Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

answer asap 2. Suppose that Brine Freez servings sell for $8 each; capital is paid a daily interest rate of $40; and labor is paid

answer asap

image text in transcribed
2. Suppose that Brine Freez servings sell for $8 each; capital is paid a daily interest rate of $40; and labor is paid a daily wage of $128. Q = 10 + K + 8L + 28KL -K2- 212 Calculate the value of marginal product of labor (L) and show in its simplest form. b. Interpret the "value of marginal product of labor (L)" when L=3 in your own words?? C. Calculate the predicted profit-maximizing number of workers (L") for Brine Freez? (Hint: Remember VMP = cost of input) d. What is the predicted output of servings (Q") that results from hiring this number of workers

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 A Problem-Solving Approach

Authors: Luke M. Froeb, Brain T. Mccann

2nd Edition

B00BTM8FK0

More Books

Students also viewed these Economics questions

Question

1.. What are the roles of signs, symbols, and artifacts?

Answered: 1 week ago

Question

1. Prepare a short profile of Mikhail Zoshchenko ?

Answered: 1 week ago

Question

What is psychology disorder?

Answered: 1 week ago