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Given the following production function:Q = 42L + 18L2 -2L3 WHERE Q= TP (TOTAL PRODUCT) or quantity of output in units and L(labor) in unitsFIND THE FOLLOWING: First solve this problem using an spreadsheet approach and then do the problem using the optimization procedure; compare the answers for the two methods. Show your work to receive credit.A: The amount in units of labor when diminishing returns to labor sets in and then explain why this happens.B. The amount in units of labor used when the average product curve is at its highest point.C. What amount of labor in units should be used to get maximum output?
Price comparison services on the Internet are a popular way for retailers to promote their products and a convenient way for customers to simultaneously obtain price quotes from many firms setting I identical product.
If a manager that takes over a furniture factory and realizes immediately that it was throwing away at least $100,000 a year worth of wood scrap
Assume that, prior to other company's entering the market, the maker of a new smartphone earns $100 million per year. By reducing its price by 50%,
Linear programming is a mathematical technique used to determine the optimal solutions to certain specific problems.
Today's Friday night, and you are just about to leave your room to attend a party. However, a copy of New York Times catches your eye.
Some of the electric generating plants of Tennessee Valley Authority are powered by coal. Coal is bought by a separate procurement division and is transferred to plants for use.
Estimate the price of a stock that has a one-period horizon, is expected to pay a dividend of $.20 per share for period,
Draw the individual cost curves on one graph: marginal cost, average total cost, average ?xed cost, and average variable cost. Place costs ($) on the y-axis and quantity (Q) on the x-axis.
Dell Computer Corporation, the world's biggest personal computer maker, is keenly aware of everything its rival PC manufacturers decide to do.
How could you assess which of the top 3-companies in an industry was best managed from a financial standpoint?
Mid-Atlantic Cinema, runs a chain of movie theaters in east central states and has enjoyed great success with a Tuesday Night at the Movies promotion.
Andre has asked you to evaluate his business, Andre's Hair Styling. Andre has five barbers working for him. Each barber is paid $9.90 every hour and works a forty hour week and a fifty week year,
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