What is the short-run average and marginal product functions

Assignment Help Macroeconomics
Reference no: EM13338223

Let a firm’s long-run production function be

q=0.1LK+3L^2K-0.1L^3K

 

Assume that in the short-run the firm’s labour input is fixed at 10 unit.

- What is the short-run average and marginal product functions?

Reference no: EM13338223

Questions Cloud

Milk becomes more popular amd better feed increases milk : Milk becomes more popular amd better feed increases milk production. how do these events influence demand and supply ? describe how the equilibrium price and equilibrium quanity changes.
What is the dollar value of the dead weightloss when output : What is the dollar value of the dead weightloss when output level q2 is produced? what is the total surplus wen output q2 is being produced?
Optimal output and priving policy given this change : Advanced technology digalized theEDG read out and the demand for the old style machine dropped. The drop in demand resulted in a demand resulted in a demand curve of P=3900-.15Q. What waas XYZ's optimal output and priving policy given this change in ..
Using both the liquidity preference framework and supply and : Using both the liquidity preference framework and supply and demand for bonds framework, show why interest rates are procyclical (rising when the economy is expanding and falling during recessions.)
What is the short-run average and marginal product functions : Assume that in the short-run the firm’s labour input is fixed at 10 unit. What is the short-run average and marginal product functions?
Identify a business problem to which a dss : Identify a business problem to which a DSS can be applied in order to find an effective solution.
Compare the automotive manufacturing industry : Compare the automotive manufacturing industry today to the automotive manufacturing industry of the 1950’s. Applying the economics of price and output, what is the difference between the industry of today and that of the 1950’s. What type of market s..
Calculate the life cycle cost of failing your year : Calculate the Life Cycle Cost of failing your year. Assume 0% inflation and a working engineering career estimate of 30 years. Assume that you will make $125,000 during your 30th year of work. Show all figures.
Technological change eliminates thousands of jobs every year : Technological change eliminates thousands of jobs every year. Unless something is done to slow the growth of technology, ordinary workers will face a bleak future of low wages and high unemployment." Explain why you either agree or disagree with this..

Reviews

Write a Review

Macroeconomics Questions & Answers

  The perticular information needed to calculate each metric

The perticular information needed to calculate each metric should be discussed. For each metric discuss the appropriate target value and the actions that need to be taken to achieve the target.

  Calculating depreciation amount

A machine with a ten year life is to be depreciated by the MACRS method. The machine has a 1st cost of $30,000 with a $5,000 salvage value. It's yearly operating cost is $7,000 per year.

  How much will you be earning if you retire at 65

According to the rule of 70, how long will it take for your income to double if you get a 5 percent raise every year? If you start work at the age of 23 earning $40,000 per year and get a 5 percent raise every year, how much will you be earning if yo..

  Why there was no substantial outcry from the firms owners

How Disney dealt with the Principal - Agent Problem: In 1984, the Walt Disney Company brought in Michael Eisner, a Paramount executive as CEO. The firm's board of directors agreed to pay Eisner a salary of $750,000, plus a $750,000 bonus for signi..

  Which one should be selected on the basis of rate of return

Robot X has a first cost of $84,000 an annual maintenance and operation (M&O) cost of $31,000, a $40,000 salvage value, and will improve net revenues by $96,000 per year. Robot Y has a first cost of $146,000 an annual M&O cost of $28,000, a $47,00..

  Explain the differences among the long run and short run

Explain the differences among the long run and short run aggregate supply curves. Consider these differences and explain how an expansionary gap occurs.

  Compute the following holding gains

A plot of land costing $200,000 was acquired on January 1, 2001. The price level was 120 on that date. One-quarter of the land was sold on December 31, 2001, for $60,000 when the general price level was 180. Compute the following holding gains:

  Full employment output and consumption function

Full employment income is estimated to be $11,000. The current interest rate is estimated to be 4.178 recent. While last year total business investment spending was $900.

  Calculating national income growth

Suppose fertility motives in rural areas of developing countries. Assume that mortality among children remains constant, but incidence of that mortality shifted from early childhood to late childhood.

  Consumer behavior and consumption function

Pawel spends half of the year working in Britain where he consumes British food q and half of the year in Poland where he consumes Polish food Q.

  What are some of the reason why mergers happen

In many industries, such as supermarkets, banks, cell phonecompanies, etc., because of mergers our choices as consumers arereduced to two or three competitors. Do you think thisis good for the economy

  How would market forces affect the amount

How would market forces affect the amount of time the proven oil reserves will last, assuming no new oil reserves are found and that the demand curve remains unchanged?

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