Question: I don't understand the part inside the circle, how did it get to L=8 (2) The production function is given by F(L) = 612/3. Suppose

I don't understand the part inside the circle, how did it

I don't understand the part inside the circle, how did it get to L=8

get to L=8 (2) The production function is given by F(L) =

(2) The production function is given by F(L) = 612/3. Suppose that the cost per unit of labor is L.E.16 and the price of output is L.E.8. How many units of labor will the firm hire? P X MP = W a. 16 b. 8 8x ( 46 3 1 = 16 C. 4 32 L d. 24 SKUL 3 - 16 32 e. None of the above. 21 3 = 1 Solution: 32 x 3= 16 P * MPL= WL NNX N/ - -1 8 ( 6.~ x3) = 16 X 3 = ; L* = 8 ( = 2 3 2 8

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!

Controller, Judy Koch, in a recent speech said, "I rarely see a real variable cost or a truly fixed cost." What did she mean? Include in your response an explanation of the difference in behavior of...

Please see attachment. All three question need to be answered in narrative format. If you have questions, just let me know. Normal requirement for references are 2 outside our course text....

CANMNMM January of this year. (a) Each item will be held in a record. Describe all the data structures that must refer to these records to implement the required functionality. Describe all the...

I need the following Assignments Completed so that I may compare them to my current answer. There are multiple sections to this Assignment SECTION 3 1. Which of the following is not a characteristic...

SECTION 3 1. Which of the following is not a characteristic of a process costing system? a. Several Work in Process Inventory accounts are used b. Product costs are grouped by processes, departments,...

Due Sunday, 11/20: Problems from Zimmerman text: 2-11, 2-44, Case 2-3, 7-7, and 7-20 Chapter Two The Nature of Costs Chapter Outline A. Opportunity Costs 1. Characteristics of Opportunity Costs 2....

Briefly discuss the cost-volume-profit analysis model and how it is used. Use the attached PDF. APA Citation. 300 words. REVISED PAGES 3 Chapter Three 1 Fundamentals of Cost-Volume-Prot Analysis...

IOE 419 Mark S. Daskin Service Operations Management IOE Department Winter, 2017 University of Michigan Problem set 4 DUE: MONDAY - February 20, 2017 Points: 100 points total Problem 1: Babette has...

A filled reservoir has a water surface of 1200 acres and an available storage of 4000 million gallons. The watershed contributing to and including the reservoir covers 35 square miles. The dam of the...

Do the GM and Ford returns seem positively correlated? Do you notice any outlying returns? If yes," do outlying GM returns seem to occur with outlying Ford returns?

The integral represents the volume of a solid. Describe the solid. 3 . ^ . 0 . 2 x ^ 8 dx The solid is obtained by rotating the region 0 y x 7 , 0 x 3 about the y - axis using cylindrical shells. The...

ion 6 The solution of the ordinary differential equation y = (x + 1)e "y?, y(0) = 15 is et ered ed out of Select one: O a. y (z+2)e =. 29 g question 14 1 O b. y = (z+2)e 22 15 1 O c.y = (z+2)e 29 15...

Determine the missing amounts. (Assume all beginning balances are $0 and that material costs are recorded before labor costs.) Raw Materials Inventory Work-in-Process Inventory Finished Goods...

The solution of 16y" 40y' + 25y = 0 is d Select one: out of O a.y = c,zei + czre + C2re question O b. y = Cre7+ czrei + C2xe C. y = cje7? + C2te O d. y = cje 4" + C2xe 2.

Identifying How Machine Learning Can Solve Problems What problem would you like your machine learning model to solve? What output would you like your machine learning model to produce? How will you...

Pay him, do not wait until I sign

Tell what you mean without sounding too dominant, i.e. show authority without sounding instructive

Speak clearly and distinctly with moderate energy