Calculate the marginal product of labor, Managerial Economics

The production function of a small shop that frames pictures is

Q = 5 √LK

where Q is the number of pictures framed per day, L is labor hours and K is the machine hours.

Suppose 9 labor hours and 9 machine hours, are used every day, what is the maximum number of pictures that can be framed in a day? Calculate the marginal product of labor when 9 labor hours are used each day together with 9 machine hours. Suppose the firm doubles both the amount of labor and machine hours used per day, calculate the increase in output. Comment on the returns to scale in the operation.

 

Posted Date: 4/1/2013 6:12:20 AM | Location : United States







Related Discussions:- Calculate the marginal product of labor, Assignment Help, Ask Question on Calculate the marginal product of labor, Get Answer, Expert's Help, Calculate the marginal product of labor Discussions

Write discussion on Calculate the marginal product of labor
Your posts are moderated
Related Questions
Tastes of the buyer must not alter Any alteration which takes place in the taste of consumers will in all probability thwart the working of the law of demand. It frequently hap

Basic textbook models, such as the Mundell-Fleming model, say that capital inflow happens due to the domestic interest rate being higher than the world interest rate, and therefore

what is asset market theory theory in environmental economics?

THE BUDGET The budget is a summary statement indicating the estimated amount of revenue that the government requires and hopes to raise.  It also indicates the various sources

Open Market Operations The Central Bank holds government securities.  It can sell some of these, or buy more, on the open market, buying or selling through a stock exchange or

1.Is Indian companies running a risk by not giving attention to cost cutting?



#quest Describe the oligopoly market structure and give some examples.ion..

I have a research paper that is due, my schedule is so full that I need assistance due to overload are you interested in the research paper? course - managerial economics TEXT: Man