is given by the equation AP L L L= 600

Question:

Suppose that the average product of labor is given by the equation AP L L L= 600 + 200 − 2 .

a. What is the equation for the total product of labor?

b. What is the equation for the marginal product of labor?

c. At what level of labor usage is APL = MPL?

d. Does this production function exhibit constant, increasing, or decreasing returns to scale capital and labor usage is L = 25 to L = 100?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Managerial Economics: Tools For Analyzing Business Strategy

ISBN: 307174

1st Edition

Authors: Thomas J Webster

See More Books

Question Posted: Oct 08, 2024 08:04 AM

See More Questions

1. The Zimmerman Company digs ditches. It faces the production function, Q = LlK, where Q is the number of ditches dug, L is hours of labor, and K is the number of digging tools. (a) Would we...
need these fast 1. Which of the following is an example of a positive statement? O A. If this good is bad for you, you should not consume it. O B. If you consume this good, you will get sick. O C....
need this quick. Thanks 1. Which of the following is an example of a positive statement? O A. If this good is bad for you, you should not consume it. O B. If you consume this good, you will get sick....
Great ride (GR) is in the business of manufacturing and selling high-end vehicles. GR signs a deal with the CEO of a consulting firm for a luxury SUV. You are the long-time Controller for GreatRide...
A 1-m cube within a mass of stressed soil has a stress of 200 kPa on its top and bottom faces, 100 kPa on one pair of vertical faces, and 60 kPa on the other pair of vertical faces. There is no shear...
What are the three most common methods of setting a budget?
Suppose that the average product of labor is given by the equation AP L L L= 600 + 200 2 . a. What is the equation for the total product of labor? b. What is the equation for the marginal product of...
Ethical control frameworks In December 2002, Time magazine named Cynthia Cooper, Coleen Rowley, and Sherron Watkins as its Persons of the Year. Cynthia Cooper was vice president of internal audit for...
Below are the results of 2000 tests that were carried out using a new diagnostic technique that has recently been brought to the market \f
Suppose that a firms short-run production is Q = 2L + 0.4L2 0.002L3 , where Q is units of output and L is labor hours. a. Graph the production function for values L = 0 to L = 200. b. What is the...
The total cost equation of a firm is TC(Q) = 5,000 + 2,000Q 10Q2 + 0.25Q3 , where Q is the level of output. a. What is the firms total fixed cost? b. What is the equation for the firms total variable...
Graph each system of equations and find any solutions. Check your answers. Identify the system as consistent or inconsistent. If the system is consistent, state whether the equations are dependent or...
How have race, gender, and class shaped key social movements in U.S. history?
How have political movements and labor history shaped the development of capitalism and industrialization in the United States during the 19th and 20th centuries?
Explain the market segmentation.
1. We can measure the cause and effect relationship with (a) Time series analysis (b) Cross Sectional analysis (c) Correlation analysis (d) Regression analysis 2. Depiction of relationship present...
Mention the bases on which consumer market can be segmented.
You are optimizing coaxial cable design for a major manufacturer. Show that for a given outer conductor radius b, maximum potential difference capability is attained when the radius of the inner...
In Exercises 105108, evaluate each expression without using a calculator. log(ln e)

Suppose that the average product of labor is given by the equation AP L L L= 600

Question:

Step by Step Answer:

Managerial Economics: Tools For Analyzing Business Strategy

Students also viewed these Business questions