+1-415-315-9853

info@mywordsolution.com

## Economics

 Basic Economics Macroeconomics Microeconomics Business Economics Econometrics International Economics Managerial Economics Game Theory Public Economics

1. You are given the following information about the amount your company can produce per day given the number of workers it hires.

Numbers of Workers    Quantity Produced
0                                     0
1                                     1
2                                     3
3                                     6
4                                     11
5                                     19
6                                     24
7                                     28
8                                     31
9                                     33
10                                    34
11                                    34
12                                    33

a. Find the range of workers where there are increasing returns to scale? Constant returns to scale? Decreasing returns to scale? Negative returns?

b. If company wishes to maximize total output, what number of workers should be hired?

c. What is the number of workers that should be hired if the company wants to maximize output per worker?

2. Your engineering department estimated the following production function.

Q = 15L2 – 0.5L3

a. Find the marginal product of labor function, MPL?

b. Find the average product of labor function, APL?

c. Find the value of L that maximizes Q?

d. Find the value of L at which average product is maximized?

3. The following Cobb-Douglas production function is used to describe the output generated by a local government maintenance agency.

Q = αLβ1Kβ2Eβ3

Where L represents number of worker hours, K represents number of trucks used, and E represents energy used.  Statistical estimated generated the following

values for α, β1, β2, and β3.

Α = 0.01;  β1 = 0.5, β2 = 0.4, and β3 = 0.2

a. What are production elasticities of demand for labor, capital (trucks) and energy?

b. If worker hours (labor) are increased by 10% next year, how much would output (Q) increase?

c. If the number of trucks (K) decreases by 10% next year, how much would output (Q) decrease?

d. What kind of returns to scale is consistent with above production function?

Microeconomics, Economics

• Category:- Microeconomics
• Reference No.:- M91844

Have any Question?

## Related Questions in Microeconomics

### Then answer the following questionsin the video it is

Then answer the following questions: In the video, it is mentioned that Whirlpool provides three different types of appliances that vary in the amount of features that are offered. Discuss the product differentiation acr ...

### Assignmentoverviewthe incidence of fraud in the news has

Assignment Overview The incidence of fraud in the news has become more common in recent years. As the accounting profession becomes more aware of fraud schemes, it seems that the criminals who perpetrate them have become ...

### Assignment emerging economies and Assignment: Emerging Economies and Globalization

Assignment: Emerging Economies and Globalization Background Markets in developed economies are approaching saturation level. Therefore, MNCs are searching for new untapped markets in emerging countries such as India and ...

### Question 1 - read the following passage carefully and

Question 1 - Read the following passage carefully and answer questions The beverages industries in which Pepsi operate are highly competitive. They compete with major international beverage companies in multiple geograph ...

Assignment You have been asked to assist your organization's marketing department to better understand how consumers make economic decisions. Write a 1,050-word analysis that includes the following: • The impact the theo ...

### Description of assignmentreport paper basisstudents work

Description of Assignment: Report Paper basis. Students work together to research and profile a particular in Microeconomic policy: the property tax in the United States. Grading Criteria (What constitutes a good assignm ...

### Assignmentvisit wwwlovemarkscom and share your thoughts on

Assignment Visit www.lovemarks.com and share your thoughts on Branding and Pricing as it relates.....to "The Future Beyond Brands." Check out the Love/Respect Axis and see just where your favorite brand is sitting. (lmnu ...

### Assignmentyou will submit your second comprehensive summary

Assignment You will submit your second comprehensive summary (4-5 pages) regarding your final progress report. If you are still in your original business, what lessons did you learn? If not, what went wrong? What improve ...

### Meqa assignment 2its been three weeks since you started

MEQA Assignment 2 It's been three weeks since you started working for BioMed and there's still no trace of Selwyn. That means you're still BioMed's resident economic expert. Harry the CEO was pleased with your earlier wo ...

### Great depression economy paperwritten assignmentplease

Great depression , economy paper Written Assignment Please provide a comprehensive answer to the following two questions: 1) Which were the main causes of the Great Depression? 2) Why did the Great Depression last so lon ...

• 13,132 Experts

## 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.

### WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

### Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

### Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

### Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

### Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro