Draw the average product of labor curve

Assignment Help Business Economics
Reference no: EM131073937

The production function at Jerry’s Copy Shop is q = 1000 x min(L, 3K), where q is the number of copies per hour, L is the number of workers, and K is the number of copy machines.

A) Draw 2 isoquants for this production function, one representing q = 1000 and the other q = 3000. The graph should have L on the x-axis and K on the y-axis.

B) Draw the average product of labor (APL) curve for this production function, assuming K = 1. The graph should have L on the x-axis and APL on the y-axis.

C) Draw the marginal product of labor (MPL) curves for this production function, assuming K = 1. The graph should have L on the x-axis and MPL on the y-axis.

Reference no: EM131073937

Questions Cloud

What statistical measures were employed : What statistical measures were employed? Were the statistical measures parametric or nonparametric? Are significance levels recorded? What was the level of confidence used? Interpret the confidence level for this study.
Amount of accounted receivables : Budgeted Accounts Receivable on September 30 is $67,000. What is the amount of Accounted Receivables on the October 31 budgeted balance sheet?
Determine the predetermined operating room : a. Determine the predetermined operating room overhead rate for the year. b. Bill Harris had a five-hour procedure on January 22. How much operating room over- head would be charged to his procedure, using the rate determined in part (a)?
Calculate the total profits : (i) Calculate the total profits from the 3 most profitable customers (ii) Calculate the total profits for the 5 most profitable customers (iii) Calculate the total profits for the 8 most profitable customers
Draw the average product of labor curve : The production function at Jerry’s Copy Shop is q = 1000 x min(L, 3K), where q is the number of copies per hour, L is the number of workers, and K is the number of copy machines. Draw the average product of labor (APL) curve for this production funct..
Analyze the regulatory issues and trends : Evaluate what impact legal and regulatory requirements have on the development of organizational health care policies. Analyze the regulatory issues and trends that have an impact on the health care industry
About the value-creating potential of the deal : When Kraft recently bid $16.7 billion for Cadbury, Cadbury's market value rose, but Kraft's market value fell by more. What does this tell you about the value-creating potential of the deal?
Convertible perfereed stock : Valerian Corp. convertible perfereed stock has a fixed conversion rate of 7 common share per 1 share of perfered stock. The perfered stock pays a dividiend of $8.00 per share per year. The common stock sells$15.00 per share and pay a dividend of..
Compute the adjugate of the given matrix : Compute the adjugate of the given matrix

Reviews

Write a Review

Business Economics Questions & Answers

  Who were the stakeholders primary also secondary most

Who were the stakeholders primary also secondary most affected by Google's original decision to self-censor in China.

  The relative priceline-indi?erence curves-trade triangles

Suppose there are two goods being produced in the economy: robots and wheat. Robots are a capital intensive good and wheat is a labor intensive good. Suppose that there are two countries: France and Brazil. Be sure to include (1) the production possi..

  Q1 if argentina wanted to pay off their us dollar debt

q1. if argentina wanted to pay off their u.s. dollar debt after the peso devalued how many argentine pesos would it

  Statements uses economic vocabulary correctly

Which of the following statements uses economic vocabulary correctly?

  Rather than on the quantity demanded of other goods

As a general rule, is it safe to assume that a change in the price of a good will always have its most significant impact on the quantity demanded of that good, rather than on the quantity demanded of other goods? Explain.

  State whether each of the following events will result

state whether each of the following events will result in a movement along the demand curve for McDonald's big Mac hamburgers or whether it will cause the curve to shift. If the demand curve shifts, indicate whether it will shift to the left or th..

  What would be the effect on the structural deficit

Some have argued in favor of reducing taxes on repatriated earnings that companies operating in the United States have made in other countries. Such a tax break could lead to a sharp increase in the amount of repatriated earnings and raise tax revenu..

  First theorem of welfare economics

Suppose that there is a negative externality in the market for trout in Colorado. Letting Q represent pounds of trout, explain (using graphs and words) why government intervention in the market for trout may be appropriate.

  What the equilibrium interest rates for the federal funds

Elucidate what the equilibrium interest rates for the federal funds rate the government bond rate also the private bond rate are also Illustrate what the equilibrium level of income is.

  Present your conclusions and suggestions to big daddy in the

You should present your conclusions and suggestions to Big Daddy in the form of a memo. Remember when drafting the memo that Big Daddy is a busy business executive. Give him your suggestions, and explain your reasoning, succinctly and in as non-techn..

  Characteristic of the oligopoly model

Which of the following is a characteristic of the oligopoly model?

  Foreign-currency exchange-open-economy macroeconomic model

In the market for foreign-currency exchange in the open-economy macroeconomic model, which of the following does the amount of net capital outflow represent?

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