User Account

All Pages

Amount of labor employed

Assignment Help Business Economics
Reference no: EM131456966

Wagner Tool produces output according to Q = 2K1/2L1/2, where K is the amount of capital used and L is the amount of labor employed. Wagner is constrained in the short run to use 9 units of capital.

a) How much labor is needed to make 48 units of output?

b) Calculate the marginal product of labor function when K=9.

c) Calculate the average product of labor function when K=9.

d) Describe how you would draw a graph for these functions. What is on your x-axis? What is on your y-axis? How would you describe where "diminishing marginal productivity" occurs? (Feel free to draw a graph of the answers from b) and c) to inform your answer.)

Reference no: EM131456966

Questions Cloud

Economic downturn since the great depression : The Financial Crisis of 2007 - 2009 was the worst economic downturn since the Great Depression of the 1930's, and like that event had global repercussions.
Provide the companys existing mission statement : Provide company's existing mission statement and code of ethics. In what way do they articulate their ethical practices through policies and public outreach.
Taxes is progressive or regressive : Explain why each of the following taxes is progressive or regressive.
Draw an as-ad diagram : Draw an AS/AD diagram and use it to explain the argument in this paragraph. Are the arguments in this article more with short run or long run effects?
Amount of labor employed : Wagner Tool produces output according to Q = 2K1/2L1/2, where K is the amount of capital used and L is the amount of labor employed.
What characteristics or qualities the person possesses : How this leader has influenced you and why you think he or she is effective? What characteristics or qualities this person possesses that affected you most.
What is the null hypothesis of the study : What type of study design was used to compare the risk of self-harm behaviors before and after bariatric surgery - What is the null hypothesis of the study?
Policymaker from trying to raise the rate of saving : How to explain how higher saving leads to a higher standard of living. What might deter a policymaker from trying to raise the rate of saving?
Prepare a production budgets in units for march : ACCT2121C-L INTRODUCTORY MGT ACCOUNTING. Prepare a purchases budget for March and April, and give total purchases in both pounds and dollars for each month

Reviews

Write a Review

Business Economics Questions & Answers

  By how much did real gdp increase

Nominal GDP increased from roughly $10.3 trillion in 2001 to $14.4 trillion in 2008. In the same period prices rose on average by roughly 19.78 percent. By how much did real GDP increase?

  Compare real GDP per person in the two countries

Richland’s real GDP per person is $10,000, and Poorland’s real GDP per person is $5,000. However, Richland’s real GDP per person is growing at 1 percent per year, and Poorland’s is growing at 3 percent per year. Compare real GDP per person in the two..

  Price elasticity of demand for six packs of beer

Suppose in the beer market the price is originally $3 per 6-pack (on Wednesday). When the price rises to $6 (on Friday), the quantity demanded for beer falls from 200 6-packs to 60 6-packs. Calculate the arc price elasticity of demand for six packs o..

  Which each can play either of two strategies-leave or stay

Alice and Betsy are playing a game in which each can play either of two strategies, leave or stay. If both play the strategy leave, then each gets a payoff of $300. If both play the strategy stay, then each gets a payoff of $600. If one plays stay an..

  Product earns an annual gross revenues

A product earns an annual gross revenues of $90,000, the variable costs is $60. The fixed cost are $30,000 and the product is sell for $90. The quantity of product sold last year was $1000. The annual profit is most nearly:

  Intern software developer for a retail bank

As an intern software developer for a retail bank, you have been tasked with developing use cases to support the ATM service.

  Qconsider a market with a demand function q 20 - p

q.consider a market with a demand function q 20 - p currently there are ten firms operating. each firm has the

  Q1 the initial tax basis may includea legal feesb

q.1. the initial tax basis may includea. legal fees.b. commissions.c. second mortgage note signed by purchaser.d. all

  Describe an industry that would meet conditions of perfect

Describe an industry that would meet conditions of a perfectly competitive industry and how individual firms would respond to an increasing market demand for product.

  Create a logo for the website

Include at least four images for each destination page. Create a logo for the website. Design three navigation options for the website. Each option should include links for all the pages. You will use one of these options in the final design.

  What is the maximum the money supply could increase

Suppose that the central bank has increased the money supply such that there is additional $420651 in excess reserves. If the reserve ratio is 13 percent, what is the maximum the money supply could increase?

  Explain the short run shut down rule

A firm currently uses 40,000 workers to produce 180,000 units of output per day. The daily wage per worker is $100, and the price of the firm's output is $28. The cost of other variable inputs is $500,000 per day. Calculate the firm’s profit or loss...

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd