You are an efficiency expert hired by a manufacturing firm, Ask an Expert

Economics

You are an efficiency expert hired by a manufacturing firm that uses K and E as inputs. The production function for a competitive firm is Q = K1/2 E1/2. The firm sells its output at a price of $32, and can hire labor at a wage of $12.44 per hour. In the short run, capital is fixed at 49 units.

a. What is the short run production function?

b. Compute the Marginal Product of Labor.

c. Compute the Value of the Marginal Product of Labor

d. Compute the Marginal Cost of producing one more unit of output.

e. What is the profit-maximizing quantity of labor?

f. What is the profit-maximizing output level?

g. Graph your results labeling as many points as you can

h. What is the maximum price of capital at which the firm will still make nonnegative profits?

View complete question

Business Economics, Economics

Category:- Business Economics
Reference No.:- M91276095

Have any Question?Write your Review or question?

Related Questions in Business Economics

Each of the following lists has an average of 50 for which

Each of the following lists has an average of 50. For which one is the spread of the numbers around the average biggest?smallest? a. 0, 20, 40, 50, 60, 80, 100 b. 0, 48, 49, 50, 51, 52, 100 c. 0, 1, 2, 50, 98, 99, 100 Gu ...

Mathew and susan are both optimizing consumers in the

Mathew and Susan are both optimizing consumers in the markets for shirts and hats, where they pay $100 for a shirt and $50 for a hat. Matthew buys 4 shirts and 16 hats, while Susan buys 6 shirts and 12 hats. From this in ...

Case a motivationas the provincial manager for a financial

Case A Motivation As the Provincial Manager for a financial services firm, you are well regarded within your company and especially by many of the 82 employees who work within your division. Due to a downturn in business ...

Amongnbsp22- tonbsp27-year-oldsnbsp32 say they

Among 22?- to 27?-year-olds, 32?% say they have called a talk show while under the influence of alcohol. Suppose seven 22 to 27?-year-olds are selected at random. ?(a) What is the probability that at least one has not ca ...

Sixty percent of households say they would feel secure if

Sixty percent of households say they would feel secure if they had? $50,000 in savings. You randomly select 8households and ask them if they would feel secure if they had? $50,000 in savings. Find the probability that th ...

The abc movie theater has 300 seats in a typical month 25

The ABC movie theater has 300 seats. In a typical month, 25 percent of the seats are sold. The price elasticity is estimated to be -0.9. The price of a ticket is $8.00. The manager wants to increase the attendance to 30 ...

Help me solve the following questions please1 suppose we

Help me solve the following questions please. 1) Suppose we want to see if American children have higher levels of cholesterol than the average child (i.e., in the entire world - the total population). We find that the p ...

Uni-trax publishers allows its sales team to buy and sell

Uni-Trax Publishers allows its sales team to buy and sell shares that pay out $1 only if the sales in the future fall within a certain range. Suppose that, currently, shares for sales between 1,000 and 2,000 textbooks ar ...

A courier service advertises that its average delivery time

A courier Service advertises that it's average delivery time is less than six hours for a local deliveries. The random sample of times for 12 deliveries twin I'm just across town. The sample has a mean delivery time of 5 ...

Having trouble trying to understand how to summarize a

Having trouble trying to understand how to summarize a companies business activities... Please complete the following in order to help me better understand: For this example, use Costco. Please put together a description ...

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