Maximizing total production function

Assignment Help Microeconomics
Reference no: EM1371853

A certain production process employs two inputs - labor (L) and raw materials (R). Output (Q) is a function of such two inputs and is given by the following relationship:

Q = 6L2 R2 - .10L3 R3.

Suppose that raw materials (input R) are fixed at 10 units.

Determine the number of units of input L that maximizes the total product function.

a. 2
b. 4
c. 3
d. 1

Reference no: EM1371853

Questions Cloud

How many page faults are generated array-initialization loop : Illustrate how many page faults are generated by following array-initialization loops, using LRU replacement, and assuming page frame 1 has process in it, and the other two are initially empty?
Determine the annual break even point : Andre has asked you to evaluate his business, Andre's Hair Styling. Andre has five barbers working for him. Each barber is paid $9.90 every hour and works a forty hour week and a fifty week year,
Capital and labor elasticity of production : what are the capital (k) and labor (L) elasticities of production? What do these elasticities tell you? Log Q=-1.5+.52log k+.65log L
Write down the body of method for header : Write down the body of method for the following header. Method must return the welcome message which includes the user's name and visitor number.
Maximizing total production function : Suppose that raw materials (input R) are fixed at 10 units. Determine the number of units of input L that maximizes the total product function.
Data flow diagram for student assistant of local law firm : Design a data flow diagram to include all functions and data flows as described in this situation, starting from time you submit your time sheet.
Electric generating plants of tennessee valley : Some of the electric generating plants of Tennessee Valley Authority are powered by coal. Coal is bought by a separate procurement division and is transferred to plants for use.
Activity-based costing-job costing : Employ the Internet or other resources to find out an article relevant to activity-based costing (ABC), job costing, or process costing. Make a 125-word executive summary of your article.
Absorption and variable costing methods on income statement : Write down the differences between absorption and variable costing techniques on income statement presentation.

Reviews

Write a Review

Microeconomics Questions & Answers

  Value measure for true gdp measuring

Compute real GDP for 2004 and 2005 using 2004 prices. By what percent did real GDP grow? Compute the value of the price index for GDP for 2005 using 2004 as the base year. By what percent did prices increase?

  Equilibrium price and quantity change

Assume a decrease in consumers' incomes causes a decrease in the demand for chicken and an increase in the demand for potatoes. Which good is inferior and which is normal? Explain your reasons.

  Description of process costing

Compute the physical units of production. Compute equivalent units of production for materials and for conversion costs. Determine the unit costs of production.

  Define the term opportunity cost

Define the term "opportunity cost." Now that you have a definition of opportunity cost weigh the positives and negatives of taking a leave of absence from work and moving out of town to attend college full time, or maintaining your job while atten..

  Examining output and price relationship

Compute the industry price necessary for firm to supply 10,000, 20,000, and 30,000 pounds. Compute the quantity supplied by the firm at industry prices of $1.50, $2.50, and $3.50 per pound.

  Differences between monopolistic competition-pure monopoly

If the economy is at point C, what is the cost of one more automobile? One more rocket? Explain how the production possibilities curve reflects the law of increasing opportunities costs

  Mutual interdependence in oligopolies

Describe the meaning of the term "mutual interdependence" as it applies to oligopolies. Provide an example.

  Determining minimum variable costs of cost function

At what output is AVC at minimum? If the market price of firm's output is $7 per unit, should the firm produce or shut down?

  What is the shutdown point

What is the shutdown point? Give an example. How is the short-run defined in the production process? Please provide references if applicable.

  Isoquant-isocost diagram

Employ an isoquant and isocost diagram and words to show how firms will respond to the decrease in the wage rate. Be sure to identify the short run scale effect and the long run substitution effect.

  Description of competition

Assume you ran the only bakery in town. Further suppose that it was currently very profitable. A. What things might you consider if you wanted to ensure that you continued to enjoy the same success in the future?

  Socially efficient price-units of output-profits

Find out the socially efficient price, units of output and profits? How much output would a monopoly produce? Find out the price and profits of the monopolist?

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