Derive the total product or output

Assignment Help Business Economics
Reference no: EM13836292

Suppose you are given the following Total Product Function: Q=100 K^3/2 L^4/2 M^4/7 ,where Q is total output or units produces; K, capital; L, labor; and M, materials.; that is, this is a input factor production function.

Suppose K = 1,000; L = 200 workers; and M = value of all materials use at 450.

 

1) Derive the total product or output.

Reference no: EM13836292

Questions Cloud

Comparative advantage for corn : (Figure: Corn and Watches in the United States and Canada) Referring to the graphs, we see that _____ has the comparative advantage for corn and _____ has the comparative advantage for watches.
Describe the different kinds of indexes oracle uses : Describe the different kinds of indexes Oracle uses. Give an example of when you might use each type. Why might it be important to determine the size of an index? What happens to secondary indices when a page split happens in a file organization
Group opposed to free trade concludes : A group opposed to free trade concludes that the total number of domestic jobs will decrease because it estimates that 20,000 jobs will migrate abroad. The actual total loss is:
Opportunity cost of producing : If Germany used all its resources to produce bread, suppose it could produce 40 million loaves of bread. If it used all its resources to produce milk, it could produce 20 million gallons of milk. Then Germany's opportunity cost of producing a ______ ..
Derive the total product or output : Suppose you are given the following Total Product Function: Q=100 K^3/2 L^4/2 M^4/7 ,where Q is total output or units produces; K, capital; L, labor; and M, materials.; that is, this is a input factor production function. Suppose K = 1,000; L = 200 w..
What was the highest trade surplus : According to By the Numbers, approximately when was the last time the United States had a trade surplus? As a percentage of GDP, what was the highest trade surplus the United States has achieved? What was the highest trade deficit the United States h..
Create folder named lastname firstname in a google drive : Creat a Google Drive account, and Create folder named Lastname_Firstname in a Google Drive account; upload A2_part3_data, rename as GICC Renovations and open in Google Sheets.
How do the endings of star food reflect : How do the endings of "Star Food," "Everything That Rises Must Converge," and "The Bet" reflect what might be considered incomplete story arcs?
Directors argue that no illegal activity had occurred : All of the directors of the XYZ Corporation were present at a meeting called on a Monday evening at 9 p.m. In response, the directors argue that: (1) no illegal activity had occurred; (2) if an illegal activity did occur, it was not at a valid meetin..

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

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