If a monopoly has a Cobb-Douglas production function, Q = L a K b , and faces
Question:
If a monopoly has a Cobb-Douglas production function, Q = LaKb, and faces an inverse demand function of p = Q-d, what is its marginal revenue product of labor?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 76% (13 reviews)
The marginal revenue is MR 1dQ d ...View the full answer
Answered By
John Kimutai
I seek to use my competencies gained through on the job experience and skills learned in training to carry out tasks to the satisfaction of users. I have a keen interest in always delivering excellent work
4.70+
11+ Reviews
24+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
A firm has a Cobb- Douglas production function, q = ALaK, where a + < 1. On the basis of this information, what properties does its cost function have? For example, a U. S. chemical firm has a...
-
If a monopoly faces an inverse demand function of p = 90 Q, has a constant marginal and average cost of 30, and can perfectly price discriminate, what is its profit? What are the consumer surplus,...
-
A Cobb- Douglas production function was estimated for six types of farms. There were five inputs in the production function: (1) land, (2) labor, (3) equipment, (4) livestock and feed, and (5) other...
-
The retail inventory method is used by The Bronx Company. Inventory, purchases, and sales data for 2016 are as follows: Using the retail method, calculate the Lower-of-Average-Cost or Market of the...
-
Suppose we would like the landing speed of block 2 to be increased to 1.50 m/s. (a) Should the coefficient of kinetic friction between block 1 and the tabletop be increased or decreased? (b) Find the...
-
A projectile is fired from point A at an angle above the horizontal. At its highest point, after having traveled a horizontal distance D from its launch point, it suddenly explodes into two identical...
-
Why is it that techniques for putting financial values on eco-assets are fraught with difficulty?
-
Burglar Bob breaks into Vince Victims house. Bob steals a flat-screen TV and laptop and does a significant amount of damage to the property before he leaves. Fortunately, Vince has a state-of-the-art...
-
Briefly describe what happened in the Global Financial Crisis (GFC) of 2008- 11? b) Analyze graphically the impact of GFC on the loanable fund market. c) The central banks in the advanced economies...
-
Consider the following analog sinusoidal signal: xa(t) = 3 sin (100t) (a) Sketch the signal xa(t) for 0 t 30 ms. (b) The signal xa(t) is sampled with a sampling rate Fs = 300 samples/s. Determine...
-
A competitive firms production function is q = 2LK. What is its marginal revenue product of labor?
-
The Cobb-Douglas production function for a U.S. tobacco products firm is q = L 0.2 K 0.3 (see the Application Returns to Scale in Various Industries in Chapter 6). Derive the marginal revenue product...
-
A 500 g steel block rotates on a steel table while attached to a 2.0-m-long massless rod. Compressed air fed through the rod is ejected from a nozzle on the back of the block, exerting a thrust force...
-
Explain the granting of a subsidy.
-
Explain the imposition of a quota.
-
Explain three consequences of inflation.
-
Explain two methods of protectionism.
-
Explain potential sources of comparative advantage.
-
Lozman owned a 60-foot by 12-foot floating home that contained a sitting room, bedroom,closet, bathroom, and kitchen, along with a stairway leading to a second level with office space. Unlike a...
-
Swifty company is a publicly held corporation whose $1 par value stock is actively traded at $30 per share. The company issued 3400 shares of stock to acquire land recently advertised at $93000. When...
-
Under a welfare plan, poor people are given a lump-sum payment of L. If they accept this welfare payment, they must pay a high marginal tax rate, = 1/2, on anything they earn. If they do not accept...
-
Prescott (2004) argued that U.S. employees work 50% more than do German, French, and Italian employees because European employees face lower marginal tax rates. Assuming that workers in all four...
-
Originally, Julia could work as many hours as she wanted at a wage of w. She chose to work 12 hours per day. Then, her employer told her that, in the future, she may work as many hours as she wants...
-
XYZ Company's 2020 financial statements have the following distributions of the first digits. Digit 1 Frequency 18 15 2345678 5. 0 5 10 6 7 14 8 7 93 What is the Kolmogorov-Smirnov test statistic for...
-
4. The company has provided you the following information with regard to its stock investment acquisition in its initial year of operations: ABC Corp. DEF Inc. H&M Co. Number of Shares acquired 2,000...
-
Question 2 Alan Li, a Singaporean, is employed by Good Luck Ltd (GLL), a company carrying on business in Hong Kong, as a brand manager. He negotiated the terms of his employment with GLL through...
Study smarter with the SolutionInn App