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Consider the production function Q = 6L^2 - L^3.
a. Find average product. Find the number of labor (L) that the firm should hire to maximize average product.
b. Find marginal product. Find the number of labor (L) that the firm should hire to maximize marginal product.
c. Find the number of labor (L) that the firm should hire to maximize total product of labor.
d. Find the number of labor (L) that the firm has zero average product.
Despite the absence of patent protection, Semi-Salt has averaged accounting profits of 5.5 percent on investment since it began producing polyglutamate- a rate comparable to the average rate of interest that large banks paid on deposits over this ..
a.)define the concept of economic models b.)define scarcity and choices and their relationship in the study of economics c.) why do economists disagree d.) Name and define economic resources or factors of production
Company M and N compete for market and decide independently how much to advertise. Every one can expend either $10 million or $20 million on advertising.
Suppose you heard the following: "The gap between actual output and potential output for this year is estimated to be 6 percent to 7 percent of potential output. Wholesale prices are virtually unchanged from one yea..
The south african government is not providing enough welfare to the poor
Determine the mariginal product. Determine the average product function. Find the value of L that maximizes QFind the value of L at which the marginal product function takes on its maximum value.
What is the probability that all the population slope coefficients are actually zero, but the coefficients we estimated are different from zero due merely to random sampling variability In other words, what is the probability that the R2 is actual..
Consider a firm which employs capital and labor as inputs and sells 5,000 units of output per year at the going market price of $10. As well suppose that total labor costs to the firm are $45,000 annually.
Agricultural commodities are known to have a price-inelastic demand and the be necessities, How can this information allow us to explain why the income of farms falls (a) after a good harvest? (b) In relation to the incomes in other sectors of the..
Why is elasticity of supply important when it comes to analyzing the operation of the market system Think back over the last century: what factor do you suppose has most influenced the elasticity of supply of aluminum, automobile, and petroleum in..
Evaluate this statement: " profit-maximizing firms lack an incentive to provide job safety, and consequently, the federal government must intervene legislatively to protect workers against unsafe working conditions that will surely result."
What is the magnitude of J.R.'s consumer surplus at the equilibrium price and how high must the price of ribs be for Judy to supply 20 ribs to the market?
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