Question: 2. A firm's short-run production function is given by Q = 300L - L4 where L denotes the number of workers. Find the size

2. A firm's short-run production function is given by Q = 300L

2. A firm's short-run production function is given by Q = 300L - L4 where L denotes the number of workers. Find the size of the workforce that maximises the average product of labour and verify that at this value of L MP = APL

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

The probability of a person guessing the right combination is enter your response here. (Type an integer or a simplified fraction.)

Wi-Fi, Inc., has the following selected transactions during the year.n 1. Issues $20 million in bonds.n 2. Purchases equipment for $80,000.n 3. Pays a $20,000 account payable.n 4. Collects a $15,000...

123 Compare the purely graphical properties of these two notations, and the ways in which the graphical properties of each display correspond to the information structure being defined. Describe...

Hey! I would appreciate some help with this. Have an exam around the corner and I would like to make sure I understand this part. Thank you so much! PO AccessUH X Bb Homework 5 - 2020 x S hw5.pdf X...

question 1 to 5 Pham Nguyen That Trung BABAWE 18131 M4B GO1 TUESDAY QUIZ 3 Duration: 45 minutes 1. Multiple Choice Questions (60pts) 1) The fixed cost of producing a good are 80 and the variable...

6. (a) A firm's short-run production function is given by Q = 60L2 0.1L3, where L denotes the number of workers (i) Find an expression for the average product of labour. (ii) Find the number of...

The Options are: a) None of the others b) decreasing function, convex function c) Increasing function, convex function d) decreasing function, concave function e) Increasing function, concave...

I. Which of the following is correct? a) The pivot of the budget line shows the substitution effect while a slope gives the income effect. b) The pivot of the budget line shows the substitution...

tax Consider the market for apple juice. In this market, the supply curve is given by QS = 10PJ 5PA and the demand curve is given by QD = 100 15PJ + 10PT , where J denotes apple juice, A denotes...

its maccro i need detailed answers Exercises Question 1 ("Review of Production and Cost Functions, and Prot Mardoiization} Suppose each worker costs $1130 to hire. An example firm has the following...

You will be required to prepare a draft answer to the research hypothetical question in the main assignment. This part of the assessment relates to the Issues (I) and Law (L) parts of the ILAC frame...

In the next six months a company must, in each month, operate either a normal shift or an extended shift (if it produces at all). A normal shift costs 100,000 per month and can produce up to 5,000...

Question 3 Which of the following is an advantage of using the Dividend Growth Model to extimate cont of equity? Explicitly adjusts for risk Dodes not require a firm to pay dividends Simple and easy...

According to the U.S. Department of Agriculture, Alabama egg farmers produce millions of eggs every year. Suppose egg production per year in Alabama is normally distributed, with a standard deviation...

The U.S. Bureau of Labor Statistics reports that of persons who usually work full-time, the average number of hours worked per week is 43.4. Assume that the number of hours worked per week for those...

1. What micro-environmental factors have affected Fitbit since it opened for business? 2. How should Fitbit overcome the threats and obstacles it faces? 3. What factors in the marketing environment...

A study about strategies for competing in the global marketplace states that 52% of the respondents agreed that companies need to make direct investments in foreign countries. It also states that...

The normal capacity of Algonquin Adhesives Inc. is 40,000 direct labor hours and 20,000 units per month. A finished unit requires 6 lb of materials at an estimated cost of $2 per pound. The estimated...

Can we put that she will be making weekly payroll deductions inthe amount of $52.75 to the housing equalling $211.00 monthly

The figure below illustrates the change in consumer surplus, given by Area ABEC, when the price decreases from P1 to P2. This area can be divided into the rectangle ABDC and the triangle BDE. Briefly...

For each of the following, discuss whether you expect the elasticity (of demand or of supply, as specified) to be greater in the long run or the short run. a) The supply of seats in the local movie...

Justin has the utility function U = xy, with the marginal utilities MUx = y and MUy = x. The price of x is 2, the price of y is py, and his income is 40. When he maximizes utility subject to his...

An option to buy a stock is priced at $200. If the stock closes above 30 on May 15, the option will be worth $ 1000. If it closes below 20, the option will be worth nothing, and if it closes between...

Given independent random variables with means and standard deviations as shown, find the mean and standard deviation of: a) 3X b) Y + 6 c) X + Y d) X - Y e) X1 + X2

Given independent random variables with means and standard deviations as shown, find the mean and standard deviation of: a) 0.8Y b) 2X - 100 c) X + 2Y d) 3X - Y e) Y1 +Y2