A firms short- run production function is given by Q = 1/2L2 for 0 L
Question:
Q = 1/2L2 for 0 ≤ L ≤ 2
And
Q = 3L – 1/4L2 for 2 < L ≤ 7.
a. Sketch the production function.
b. Find the maximum attainable production. How much labor is used at that level?
c. Identify the ranges of L utilization over which the marginal product of labor is increasing and decreasing.
d. Identify the range over which the marginal product of labor is negative.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (18 reviews)
a b Maximum production Q 9 occurs at L 6 To find the ...View the full answer
Answered By
ANDREW KIPRUTO
Academic Writing Expert
I have over 7 years of research and application experience. I am trained and licensed to provide expertise in IT information, computer sciences related topics and other units like chemistry, Business, law, biology, biochemistry, and genetics. I'm a network and IT admin with +8 years of experience in all kind of environments.
I can help you in the following areas:
Networking
- Ethernet, Wireless Airmax and 802.11, fiber networks on GPON/GEPON and WDM
- Protocols and IP Services: VLANs, LACP, ACLs, VPNs, OSPF, BGP, RADIUS, PPPoE, DNS, Proxies, SNMP
- Vendors: MikroTik, Ubiquiti, Cisco, Juniper, HP, Dell, DrayTek, SMC, Zyxel, Furukawa Electric, and many more
- Monitoring Systems: PRTG, Zabbix, Whatsup Gold, TheDude, RRDtoo
Always available for new projects! Contact me for any inquiries
4.30+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Economics questions
-
A cost-minimizing firm's production function is given by Q = LK, where MPL = K and MPK = L. The price of labor services is w and the price of capital services is r. Suppose you know that when w = $4...
-
A firms production function is given by Q = K 2 L/K + 4L where K and L denote capital and labour, respectively. (a) Show that this production function is homogeneous of degree 2. (b) Calculate the...
-
A firms production function is given by Q = 50KL Unit capital and labour costs are $2 and $3, respectively. Find the values of K and L which minimise total input costs if the production quota is 1200.
-
Write a static method max3() that takes three int arguments and returns the value of the largest one. Add an overloaded function that does the same thing with three double values.
-
In the late 1970s and early 1980s, a period of unexpectedly high inflation, Happy Felsch referred to long-term bonds issued by U.S. corporations and the Treasury as certificates of confiscation." Why...
-
On January 1 of Year 1, Davis Company purchased 4,000 shares of the 10,000 outstanding shares of Company B for a total of $65,000. At the time of the purchase, the book value of Company Bs equity was...
-
An 1100-kg car stops at a red light, going from \(85 \mathrm{~km} / \mathrm{h}\) to stationary in 20 s. (a) What is the impulse delivered to the car? (b) What is the average vector sum of forces...
-
Prepare the net position section for governmental activities in the government-wide Statement of Net Position for the City of Josiah at June 30, 20X6, given the following information as of that date....
-
11. A planet is revolving around the sun in an elliptical orbit. The mass of planet is m, angular momentum of planet about sun is L, and length of semi major axis is a and eccentricity are e. Time...
-
The basic cycle for a steam power plant is shown by Fig. 8.1. The turbine operates adiabatically with inlet steam at 6.800 kPa and 550oC and the exhaust steam enters the condenser at 50 C with a...
-
Graph the short- run total product curves for each of the following production functions if K is fixed at K0 = 4. a. Q = F (K, L) = 2K + 3L. b. Q = F (K, L) = K2L2.
-
Each problem on an exam is worth 20 points. Suppose that from the last seconds you devoted to Problem 10 on the exam you earned 2 extra points, while from the last seconds devoted to Problem 8 you...
-
What criteria must be met in order for differentiators and low-cost leaders to be successful?
-
You plan to open a retirement account. Your employer will match 50 percent of your deposits up to a limit on the match of \($2\),500 per year. You believe the fund will earn 12 percent per year over...
-
On Juans twenty-sixth birthday, he invested $7,500 in a retirement account. Each year thereafter, he deposited 8 percent more than the previous deposit. The account paid annual compound interest of 5...
-
What equal monthly investment is required over a 40-year period to achieve a balance of $2,000,000 in an investment account that pays monthly interest of 3/4 percent?
-
A \($90\),000 investment is made. Over a 5-year period, a return of \($30\),000 occurs at the end of the first year. Each successive year yields a return that is 10 percent less than the previous...
-
You invest $10,000 in a fund that pays 7 percent per year for 5 years. How much is in the fund at the end of 5 years if (forgetting leap years and making convenient assumptions) a. compounding is...
-
What number does a bit that is turned on represent? What number does a bit that is turned off represent?
-
A certain Christmas tree ornament is a silver sphere having a diameter of 8.50 cm. Determine an object location for which the size of the reflected image is three-fourths the size of the object. Use...
-
If we decrease the confidence level, the width of the confidence interval will: (1) increase (2) remain unchanged (3) decrease (4) double (5) none of the above
-
What is the production possibilities curve for an economy in which Susan is the only worker?
-
Should NASA expand the space shuttle program from four launches per year to five?
-
How much should you eat at an all-you-can-eat restaurant?
-
What strategies might you use to implement the personal change needed to support organizational change? What is the relevance of unity consciousness in organizational leadership, communications, and...
-
Recognizing the literature (and its limitations) for conveying policing organization, management, and change - what management/organizational changes are needed in policing today? Why? How do we set...
-
How do organizations effectively navigate the complexities of organizational change, integrating advanced change management methodologies to mitigate resistance and foster sustainable transformation?
Study smarter with the SolutionInn App