At what level of employment would diminishing returns set

Assignment Help Econometrics

Reference no: EM13237883

A cost minimizing firm has the following short run production function
Q=f(L,K)=72L + 5L^2 - 0.2L^3

(a) Briefly explain why this is short run production function.
(b) At what level of employment would diminishing returns set in for the variable input?
(c) If the market determined real wage rate is $20 determine the amount of labor a cost minimizong firm would hire in order to minimize the total of production

Reference no: EM13237883

Questions Cloud

Calculate the total charge on outer surface of conductor : A -2.47 ?C charge is placed at the center of a conducting spherical shell, and a total charge of +8.70, Calculate the total charge on the outer surface of the conductor

Determine the amount in the example of ecuador : Assume that Hong Kong and Taiwan can supply computers to Ecador at a per-unit price of $300 and $500, respectively. With free trade, how many coputers does Ecuador import From which nation does it import

Explain the sum of all the coefficients in the equation : Complete and balance the following redox equation thatoccurs in acidic solution using the set of smallest whole-numbercoefficients. What is the sum of all the coefficients in the equation? PbO2(s) + Cl^- ? Pb^2+ + Cl2(g) (acidic solution).

Find government purchases and government deficit-supply : Complete the table (find government purchases and government deficit/supply) by entering the government purchases and computing the budget deficit or surplus at each of the real GDPs.

At what level of employment would diminishing returns set : (b) At what level of employment would diminishing returns set in for the variable input (c) If the market determined real wage rate is $20 determine the amount of labor a cost minimizong firm would hire in order to minimize the total of production

Where would the net electric field be zero : Two particles having charges of 0.520 nC and 18.7 nC are separated by a distance of 1.10 m, Where would the net electric field be zero if one of the charges were negative

Explain ionic compounds are placed in water : Write the chemical equation(s), including state symbols, for what happens when the following ionic compounds are placed in water. Are these substances reacting with water when they are added to water

How do the himalayan mountains and monsoon seasons : How do the Himalayan Mountains and monsoon seasons help define the character of South Asia? What is the orgraphic effeect? What challenges face the people of South Asia with regars to the monsoonm and how have they adapted themselves and their landsc..

Would shifting from paychecks to payroll cards reduce costs : In an effort to reduce their total costs, many companies are now replacing paychecks with payroll cards, which are stored-value cards onto which the companies can download employees' wages and salaries electronically.

User Account

All Pages