FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

An industry can be characterized by the following production function: Q = 2.5L.60 C.40 What is the algebraic expression for the marginal productivity of labor?

An industry can be characterized by the following production function: Q = 2.5L.60 C.40

What is the algebraic expression for the marginal productivity of labor? What is the algebraic expression for the average productivity of labor? How would you characterize the returns-to-scale in the industry?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Economics Foundations of Business Analysis and Strategy

Managerial Economics Foundations of Business Analysis and Strategy

Authors: Christopher Thomas, S. Charles Maurice

12th edition

1260004759, 9781260004755, 78021715, 78021718, 78021901, 978-0078021909

More Books

Students also viewed these Economics questions

Question

★★★★★
To solve the bid price problem presented in the text, we set the project NPV equal to zero and found the required price using the definition of OCF. Thus the bid price represents a financial...

Answered: 1 week ago

Question

★★★★★
7. Maintain consistent and fair compensation levels for all employees wherever they are, taking local differences into account.

Answered: 1 week ago

Question

★★★★★
2. For older students, use readings, analysis of characters in literature, films, or role reversals to help them identify the emotions of others.

Answered: 1 week ago

Question

★★★★★
Rice and Conwell is a public accounting firm that offers two primary services, auditing and tax return preparation. A controversy has developed between the partners of the two service lines as to who...

Answered: 1 week ago

Question

★★★★★
A banker manages a 1 million stock portfolio with a 1-day volatility of 0.2 and 1-day mean return of 0. The banker calculated a Value of Risk of 0.25631, but forgot whether he/she calculated the...

Answered: 1 week ago

Question

★★★★★
4. For flow over an impermeable plate with no pressure gradient, the self-similar equation can be expressed as, 2f" + ff" = 0 U is the free stream velocity, n = 3U/(vx) is the self-similar variable,...

Answered: 1 week ago

Question

★★★★★
A carpet cleaning firm uses an average of 20 gallons of cleaning fluid a day. Usage tends to be normally distributed with a standard deviation of 2 gallons per day. Lead time is 4 days, and the...

Answered: 1 week ago

Question

★★★★★
For the data in Table 12.1, confirm that the Pearson statistic in equation (12.3) is 41.98 . Table 12.1 (12.3) Count Observed (j) (nj) Fitted Counts Using the Poisson Distribution (np;) 01234 6,996...

Answered: 1 week ago

Question

★★★★★
If demand for an item is 10 per month, the cost of placing an order is \($15\), and the cost of holding one item in inventory for 1 year is \($25\), what is the EOQ?

Answered: 1 week ago

Question

★★★★★
Calculate the power delivered by the turbine per unit mass of airflow when the heat transfer in the heat exchanger is zero. Then, how does the power depend on the heat transfer through the exchanger...

Answered: 1 week ago

Question

★★★★★
Using the information in the following table, calculate the marginal revenue product (MRP = MPP MR). Unit of Resources Total Resource Output Price Price 1 10 $5 $10 2 25 $5 $10 345 35 $5 $10 40 $5...

Answered: 1 week ago

Question

★★★★★
Using the Optional Method Load Calculation for Multifamily Dwellings, apply the demand factor for calculating the Total Volt-Ampere Demand Load for a multifamily dwelling with 8 units and a total VA...

Answered: 1 week ago

Question

★★★★★
2. In this chapter, the reader should reflect on the following concepts:

Answered: 1 week ago

Question

★★★★★
1. To provide an understanding that a person in a communication situation conveys three things at the same time: their position, basic interests and values.

Answered: 1 week ago

Question

★★★★★
4. What is meant by the statement: We are extremely limited in our willingness to allow others to put their own case in a social situation?.

Answered: 1 week ago

Previous Question Next Question