Calculate marginal product for following levels of man hours

Assignment Help Business Economics
Reference no: EM13742744

The production function for Our Production is Q = 25L – 0.05L2 ; where Q is output and L man–hours. (i) What level of man–hours will maximize total output? (ii) Calculate the marginal product for the following levels of man–hours: 25, 50, 100, 150, 200, 250 and 300. Comment on the results.

Reference no: EM13742744

Questions Cloud

Offer either product : Jim’s diner is just about to open in Memphis, Tennessee. However, Jim is trying to decide whether he wants to offer Coke or Pepsi soda products. He determines that, to offer either product, he will have to spend $1,600 in sunk costs to purchase and i..
Online store that sells home and garden products : Andrew has decided to open an online store that sells home and garden products. After searching around, he chooses the software company Initech to provide the software for his website since their product required the least amount of specialized inves..
Costs exceed the benefits : Do you think the benefits of government regulation exceed the costs? In what areas, if any, do you think the costs exceed the benefits? Cite an example of a company's efforts to circumvent government regulations. Is the use of loopholes ethical?
The black death : The Black Death: In the middle of the fourteenth century, an epidemic known as the Black Death killed about a third of Europe’s population, about 34 million people. Use the production model to explain why wages might have been higher.
Calculate marginal product for following levels of man hours : The production function for Our Production is Q = 25L – 0.05L2 ; where Q is output and L man–hours. (i) What level of man–hours will maximize total output? (ii) Calculate the marginal product for the following levels of man–hours: 25, 50, 100, 150, 2..
Describes the income elasticity of demand : The demand for good x1 is given by: (m/p1) - (p1/p2), where p1=1, p2=1, and m=10.Which of the following accurately describes the INCOME elasticity of demand?
Fed begins shifting the ad curve rightward at a faster rate : If the fed begins shifting the ad curve rightward at a faster rate than in the past, the short-run effect is a
When the economy is in equilibrium : What is the value of the total withdrawal (Savings + Taxes + Imports) when the economy is in equilibrium? Where I don't know the vaule for S (Savings).
What is the maximum output : Ear Us production function is Q=KL. The company over the years uses input rates of 60 and 75 for capital and labour respectively. The price of capital is $40 and labour is $35 per ear phone. If $58000 is allocated to production, what is the maximum o..

Reviews

Write a Review

Business Economics Questions & Answers

  Income inequality increased to its highest level

Discuss whether each statement is an example of positive economics or normative economics or if it contains elements of both: an increase in the personal income tax will slow the growth rate of the economy.

  Friends monthly demand

Your friend's monthly demand for minutes of calling is given by the equation 50, where p is the price of a minute.

  Stock market interest and investment.

Using your understanding of the financial system, the demand for money, banking and the money provide, interest and spending, the stock market, interest and investment.

  Elucidate how each of the following people would talk about

Elucidate how each of the following people would talk about scarcity and trade-offs. The President of the United States and the leader of a developing nation.

  Describe concepts of prospective also retrospective payment

Which one may under present quality. Describe concepts of prospective also retrospective payment for services.

  What is the monthly interest rate

What is the monthly interest rate? How much will Susan pay each month for 45 months? What effective interest rate is being charged?

  Illustrate what is the probability that a randomly selected

Illustrate what is the probability that a randomly selected hair dryer will be in working condition for more than 60 months.

  Why would the government bypass the free market in times

Why would the government bypass the free market in times of war? Is government rationing a better idea than rationing by price? Give reasons. How does government rationing affect the allocation of resources? Explain.

  Increase the sale of renewably-produced products

Back in July 2009, Matt Kistler, a senior vice-president at Walmart, claimed the company was making progress on achieving three major goals: (1) to be supplied by 100% renewable energy; (2) to create zero-waste; and (3) to increase the sale of renewa..

  What is nash equilibrium price and quantity for each firm

If firm A expects firm B to set its price at $20, what is firm A's best response? If firm B predicts that firm A will price good A at $36, what is firm B's best response? What is the NASH EQUILIBRIUM price and quantity for each firm?

  Illustrate what emissions fee should be imposed to achieve

Illustrate what emissions fee should be imposed to achieve the cost-effective outcome. How much would each firm pay in taxes.

  Q 1 describe michael porters five-force model and indicate

q. 1. describe michael porters five-force model and indicate why many observers regard his paradigm of industry

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd