Consider the following short-run production function (where L=Q = 6L² - 0.4L³What is the marginal product function (MPL)?O 12L 1.2L²12 - 1.2L6L -0.4L2What is the average product function (APL)?O 12L 1.2L²O 6L-0.4L²O 12 - 1.2LWhat is the value of L that maximizes Q?variable input, Q =output):What is the value of L at which the marginal product function takes on its maximum value?What is the value of L at which the average product function takes on its maximum value?

Marginal and average products: The production function determines all possible input bundles that…

Consider the following short-run production function (where L = variable input, Q = output): Q6L20.4L³ What is the marginal product function (MPL)? 12L - 1.2L² O 12 - 1.2L O6L-0.4L² What is the average product function (APL)? 12L - 1.2L² 6L-0.4L² O 12 - 1.2L What is the value of L that maximizes Q? What is the value of L at which the marginal product function takes on its maximum value? What is the value of L at which the average product function takes on its maximum value?

Consider the following short-run production function (where L = variable input, Q = output): Q6L20.4L³ What is the marginal product function (MPL)? 12L - 1.2L² O 12 - 1.2L O6L-0.4L² What is the average product function (APL)? 12L - 1.2L² 6L-0.4L² O 12 - 1.2L What is the value of L that maximizes Q? What is the value of L at which the marginal product function takes on its maximum value? What is the value of L at which the average product function takes on its maximum value?

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter7: Production Economics

Section: Chapter Questions

Problem 5E

See similar textbooks

Similar questions

QUESTION 1 Consider the following cost function (with input prices taken as constants): c(y) =y. What is MC(y)? Oa. y313 O b.y? C. O d. 2y QUESTION 2 Consider the following cost function (with input prices taken as constants): c(y) = y. What is AC(y)? Oa. 3y2 Ob.y Oc. 2y3 Od.y313
Consider the production function from earlier: Quantity of Haircuts 20 15 10 0+0 0 N 2 8 14 O Increasing marginal productivity O Constant marginal productivity O Decreasing marginal productivity 3 19 23 Labor (hours) 27 26 Total Product Curve From 1 labor hour up to 7 labor hours, what sort of marginal productivity does this production function have?
Suppose that the production function of a firm can be written as Q = 0.5K0.8L0.3. Which of the following is the equation for the average product of labor (APL)? O 0.3L-0.7 O K0.810.3 O 0.5K0.8L-0.7 O (0.7*0.5) K0.8L-0.7 O 0.5K0.810.3
The production function for the automotive and parts industry is q=L0 25 K0.16 M0.59 where M is energy and materials (based loosely on Klein, 2003). What kind of returns to scale does this production function exhibit? This production function exhibits constant returns to scale. The marginal product of materials, MPM, is O A. MPM = 0.59(q/M) O B. MPM = 0.59L0 25 K0.16M - 0.41 MPM =L0 25K0. 16MO.59 O D. both a and b. O E. all of the above.
Consider the following total cost function: TC = 1500 + 300Q - 36Q2 + 203 What is the quantity that minimizes the marginal cost (MC)? O because solution results in the square root of a negative number, the answer cannot be determined O 6 O 5.6
A firm engaged in the manufacture of RTWS faces the short-run production function Q = 250L - 5L², where L is the number of units of labor and Q is the number of RTWs produced annually. d.) How many RTWS can be produced by the firm in a year if there are 10 units of labor? e.) Compute the marginal product of the 40th unit of labor. f.) How many RTWs can be produced by the firm in a year if there are 40 units of labor? g.) Sketch the graph of the production function.
a) Calculate the marginal product (MP1) for the mixers. Does the production function have increasing, decreasing, constant marginal product for the mixers? b) Suppose in the short run the amount of machines she has is fixed at 27. How many mixers should she use? How many baklavas will she produce? How much profit will she make? c)Usinag an isoprofit, as well as the production function, draw a diagram of your soltuion from part (b). carefully label all the slopes and intercepts. d) In the long run, how many mixers should she use? How many machines? How many baklavas will she make? e) Suppose that the government decides to provide a $1 subsidy per mixer. What is the profit-maximizing amount of input to use now?
6:20 PM | 0.4KB/s D O 3. Suppose that the production function is Q- L07%K©25, a) What is the average product of labor holding capital K fixed. b) What is marginal product of labor? c) What is marginal product of capital? d) What is MRTS? VX
1/3 7 Consider the production function y = (0.5/ +0.52 of producing 8 units of output per day. It pays a wage rate wi of $40 per hour and capital cost w2 of $10 per hour. How many units of labor and capital should the firm use? Suppose the firm wants to minimize the cost
Please no written by hand The estimated production function is Q = 12K ½ L1/4 The firm pays workers (L) and rents boats (K) in order to produce fish. Currently, the company has no fixed inputs and pays $12 per hour for labour (w) and $16 per hour for capital (r). The quantity of fish produced per day (Q) is 153. A. Derive the conditional input demand functions for labour (L) and capital (K) for IFC. B. What is cost-minimizing amount of labour and capital that IFC should hire and rent? C. Determine the minimum cost of producing 153 units of output? D. Use the isocost and isoquant to illustrate the optimal choice of this firm.
Fill in the missing data to solve this problem. Variable Total Average MarginalInput Product Product Product4 ? 70 ----5 ? ? 406 350 ? ? What is the total product for 5 units of input, and what is the marginal product for 6 units of input?
Consider the following short run production function of a textile manufacturing: Q = 6L2 -4L 3 a) Find the value of L that maximizes output of textile? b) Find the value of L that maximizes average product?