Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Microeconomics Expert

A firm's product sells for $2 per unit in a highly competitive market. The firm produces output using capital (rents at $75 per hour) and labor (paid @ $15 per hour for 20 hours). Complete the following table and use that information to answer the problems that follow.

K L Q MPK APK APL VMPK
0 20 0
1 20 50
2 20 150
3 20 300
4 20 400
5 20 450
6 20 475
7 20 475
8 20 450
9 20 400
10 20 300
11 20 150

(a) Identify the fixed and variable inputs
(b) What are the firm's fixed costs?
(c) What is the variable cost of producing 475 units of output?
(d) How many units of the variable input should be used to maximize profits?
(e) What are the maximum profits this firm can earn?
(f) Over what range of the variable input usage do increasing marginal returns exist?
(g) Over what range of the variable input usage do decreasing marginal returns exist?
(h) Over what range of input usage do negative marginal returns exist?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M946776

Have any Question? 


Related Questions in Microeconomics

Assignmentchoose an ethical issue to write about you may

Assignment Choose an ethical issue to write about. You may choose from the list below, or, with approval from the instructor, select a different socially relevant topic. It is recommended that you choose a topic that you ...

Discussion questioncriminal prosecutions for violations of

Discussion Question Criminal prosecutions for violations of OSHA regulations can only result in a misdemeanor conviction with a maximum sentence of 6 months in prison. An employer can only be criminally prosecuted if a w ...

Paperpart i submissionit should be a complete polished

Paper Part I Submission: It should be a complete, polished artifact containing all of the critical elements of Final Project Part I, including Sections I and IV, which were not covered in the milestones. The final submis ...

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 ...

Assignmentwe have discussed interviews and the type of

Assignment We have discussed interviews and the type of designs related to research questions that require a qualitative method. The interview process includes open-ended unstructured or structured questions. As we look ...

Assignmentwhen completing the las in the weekly discussions

Assignment When completing the LAs in the Weekly Discussions please follow these directions and format: In your narrative response to the LAs, start out by first clearly identifying, defining and explaining the managemen ...

Questiondescribe the sydney entrepreneur ecosystem by

Question: Describe the Sydney entrepreneur ecosystem by identifying each component and providing a list and one-sentence description of players in each component. Within the category of investors or startups there are to ...

Assignmentthe best time to plan for a crisis is before it

Assignment The best time to plan for a crisis is before it occurs, certainly not when you're in the midst of one. Basel III has a new framework for managing bank liquidity.The liquidity coverage ratio (LCR) is for a shor ...

Httpswwwyoutubecomwatchvhblevnwyg8what was the promise of

https://www.youtube.com/watch?v=Hb_leVNwyg8 What was the promise of capitalism? Discuss the important milestones and historical developments in economic theory and specify the contributions of each of the profits.

1 black-scholes pde show that the black-scholes price for a

1. Black-Scholes PDE: Show that the Black-Scholes price for a European Put with strike K and expiration T P(t; S t ) = Ke -r(T- t) Φ(-d 2 (T - t, S t )) - S t Φ(-d 1 (T - t, S t )), where d 1 (T - t, S t ) = (log{S t /K} ...

  • 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