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Given the following production function:Q = 42L + 18L2 -2L3 WHERE Q= TP (TOTAL PRODUCT) or quantity of output in units and L(labor) in unitsFIND THE FOLLOWING: First solve this problem using an spreadsheet approach and then do the problem using the optimization procedure; compare the answers for the two methods. Show your work to receive credit.A: The amount in units of labor when diminishing returns to labor sets in and then explain why this happens.B. The amount in units of labor used when the average product curve is at its highest point.C. What amount of labor in units should be used to get maximum output?
Draw the firm's average and marginal cost curves on the following diagram and the information in the following table relates to a firm's average and marginal costs of operating each of three plants (X, Y and Z). Each plant has a U-shaped average c..
Suppose you are the manager of a company that produces products X and Y at zero cost. You know that different types of consumers value your two products differently,
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.
As the manager of exploration for Chieftain Oil & Gas, you are assessing a new offshore oil recovery method that will recover oil and gas deep in the Gulf of Mexico.
MGMT 3306: Solve the assignment problems, 1. Please answer the assignment questions in this docx file and save once you’re satisfied. Assignment 3covers the lectures slides for Week 6.
Following are the Production Function: Q = 72X + 15X2 - X3, where Q = Output and X = Input The Marginal Product and Average Product when X = 6 are;
Rochester Metro Area was hit with a major ice storm in 2003. Suppose that before ice storm of 2003, the weekly demand and supply for ice in the Rochester Metro Area were given by following equations:
Assume that a stock price has an expected return of 16% per year and a volatility of 30% per year. When the stock price at the end of a certain day is $50,
Prepare a Marginal Cost Analysed Income Statement for 2014 from the above data to identify total and individual medical procedure contributions and profits.
David Ding advertises on a local radio station. For last 6-weeks, the manager has kept records of the number of minutes of advertising that were bought, and the sales for that week.
Determine what is Risky Behavior Amoung Youths in Behavioral Economics and explain how does it affect the economy?
Two months before, the landlord of a car dealership significantly changed his sales manager's compensation plan. Under the old plan, the manager was paid a salary of $6000 every month
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