In the mcfadden company the relationship among output q and, Ask an Expert

Economics

In the McFadden Company, the relationship among output (Q) and the number of hours of skilled labor (S) and unskilled labor (U) is

Q = 300S +200U – 0.2S 2 -0.3U 2

Marginal Product of Skilled labor = 300 – 0.4S

Marginal Product of Unskilled labor = 200 – 0.6U

The hourly wage of skilled labor is $10 and the hourly wage of unskilled labor is $5. The firm can hire as much labor as it wants at these wage rates.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M91225030

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