Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Oct 04, 2022

Given the production functions, (i) Q = 20L-L, (ii) Q = 225L - L: (a) Find an expression for MPL. Show that MP decreases

Given the production functions, (i) Q = 20L-L, (ii) Q = 225L - L: (a) Find an expression for MPL. Show that MP decreases indefinitely as labour input, L, increases (i.e., the law of diminishing returns applies). (b) Find an expression for APL. (c) Plot MPL and APL. State the relationship between them.

Step by Step Solution

★★★★★

3.41 Rating (160 Votes )

There are 3 Steps involved in it

Step: 1

MPL dQ d L APL Q L Explanation a iMPLd20LL2dL MPL 20 2L Now dMP... 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

Step: 3

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

Numerical Analysis

Authors: Richard L. Burden, J. Douglas Faires

9th edition

538733519, 978-1133169338, 1133169333, 978-0538733519

More Books

Students also viewed these Mathematics questions

Question

★★★★★

The notion of diminishing returns applies to all inputs to the production process. For example, one of the inputs in the production of corn is nitrogen fertilizer. Suppose a farmer has a fixed amount...

Answered: 1 week ago

Question

★★★★★

An equilateral triangle is shown below. (a) Find an expression for its height h in terms of a. (b) Find an expression for its area A in terms of a. 1

Answered: 1 week ago

Question

★★★★★

Find an expression for E(Yk) if MY(t) = (1 t/)r, where is any positive real number and r is a positive integer.

Answered: 1 week ago

Question

★★★★★

Austin Limited is trying to determine the value of its ending inventory as of February 28, 2019, the companys year-end. The following transactions occurred, and the accountant asked your help in...

Answered: 1 week ago

Question

★★★★★

Consider the following data for two investments, A and B: a. Which investment provides the higher return? Which investment provides less risk? Explain. b. Given a risk-free rate of 1.4%, calculate...

Answered: 1 week ago

Question

★★★★★

Partially completed budget performance reports for Meridian Company, a manufacturer of air conditioners, are provided below. a. Complete the budget performance reports by determining the correct...

Answered: 1 week ago

Question

★★★★★

What happens to the value of (a) ???? when the sample size is increased? (b) ???? when the sample size is increased? (c) the power of a test when the sample size is increased?

Answered: 1 week ago

Question

★★★★★

Chipcity Inc. is a fast-growing manufacturer of computer chips. Direct materials are added at the start of the production process. Conversion costs are added evenly during the process. Some units of...

Answered: 1 week ago

Question

★★★★★

Child Development in the School Readiness Program Menu Module 5 : Supporting Cognitive Development: Page 5 4 of 5 4 Knowledge Check Question 1 of 1 0 Creative expression focuses on a child's...

Answered: 1 week ago

Question

★★★★★

Realist, Inc. (Realist), was a Delaware corporation with its principal place of business in Wisconsin. In March 1988, Royal Business Group, Inc. (Royal), a New Hampshire corporation, acquired 8...

Answered: 1 week ago

Question

★★★★★

Garden Sales, Inc., sells garden supplies. Management is planning its cash needs for the second quarter. The company usually has to borrow money during this quarter to support peak sales of lawn care...

Answered: 1 week ago

Question

★★★★★

Identify and list the functional components (aperture, receiver, storage, distribution, mechanism, and control mechanism) for each of these SECSspictured. SECS description Aperture Receiver Storage...

Answered: 1 week ago

Question

★★★★★

A. Show the solution for each. Compute in details the Variable Manufacturing Overhead Variances - Spending and Efficiency. B. Show the solution for each. Compute in details the Fixed Manufacturing...

Answered: 1 week ago

Question

★★★★★

Answered: 1 week ago

Question

★★★★★

Question 3 The temperature in C over a flat surface is described by the function T(x, y) = xy+ 2x + y. (a) Determine all local stationary points of the temperature function and classify them....

Answered: 1 week ago

Question

★★★★★

Use Simpson's Rule with n = 10 to estimate the arc length of the curve. (Round your answer to four decimal places.) y = ex 0 x 6 Find the answer produced by a calculator or computer to compare with...

Answered: 1 week ago

Question

★★★★★

please answer the following questions and explain where necesary. include formulas. #10 The manager of 123 Cars reviewed his monthly operating costs for the past year. His costs ranged from $5,000...

Answered: 1 week ago

Question

★★★★★

Why is it necessary to study the diffusion of molecules in biological systems?

Answered: 1 week ago

Question

★★★★★

Tri diagonal matrices are usually labeled by using the notation To emphasize that it is not necessary to consider all the matrix entries. Rewrite the Crout Factorization Algorithm using this...

Answered: 1 week ago

Question

★★★★★

Use the modified algorithm developed in Exercise 9 to solve the linear systems in Exercise 8. In Exercise 7 a. 2x1 x2 = 3, x1 + 2x2 x3 = 3, x2 + 2x3 = 1. b. 4x1 + x2 + x3 + x4 = 0.65, x1 + 3x2 x3...

Answered: 1 week ago

Question

★★★★★

Show that if { (, (1, . . . , (n} is an orthogonal set of functions on [a, b] with respect to the weight function w, then {(0, (1, . . . , (n} is a linearly independent set.

Answered: 1 week ago

Question

★★★★★

Annual contributions of $1000 will be made to a TFSA for 25 years. The contributor expects investments within the plan to earn 7% compounded annually. What will the TFSA be worth after 25 years if...

Answered: 1 week ago

Question

★★★★★

Many people make their annual RRSP contribution for a taxation year close to the end of the year. Financial advisers encourage clients to contribute as early in the year as possible. How much more...

Answered: 1 week ago

Question

★★★★★

Keiko has already accumulated $150,000 in her RRSP. She intends to continue to grow her RRSP by making contributions of $500 at the beginning of every month. How much will her RRSP be worth 15 years...

Answered: 1 week ago

Previous Question Next Question