Illustrate what do you think would be the short-run impact, Ask an Expert

Economics

Q. A firm has subsequent short-run production function:

Q=50L+6L^2-0.5L^3
Q=quality of output per week
L= number of worker

a. When dose the law of diminishing returns take effect?

b. Compute the wage of the values for labor over which stage I, II also III occurs.

C. Assume each worker is paid $10 per hour also works a 40-hours week. Elucidate how many workers should the firm hire if the price of the output is $ 10? Assume the price of the output falls to $7.50.Illustrate what do you think would be the short-run impact on the firm's production? The long-run impact?

View complete question

Business Economics, Economics

Category:- Business Economics
Reference No.:- M9165829

Have any Question?Write your Review or question?

Related Questions in Business Economics

You have conducted a test and have this information p 03

You have conducted a test and have this information: p = .03 and a = .05, what is the probability that you will make a Type 1 error? If you want to decrease the chance of making a Type 1 error what should you change? You ...

In 2013 gallup conducted a poll and found a 95 confidence

In 2013, Gallup conducted a poll and found a 95% confidence interval of the proportion of Americans who believe it is the government's responsibility for health care. Give the statistical interpretation. I do not underst ...

In a survey ofnbsp2995nbspadultsnbsp1486nbspsay they have

In a survey of 2995 adults, 1486 say they have started paying bills online in the last year. Construct a? 99% confidence interval for the population proportion. Interpret the results.

A federal agency responsible for enforcing laws governing

A federal agency responsible for enforcing laws governing weights and measures routinely inspect packages to determine whether the weight of the content is at least as great as that advertised on the package. A random sa ...

You want to be a millionaire when you retire in 35 yearsa

You want to be a millionaire when you retire in 35 years. a. How much do you have to save each month if you can earn an annual return of 10.7 percent? (Do not round intermediate calculations and round your answer to 2 d ...

Manny moe and jack have the following demand curves for

Manny, Moe and Jack have the following demand curves for pears: QManny = 100 - 2P = 70 - 2P + 10 Ppear + .25 YManny where P Pear = 2 and YManny = 40. QMoe = 300 - 4P = 80 - 4P + 35 Ppear + .75 YMoe where P Pear = 2 and Y ...

Qxd 14 - 12 pxnbspnbspnbspandnbspqxs 14pxnbsp-

QXd = 14 - (1/2) P X and QXS = (1/4)P X - 1 a. Determine the equilibrium price and quantity. Show the equilibrium graphically. b. Suppose a $12 excise tax is imposed on the good. Determine the new equilibrium price a ...

In a survey of 2936 adults 1431 say they have started

In a survey of 2936 adults, 1431 say they have started paying bills online in the last year. Construct a 99% confidence interval for the population proportion. A 99% confidence interval for the population proportion is ( ...

What is the usefulness of the total revenue test for price

What is the usefulness of the total revenue test for price elasticity of demand? What are the factors that affect price elasticity of demand and price elasticity of supply? What are some applications of each?

Asset management ratios corn products corp ended the year

Asset Management Ratios Corn Products, Corp. ended the year 2008 with an average collection period of 32 days. The firm's credit sales for 2008 were $10.7 million. What is the year-end 2008 balance in accounts receivable ...

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

Recent Questions

Ask Business Economics Expert