Develop production function

Assignment Help Microeconomics

Reference no: EM1371772

An economist for the widget company estimated following short term production function.

Q = 7 V + 0.6 V² - 0.1 V³

Where Q is the number of widgets produced per day and V is the number of production workers working and 8 hour day.

a. Develop production function with V = 0, 1, 2,.................. 10

b. Compute the average and marginal products using the data in 'a" above.

c. Draw the graphs and identify the three stages (if any).

d. Compute the AP and MP mathematically and identify the three stages.

Reference no: EM1371772

Questions Cloud

Steady state level of capital : Suppose that the rate of depreciation as well as the rate of saving are each .10. Also assume that there is no technological nor population growth.

Determining optimal production level : What is the Marginal Cost? What is the Average Cost? What is the optimal production level where production costs are the lowest per unit?

Ddefinition of poverty : Everyone thinks there is a problem with the United State poverty figures. The conservatives think so: The Heritage Foundation calls the figures, A Soviet-style disinformation campaign.

Write a program learn multiplication : Write a program which will help the elementary school student learn multiplication. Use Random object to produce two positive one-digit integers.

Develop production function : An economist for the widget company estimated following short term production function. Compute the AP and MP mathematically and identify the three stages.

Strategic human resources management implications : Explain how have society and workplaces changed and what are strategic human resources management implications of these changes for organizations?

Prepare design for private line network private line : How to create "rough design" to this network "prepare a rough design for private line network which would bring 256 kbps private line to each of bank's fifty branch offices.

Compute accounting and economic profits : Peggy Sue's cookies are the best in world, or so I hear. She has been offered a job through Cookie Monster, Inc., to come to work for them at $125,000 per year.

Purpose of a measurement system : The overarching reason of a measurement system should be to help a team, rather than senior managers, gauge its progress.

User Account

All Pages