Solution-What is the average product

What is the average product

Assignment Help Basic Computer Science

Reference no: EM131499309

1) Consider the production function: Q= 12L- 2L².Where Q is quantity of output, and L is labor. What is the average product?

2) Consider the production function: Q= K^1/3L^2/3.Where Q is quantity of output, K is capital, and L is labor. Does this function exhibit increasing, diminishing, or constant returns to scale?

3) Why does a monopoly lead to allocative inefficiency in the market? Use the concepts of consumer surplus, producer surplus, and "deadweight loss" in your answer. (Draw a graph if you find it helpful.)

4) Explain the concept of "negative externalities." Give an example. In your example, why does the presence of negative externalities prevent a competitive market from reaching an allocatively efficient outcome?

Reference no: EM131499309

Questions Cloud

Compare and contrast these network servers : Suppose you are a network administrator and your boss indicates that a budget has been set aside to upgrade the network servers for the entire company.

What is the departments contributory income : A food department reported sales revenue of $128,800 and direct costs of $68,200 during March. Determine the following.

Determining the operations decision : Use the updated demand (QD) and marginal revenue (MR) functions below to complete this assignment.

Has the given developed out of necessity : Until 1677 and the creation of Statute of Frauds. Has this developed out of necessity, or have we simply moved too far with law accommodating the digital age?

What is the average product : 1) Consider the production function: Q= 12L- 2L2. Where Q is quantity of output, and L is labor. What is the average product?

How did enlightenment ideas transform the world : How did Enlightenment ideas transform the world? How did the abolition of the slave trade affect African society

Paper on hospitality and retail sectors : Paper on Hospitality and retail sectors - what will be the effect on economy?

Economically efficient level of something : Give an example (it does not have to relate to pollution) to describe the difference between the economically efficient level of something

Draft and share with the class your personal code of ethics : Draft and share with the class your personal code of ethics. Where do your beliefs and view of your character come from? Why do you hold these beliefs?

User Account

All Pages

What is the average product

Reference no: EM131499309

Reference no: EM131499309

Questions Cloud

Reviews

Write a Review

Basic Computer Science Questions & Answers

Identifies the cost of computer

Input devices

Cores on computer systems

Prepare an annual budget in an excel spreadsheet

Write a research paper in relation to a software design

Describe the forest, domain, ou, and trust configuration

Construct a truth table for the boolean expression

Evaluate the cost of materials

The marie simulator

What is the main advantage of using master pages

Describe the three fundamental models of distributed systems

Distinguish between caching and buffering

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT