Question: Question 8 (1 point) Suppose the short-run production function is q = 6L. If the wage rate is $7 per unit of labor, what is

Question 8 (1 point) Suppose the short-run production function is q

= 6L. If the wage rate is $7 per unit of labor,

Question 8 (1 point) Suppose the short-run production function is q = 6L. If the wage rate is $7 per unit of labor, what is the average variable cost

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!

Q:

how we got the underlined answe r of below questions (mathematically) in details: 1- Flath (2011) estimated that the Cobb-Douglas production function of a typical Japanese beer manufacturer. - The...

Q:

Question 18 1 pts Suppose the short-run production function is q = 5 *L. If the wage rate is $10 per unit of labour, then AVC equals O q O 2 O q/10 O 1

Q:

Question 7(1 point) Saved If price is between AVC and ATC, the best and most practical thing for a perfectly competitive firm to do is to: Question 7 options: lower prices to gain revenue from extra...

Q:

The manager of Gilbert Company used the production cost report to help identify production tasks that might be done with more skilled, and therefore more efficient, workers. This is an example of...

Q:

Question 2 (20 marks). Consider the production function: F(L, K) = L02 KOT. The wage rate (price per unit of labour) is w = 2 and the capital rental rate (price per unit of capital) is r = 7. (a)...

Q:

Consider the production function: F (L, K) = L 0.2 K 0.7 . The wage rate (price per unit of labour) is w = 2 and the capital rental rate (price per unit of capital) is r = 7. (a) Does this production...

Q:

Consider the production function: F (L, K) = L 0.2 K 0.7 . The wage rate (price per unit of labour) is w = 2 and the capital rental rate (price per unit of capital) is r = 7. (a) Does this production...

Q:

I. Increasing returns to scale in production means A) more than 10% as much of all inputs are required to increase output 10%. B) less than 3 times as much of all inputs are required to increase...

Q:

help with 2. if this question is too long please answwr half and i will post the other half. thank you :)) 2. The graph below shows three hoquants for a business fim, corresponding to outputs of 48,...

Q:

Thank you for your help! This will help me study for my exam. Question 31 (1 point) _II Which of the following is not an economic cost? 0 interest 0 economic profit 0 rent 0 normal profit Question 32...

Q:

Sara Tomlinson, sales manager of Gullo Arenas, is checking to see if there is any relationship between promotional costs and ticket revenues at the sports stadium. She obtains the following data for...

Q:

Navajo Company's year-end financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Year 1 ending...

Q:

On average, employers cost of benefits to employees accounts for what percentage of their total payroll costs? a . 5 percent b . 2 5 percent c . 7 percent d . 1 2 percent

Q:

Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Net Operating Income in 5,000 $ 325 438 Debt Service 3,500 $ (308) (308) $ (308) $ (308) $ (308) Cash Flow Before Tax 1,500 17 130 Required Return to...

Q:

8. How can an interpreter influence the message?

Q:

The geographical location of the sender, i.e. where the sender resides

Q:

Subjective norms, i.e. the norms of the target group