Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Microeconomics Expert

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

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 ...

Assignment economics read the following case study and

ASSIGNMENT: ECONOMICS Read the following case study and answer the given question. THE MACROECONOMICS OF POVERTY REDUCTION: THE CASE STUDY OF BANGLADESH Adapted: Osmani, S.R; Mahmud, W; Sen, B; Dagdeviren, H; and Seth, A ...

Leasing equipmentfor catherine owens onlybullsuggest one

Leasing Equipment For Catherine Owens Only • Suggest one key economic factor that motivates leasing as an option in acquiring an asset. Explain the potential asymmetries that may exist where leasing may be beneficial to ...

Economics assignmentcontentselect a news article with

Economics Assignment Content: Select a news article with economic implications within the previous six months and explain, analyze and expand the issue using the economic concepts and theory learned in this class. Includ ...

Microeconomicswatch this 30 mins youtube link on how the

Microeconomics Watch this 30 mins. YouTube link on 'How The Economic Machine Works' You will enjoy it! https://youtu.be/PHe0bXAIuk0 Write down your understanding of 'How The Economic Machine Works' and make sure to suppo ...

1 the crr model european claimconsider the crr model of

1. The CRR model: European claim. Consider the CRR model of stock price S with T periods and parameters d (a) Consider the European claim X with expiry date T and the payoff X = g(S r ) = 1/S T 1[k,∞)(S T ). Show that th ...

E8-9 periodic versus perpetual entries fong sai-yuk company

E8-9 (Periodic versus Perpetual Entries) Fong Sai-Yuk Company sells one product. Presented below is information for January for Fong Sai-Yuk Company. Jan 1 Inventory 100 units at $5.00  each Jan 4 Sale 80 units at $8.00  ...

Assignmentfirms use inputs workers machinery natural

Assignment Firms use inputs (workers, machinery, natural resources) to produce outputs (goods and services). For example: General Motors uses steel, rubber and other materials to create automobiles. A pizza restaurant tu ...

Assignment1laura just opened a coffee shop in nyc named

Assignment 1. Laura just opened a coffee shop in NYC named Squirrel Coffee. Hoping to cater to the hipsters, she sells a special kind of cold brew infused with nitrogen, which she dubs ‘nitro coffee'. Assume for the purp ...

Economic term paperempirical project the research project

Economic Term Paper Empirical Project The research project should be about 10 pages and should explain your data collection, model, and findings. The project (due by the final exam date) is worth 30% of your final grade. ...

  • 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

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