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Find average and marginal product when 9 units of labor utilized.

The manager of a national retailing outlet recently hired an economist to estimate the firm's production function. Based on the economist's report, the manager now knows that the firm's production function is given by Q = K1/2 L1/2 and that capital is fixed at 1 unit.

Compute the average product of labor when 9 units of labor are utilized.

Compute the marginal product of labor when 9 units of labor are utilized.

Suppose the firm can hire labor at a wage of $10 per hour and output can be sold at a price of $100 per unit. Determine the profit-maximizing levels of labor and output.

Illustrate what is the maximum price of capital at which the firm will still make nonnegative profits?

 

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M917786

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