How would the answer in the Challenge Solution change if we used the marginal product of labor

Question:

How would the answer in the Challenge Solution change if we used the marginal product of labor rather than the average product of labor as our measure of labor productivity?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Microeconomics

ISBN: 978-0134519531

8th edition

Authors: Jeffrey M. Perloff

See More Books

Question Posted: Nov 12, 2018 07:01 AM

See More Questions

Using symbols, we can write that the marginal product of labor is equal to Q/L. Marginal cost is equal to C/Q. Because fixed costs by definition don't change, marginal cost is also equal to C/Q. If...
This exercise explores in some more detail the relationship between production technologies and marginal product of labor. A: We often work with production technologies that give rise to initially...
The production function for fragles is f (K, L) = L/2 + K, where L is the amount of labor used and K the amount of capital used. (a) There are (constant, increasing, decreasing) _______ returns to...
The following are the major balance sheet classifications: Current assets (CA) Current liabilities (CL) Long-term investments (LTI) Long-term liabilities (LTL) Property, plant, and equipment (PPE)...
The two masses (m1 = 5.0 kg and m2 = 3.0 kg) in the Atwood's machine shown in FIGURE 10-33 are released from rest, with m1 at a height of 0.75 m above the floor. When m1 hits the ground its speed is...
Consider a computer system with both segmentation and paging. When a segment is in memory, some words are wasted on the last page. In addition, for a segment size s and a page size p, there are s/p...
Do we need coding standards even if they make no difference to the functionality of software?
Gryphon Manufacturing Company manufactures and leases a variety of items. On January 2, 2011, Gryphon leased a piece of equipment to Scissor Industries Co. The lease is for seven years for an annual...
Adger Corporation is a service company that measures its output based on the number of customers served. The company provided the following fixed and variable cost estimates that it uses for...
What do you think about the concerns regarding PatientsLikeMes rapid growth and the worries expressed about the potential downsides of participating in its forums? How important and potentially...
Vascos utility function is U = 10X 2 Z. The price of X is p X = $10, the price of Z is p z = $5, and his income is Y = $150. What is his optimal consumption bundle?
If the production function is q = f(L, K) = 3L + 2K, and capital is fixed at K = 50, what is the short-run production function? What is the marginal product of labor?
When is pricing the use of transportation infrastructure, like roads, considered necessary? How is pricing structured?
A student is at rest at the top of a playground slide. The length of the slide is 5.0 m long, and it is at an angle of 30 degrees. When the student leaves the slide he is traveling at a speed of 2.0...
A 3.6 kg block starts (with its center-of- mass vertical displacement at a height of 47 cm) on a plane that has an inclination angle of 30 as in figure. Upon reaching the bottom, the block slides...
discuss what roles and responsibilities do team members have to ensure successful collaboration and teamwork? Explain describe what is a collaboration agreement? How do you write a collaboration...
1. Imagine that you would like to know a friend's preference between chocolate (c) and vanilla (v) ice cream scoops. Your friend tells you that her utility function is U(c,v) = c+2*v. (a) An ice...
Use Figure 2.1 to justify the assumption that a typical bacterial cell (that is, E. coli ) has a surface area of 6 m2 and a volume of 1m3. Also, express this volume in Femtoliters. Make a...
How can a company improve its merchandise inventory turnover ratio ?
Integration is a vital concept when applied in one?s life. Integrating your life means making ideal choices. Perfect choices on the other go in line with quality decisions. Quality decisions lead to...
Does the Managerial Solution change if the entry of the generic causes a parallel shift to the left of the patent monopolys linear demand curve?
Proposals to reduce patent length for drugs are sometimes made, but some critics argue that such a change would result in even higher prices during the patent period as companies would need to...
In the examples in Table 10.1, if the movie theater does not price discriminate, it charges either the highest price the college students are willing to pay or the one that the senior citizens are...
How do the local electronic and printing advertisements apply in the real ground? What are the most accepted brand names? What are the good qualities and demerits of the brand?
Gary and Linda assume they will need $70,000 at the beginning of each year in today's dollars when they retire in 6 years. The couple is assuming an annual inflation rate of 4% and a 7.5% after-tax...
What motivates you to succeed in your work or personal endeavors?Can you provide an example from your past experiences where you successfully turned a setback into a motivation to achieve a goal?

How would the answer in the Challenge Solution change if we used the marginal product of labor

Question:

Step by Step Answer:

If the firm has a CobbDouglas production function Q AL K with alpha ...View the full answer

Microeconomics

Students also viewed these Business questions