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Given the following production function
Q = F(K,L) = K^3/4 L^1/4
a) find an expression for the marginal product of labor, MPL, when the amount of capital is fixed at 16 units.
b) Assume capital is fixed at 16 units. If the company can sell its output at a price of $100 per unit and can hire labor at $25 per unit, how many units of labor should the firm hire in order to maximize profits?
According to the chief engineer at the Zodiac Corporation, Q=AL^a K^b, where L is the rate of labor input, Q is the output rate, and K is the rate of capital input.
Make some research on a topic known to economists as 'friction-free' or 'low-friction' economy. Early writers on this topic foresaw many of the seismic shifts that have occurred in the market place over last one to 2-decades.
The following is a hypothetical short run production function calculate the total output when two hours of labor are employed?
Describe critically growth maximisation model of morris - Grade Level : Post Graduate Level
The fresh milk market in Honolulu is purely competitive. The typical production cost is defined through a a cubic cost schedule as given below.
The following table demonstrate yearly sales information for Landrover, Inc., over the ten-year 1998-2008 period:
In 1989, Detroit Free Press and Detroit Daily News obtained authorization to combine under a special exemption from the antitrust laws.
Assume that, prior to other company's entering the market, the maker of a new smartphone earns $100 million per year. By reducing its price by 50%,
Explain whether the firm will make economic profit, In the short run and In the long run.
Discuss and explain the individual contributions that could be made through a cross-functional team to the following list of activities.
"A characteristic of oligopolistic market is that, once the general price level is established it tends to remain fixed for an extended period of time." Discuss the economic rationale underlying this phenomenon.
How could you assess which of the top 3-companies in an industry was best managed from a financial standpoint?
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