The short run production function for a firm is Q = 60 + 40L - .5L2. The

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

Question:

The short run production function for a firm is Q = 60 + 40L - .5L2. The firm sells its product in a competitive market at price P = $4 per unit. The price of labor is PL = $8. Find the profit maximizing amount of output (Q) to produce?

Related Book For answer-question

Managerial Economics Foundations of Business Analysis and Strategy

ISBN: 978-0078021718

11th edition

Authors: Christopher Thomas, S. Charles Maurice

See More Books

Posted Date: Dec 08, 2020 02:30 PM

See More Questions

The production function for a firm is Q = 24L5K5. In the short run, the firm has a fixed amount of capital, K = 121. The price of labor is $10 per unit, and the price of capital is $20 per unit. a....
The price of a product in a competitive market is $300. If the cost per unit of producing the product is 160 + 0.1x dollars, where x is the number of units produced per month, how many units should...
The production function for a firm is given by Q = LK, where Q denotes output; Land K labor and capital inputs. Wage rate and rental rate are given by w and r respectively. (a) Show whether or not...
Please graphically demonstrate the effects on the level of prices and the value of money if consumers increase their spending due to stock market boom and therefore make more transactions. On the...
A solid-state camera system has 512 x 512 picture elements. All pixels are converted sequentially by an ADC and read into the frame buffer for processing. The machine vision system will operate at...
White, Inc., had depreciation expenses on its plant assets as follows for 2009, 2010, and 2011, respectively: $267,000, $289,000, and $357,000. Compute the trend percentages for these years, assuming...
Chandrasekhar (1961) has shown that the above (Bnard) problem can be solved in terms of the vorticity, which reduces the problem to a sixth-order eigenvalue problem for the perturbation in...
REPCO performs warranty repair work for name-brand kitchen appliances. REPCO bills appliance manufacturers on a costplus basis. It has a job-costing system that computes the cost of each order by...
Create the graph in excel For the following wave functions, assume amplitude A = 20 mm and force frequency f = 10 Hz (= 62.8 rad/sec). Set up your time signal equations so that each sine wave...
Hauck Financial Services has a number of passive, buy-and-hold clients. For these clients, Hauck offers an investment account whereby clients agree to put their money into a portfolio of mutual funds...
Siblings Tom and Liz own a vacation property in joint tenancy with rights of survivorship. The property was purchased for $100,000. Tom recently died. At the time of his death, the property was...
Randomly selecting a drug screening result and getting one that is a false positive. Randomly selecting a drug screening result and getting one from someone who uses drugs. Determining Whether Events...
Generally, new shell entities inserted into existing group structures as part of the corporate reorganization process will meet the definition of business under IFRS 3.
Perform the indicated operations, if defined, for the following vectors and matrices. $\left(\mathbf{B}-\mathbf{v} \mathbf{w}^{T} ight) \mathbf{A}$ -2 1 -3 1 1 A = 1 -3 2 1 32 B = V= W = 0 0 4 5
Randomly selecting a drug screening result and getting one that is a false negative. Randomly selecting a drug screening result and getting one from someone who is not a drug user. Determining...
If the number of blood donors is n = 20, find the probability that the number with Group O blood is x = 16. Assume that when blood donors are randomly selected, 45% of them have blood that is Group O...
What are the integrative growth strategies? Define and briefly explain the strategies and give an example on each
on 8 For the following set of lengths 130, 170, 160, 160, 150, 190 Third quartile is: et red d out of Select one: O a. 160 a question O b. 145 O c. 175 O d. 180
As markets for some products and services experience greater global competition, what is the likely consequence for the incidence of price discrimination? Do you think global competition fosters or...
The demand curve for haircuts at Terry Bernards Hair Design is P = 20 0.20Q where Q is the number of cuts per week and P is the price of a haircut. Terry is considering raising her price above the...
A bar offers female patrons a lower price for a drink than male patrons. The bar will maximize profit by selling a total of 200 drinks (a night). At the current prices, male customers buy 150 drinks,...
A significance level of 0.05 indicates that the probability of making a type I error is 0.05.
H a : 2.55, n = 100, x = 2.58, = 0.29. Find the value of the standard score, z, and determine whether the alternative hypothesis is supported at a 0.05 significance level.
H a : 0.88, n = 50, x = 0.75, = 0.18. Find the value of the standard score, z, and determine whether the alternative hypothesis is supported at a 0.05 significance level.

The short run production function for a firm is Q = 60 + 40L - .5L2. The

Question:

Expert Answer:

Managerial Economics Foundations of Business Analysis and Strategy

Students also viewed these economics questions