User Account

All Pages

How many bushels of soybeans he can produce

Assignment Help Microeconomics
Reference no: EM13876886

A farmer uses land and labor to grow soybeans. He has the following production function Q = 126.2 A0.6 L0.4 where Q is the amount of soybeans in bushels, A is land in acres and L is number of farm hands.

(a) If this farmer has 100 acres of land, how many farm workers must he employ in order to produce 10,000 bushels of soybeans? What is the marginal product of labor at this level of employment?

(b) Assume this farmer pays each farm worker $1,000 over the growing season and spends $2,000 for seed and fertilizer. If the price of soybeans is $14.75 a bushel, what is the farmer's profit?

(c) Is this farmer paying his workers the value of their marginal product?

(d) If this farmer doubles the amount of land and labor, how many bushels of soybeans he can produce?

Reference no: EM13876886

Questions Cloud

How many units of labor and capital does firm employ : If the price of labor and capital are $10 and $20, respectively, and the firm's management has decided to spent only $7,000 daily on production costs, how many units of output can the firm produce? (Use the substitution method).
Create a newsletter for current and future employees : Create a newsletter for current and future employees of your scenario organisation and provide two strategies to manage virtual teams effectively drawing from relevant theories, concepts and research in the Learning Resources and current literature
Examine the maryland state policy on employment : Summarize the employment at will doctrine discussed. Examine the Maryland state policy on employment at will. Analyze at least one real world example of an employer utilizing the Marylands employment at will doctrine within 5 years
What time horizon assumed in defining behavior of the costs : Distinguish between volume-related, batch-related, and product-sustaining manufacturing support costs. What time horizon under an ABC system is assumed in defining the behavior of these costs?
How many bushels of soybeans he can produce : Assume this farmer pays each farm worker $1,000 over the growing season and spends $2,000 for seed and fertilizer. If the price of soybeans is $14.75 a bushel, what is the farmer's profit?
How can the use of abc data assist managers in managing : How can the use of ABC data assist managers in managing spending on resource capacity? Why is the management of resource capacity costs of strategic importance to companies such as Zen?
Can individual u.s. investors trade directly : Can individual U.S. investors (like you and me) trade directly on foreign exchanges?
Determine the tension in cable : The boom is held by a ball-and-socket joint at D and by two cables EG and ICFH; cable ICFH passes around frictionless pulleys at C and F. For the loading shown, determine the tension in each cable and the reaction at D.
Paper - police and community relationships : Write a literature review paper with a minimum of 17 full pages of text not including the title page, abstract, or references due by 11/22 in APA format. The topic is either Police and Community Relationships, or Police discretion on arrests

Reviews

Write a Review

Microeconomics Questions & Answers

  Data for a monopolist’s total revenue total cost

Data for a monopolist’s total revenue (tr), total cost (tc), and output (q), for 48 consecutive months, appear in the file data#1. Suppose that the monopolist’s economic models for total revenue and total revenue and total cost are given respectively..

  Find the equilibrium price and quantity for the product

The demand curve for a product is given by P=60-3Qd, where P is the price of the product and Qd is the quantity demanded for the product.

  The government wants to do this by minimizing overall

the demand for a pack of 12 golf balls in albuquerque is p1000-.1q with supply p30. the demand for golf clubs is

  Create a 3 page essay which addresses the leadership style

all companies have different styles of leadership. take a look at your project and decide the type of leadership that

  Recognize the impact that supply and demand

Recognize the impact that supply and demand for health services has on the health care economy - What is the demand for technology in your community?

  Organized crime continues to change

Organized crime continues to change

  Discussion on venture capital

In the hope of big returns, venture capitalists give funds to finance new firms. However, potential competitors and structures of market into which the new company enters are extremely important in realization of profits.

  Most likely to experience expenditure offsets

Which of the following transfers is most likely to experience expenditure offsets? Explain.

  Identify costs that have been incurred and cannot recovered

These multiple choice problems belong to Economics. The first problem is about identifying the costs that have been incurred and cannot be recovered and the second problem is about the demand curve for an individual firm in the short run would be.

  Does player a have a dominant strategy

In Virginia, what is the marginal rate of transformation between wheat and cotton -  Does Player A have a dominant strategy

  The various modes of transportation

1) The Hub and Spoke Concept continues its development in the various modes of transportation (Maritime, Air, Truck, and Rail). Describe some of the key advantages this concept brings to the various modes of transportation.

  You will develop an in-depth look at a career

You will develop an in-depth look at a career or college major, concentrating on what is needed to achieve this career, the nature of the work, and the impact that can be made from this work.

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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