Find the marginal product of labor

Assignment Help Managerial Economics
Reference no: EM1372213

The following table given below presents estimates of the maximum levels of output possible with various combination of two inputs.

Capital (K)
5 11 25 37 47 51
4 10 23 33 41 44
3 8 18 25 30 34
2 5 11 16 20 22
1 1 4 8 10 11
1 2 3 4 5
Labor (L)

Assume that a unit of output sells for $2 and that the firm currently employs two units of capital (K = 2).:

(i) What is the marginal product of labor when L = 4?

(ii) What is the average product of labor when L = 4?

(iii) What is the marginal revenue product of labor when L = 4?

(iv) If the wage rate of labor is $10, how many units of labor should the firm hire and how many units of output should it produce?

 

Reference no: EM1372213

Questions Cloud

Design mealy fsm with the input a and output z : Design a Mealy FSM with the input A and an output Z. If 10101 shows up on A, then in same cycle 1 must show up on Z, else Z is 0.
What is the gravitational acceleration on surface : Assume a car's brakes can produce an acceleration of -7 m/s2. If the car is travelling at an initial speed of 28.0m/s, what is the minimum distance necessary to stop car.
How would it be possible to eliminate this waste : price is greater than marginal cost and average total cost is not at a minimum. How would it be possible to ‘eliminate' this waste. What would we have to give up.
Find the length of the driveway : A pilot wants to fly due north a distance of 125 km. The wind is blowing out of the west at a constant 35 km/h. If the plane travel at 175 km/h, how long would the trip take.
Find the marginal product of labor : The following table given below presents estimates of the maximum levels of output possible with various combination of two inputs.
Write program to convert length in feet into centimeters : Write the program which prompts the user to enter the length in feet and inches and outputs equivalent length in centimeters.
What two policies could be used to reduce total amount : As a policy maker wanting to correct effects of gases and particulates emitted by a local power plant what two policies could be used to reduce total amount of emissions.
What data collection method might you use : What data collection method might you use? How would that data help answer your research question(s)/hypotheses? Formulate relevant research questions and hypotheses.
Prepare a balance sheet and income statement : Make a balance sheet and income statement as of December 31, 2003, for Sharpe Manufacturing Company from the following information.

Reviews

Write a Review

Managerial Economics Questions & Answers

  Linear programming problem

Linear programming is a mathematical technique used to determine the optimal solutions to certain specific problems.

  Demand, supply and the market equilibrium

The article study for the demand, supply and the market equilibrium has been discussed. The article that has been review was published on August 2012.

  Supply and demand in professional sports

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.

  Explain whether the firm will make economic profit

Explain whether the firm will make economic profit, In the short run and In the long run.

  Determine the official measure of the deficit

Determine the official measure of the deficit

  Coordination of the activities of a business

The organization and coordination of the activities of a business in order to achieve defined objectives.

  What is the profit maximizing number of gizmo widgets

What is the profit maximizing number of Gizmo Widgets that should be introduced? Be sure to account for the fact that Gizmo Widgets displace other kinds of widgets. Again, be sure you provide a brief explanation of your approach/reasoning.

  Determine autocorrelation function of a rectangular pulse

Prepare the sketch the Fourier transform of a rectangular pulse of amplitude 10 V and width 0.1 second that is centered on the zero time axis. Determine the autocorrelation function of a rectangular pulse.

  Managerial economics assignment

Carry out an analysis from the standpoint of both EMV and expected utility to establish Jeremiah’s best course of action, including a consideration of his bidding strategy with regard to the auction.

  Prepare a marginal cost analysed income statement for 2014

Prepare a Marginal Cost Analysed Income Statement for 2014 from the above data to identify total and individual medical procedure contributions and profits.

  Prepare a marginal cost analysed income statement for 2014

Prepare a Marginal Cost Analysed Income Statement for 2014 from the above data to identify total and individual medical procedure contributions and profits.

  Solve managerial economics questions

MGMT 3306: Solve the assignment problems, 1. Please answer the assignment questions in this docx file and save once you’re satisfied. Assignment 3covers the lectures slides for Week 6.

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!

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