Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Microeconomics Expert

Given the following production function

Q = F(K,L) = K^3/4 L^1/4

a) Find an expression for the marginal product of labor, MPL, when the amount of capital is fixed at 16 units.

b) Assume capital is fixed at 16 units. If the firm can sell its output at price of $100 per unit and can hire labor at $25 per unit, how many units of labor should the firm hire in order to maximize profits?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M937488

Have any Question? 


Related Questions in Microeconomics

Suppose the consumerworker values two things a consumption

Suppose the consumer/worker values two things: a consumption good C and leisure L. Suppose that there are 24 hours in a day and the consumer/worker has a utility function U (C, L) = C^0.5 + L ^0.5 The price of consumptio ...

Organization theorythis is the take-home midterm

ORGANIZATION THEORY This is the take-home Midterm Examination. You can use all available information, but are not allowed any exchange of Information between students taking this course. The deadline of HARD COPY submiss ...

Microeonomicsassignment supply and demand conceptsas an

Microeonomics Assignment: Supply and Demand Concepts As an economist for ABC Plastics, your boss has asked you to respond to some questions she has regarding the company's main product, tablet cases. A marketing research ...

Accounting for decision making- learning objectives- to

Accounting for Decision Making- Learning Objectives- To understand the types of information included in a business case and how the content of the business case will be shaped by the information needs of interested stake ...

Microeconomics - price floorassignmentin a perfectly

Microeconomics - Price Floor Assignment In a perfectly competitive market, the equilibrium price and quantity represent the most efficient operation of that market. Optimum efficiency means that sellers cannot be made be ...

Assessmentanswer all questions each is worth 15 marks for

ASSESSMENT: Answer all questions, each is worth 1.5 marks. For detailed assessment criteria see the subject guide, which also explains that the assessment looks at the quality of your answers, not the quantity. You can b ...

Why do we not classfied money as factors of

Why do we not classfied money as factors of production

Description debentive enterprise is a company listed on the

Description: Debentive enterprise is a company listed on the New York Stock Exchange. Its capital structure is as follows: equity issued at N.Y.S.E. USD 30,000 (after translation), in addition the company has a debt of U ...

Assignmentslegal and ethical norms in business must be

ASSIGNMENTS Legal and ethical norms in business must be considered to support the aims of research, such as verification of knowledge, truth, and avoidance of error. Business ethics have become of paramount concern and a ...

Assignment1in homework 1 we solved the equilibrium in the

Assignment: 1. In homework 1 we solved the equilibrium in the beer market represented by the following supply and demand functions: Q d = 20 - 4p +2p w + 3Y + 15HOLIDAY Q s = -4 + 26p - 2p g - 1p t Q = pints of beer (in ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate