Suppose that a firm's production function is Q = F(L) = L3 - 200L2 + 10,000L. At
Question:
Q = F(L) = L3 - 200L2 + 10,000L.
At what amount of labor input are the firm's average and marginal product of labor equal (other than at L = 0)? Confirm that the average and marginal product curves satisfy the relationship discussed in the text.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 91% (12 reviews)
The firms average and marginal product of labor are equal other than at L 0 at 20 units When the amo...View the full answer
Answered By
GERALD KAMAU
non-plagiarism work, timely work and A++ work
4.40+
6+ Reviews
11+ Question Solved
Related Book For
Question Posted:
Students also viewed these Economics questions
-
Suppose that a firm's production function is Its marginal product of labor is At what amount of labor input are the firm's average and marginal product of labor equal? Confirm that the average and...
-
Suppose that the production function for DVDs is given by Q = KL2 L3, where Q is the number of disks produced per year, K is machine-hours of capital, and L is man-hours of labor. a) Suppose K =...
-
Suppose that the production function is q = L0.75 K0.25. a. What is the average product of labor, holding capital fixed at K? b. What is the marginal product of labor? c. How is the marginal product...
-
A 25,000 kW turbo-generator is supplied with 128,000 kg/h of steam at 2.50 MPa and 400C when developing it rated load. There are actually extracted 10,400 kg h at 0.3 MPa and 8300 kg/h at 0.06 MPa....
-
Allocating indirect costs can be a challenging task. Almost all firms have some type of cost centers (departments), whether it is the administration overseeing the corporation as a whole or the...
-
A B Water (density = 1000 kg/m^3) flows in a horizontal circular pipe from a region of larger cross section A = 7.8x10^-3 m^2 to smaller cross section B = 2.3x10^-3 m^2 as shown. If the speed of the...
-
As long as a high airspeed is maintained, the aircraft cannot stall while maneuvering. (True/False)
-
At fiscal year-end February 2, 2008, Target Corporation had the following assets and liabilities on its balance sheet (in millions): Current liabilities......$11,782 Long-term debt.......15,126 Other...
-
Hector is being considered for a leadership position in an architectural firm. As part of the hiring process, Hector completed the Least-Preferred Co-Worker Scale and received a low LPC score, which...
-
Miranda Sykes operates an interior design studio called Sykes Design Studio. The following amounts summarize the financial position of the business on April 30, 2014: During May 2014, the company did...
-
There are two production plants for producing widgets out of labor and capital. Plant 1's weekly production function is and plant 2's weekly production function is a. Do these technologies satisfy...
-
Suppose that John, April, and Tristan have two production plants for producing orange juice. They have a total of 850 crates of oranges. Plant 1's production function is while plant 2's production...
-
A vending machine dispenses coffee into an eight-ounce cup. The amounts of coffee dispensed into the cup are normally distributed, with a standard deviation of 0.03 ounce. You can allow the cup to...
-
Dutko Company has three lines of business, each of which is a significant industry segment. Company sales aggregated $1,800,000 in 20X6, of which Segment 3 contributed 60 percent. Traceable costs...
-
Kimber Company operates in four different industries, each of which is appropriately regarded as a reportable segment. Total sales for 20X2 for all segments combined were $1,000,000. Sales for...
-
A company that uses the last-in, first-out (LIFO) method of inventory costing finds at an interim reporting date that there has been a partial liquidation of the base-period inventory level. The...
-
The computation of a companys third-quarter provision for income taxes should be based on earnings a. For the quarter at an expected effective annual income tax rate. b. For the quarter at the...
-
Beckett Corporation expects to sustain an operating loss of $100,000 for the full year ending December 31, 20X3. Beckett operates entirely in one jurisdiction where the tax rate is 40 percent....
-
A diameter of a circle has its end points at A(6, 8) and B(2, 4). Find the equation of the circle.
-
Refer to Exercise 8.S.I. Construct a scatterplot of the data. Does the appearance of the scatterplot indicate that the pairing was effective? Explain. Exercise 8.S.I. A volunteer working at an animal...
-
1. When the price of paper increases from $100 to $104 per ton, the quantity supplied increases from 200 to 220 tons per day. The price elasticity of supply is _____________. 2. Suppose the price...
-
1. When the price of paper increases from $100 to $104 per ton, the quantity supplied increases from 200 to 220 tons per day. The price elasticity of supply is _____________. 2. Suppose the price...
-
1. When the price of paper increases from $100 to $104 per ton, the quantity supplied increases from 200 to 220 tons per day. The price elasticity of supply is _____________. 2. Suppose the price...
-
Aramex, Inc is currently offering a bond with a par value of $1,000, which is priced at $1,488 in the market. The bond offers a fixed annual coupon rate of 14.05 percent, which is paid semiannually....
-
The cash flow for the firm's project is -$40 million in year 0 and $19 million in years 1-4. After year 4, the FCF is expected to grow at a constant rate of 0.020. The firm's discount rate is 0.068....
-
A debtor owes two business money, business A $1,000,000 and business B 9,000,000 but can only make payments of 200,000 a month, what percentage of that payment goes to business A and what percentage...
Study smarter with the SolutionInn App