User Account

All Pages

Find the marginal product of labor-mpl

Assignment Help Business Economics
Reference no: EM132482208

1. Suppose the production function for a firm is given by Q = 2√ KL. The firm's cost function is given by C = wL + rK.

(a) Find the marginal product of labor, MPL, and the marginal product of capital, MPK. 

(b) Do the marginal products of labor and capital exhibit diminishing marginal product? Explain

(c) Assume capital, K, is fixed in the short run at some level, K¯ . Find the firm's demand for labor, L ∗ in the short run.

(d) Give your answer above, how does an increase in the rental cost of capital, r, affect labor demand?

(e) Now assume the firm is in the long run so that capital and labor are flexible. Solve for the firm's input demand functions, K∗ and L ∗.

Reference no: EM132482208

Questions Cloud

Economics of moral hazard and adverse selection : Using the notions in economics of Moral hazard and Adverse Selection (definitions are added below) to analyze the impact of the ACA/Affordable Care Act
Determine does diamond recording of the momentum : Determine Does Diamond's recording of the momentum, payments comply with the Generally Accepted Accounting Principles (GAAP)? Why or why not?
Firm equilibrium price and corresponding profits : Suppose a single firm produces all of the output in a contestable market. The market inverse demand function is P = 350 -10Q, and the firm's cost function
How much should you expect your profits to change : If this legislation is passed, by how much should you expect your profits to change?
Find the marginal product of labor-mpl : 1. Suppose the production function for a firm is given by Q = 2v KL. The firm's cost function is given by C = wL + rK.
MN503 Overview of Internetworking Assignment : MN503 Overview of Internetworking Assignment help and solution, Melbourne Institute of Technology assessment writing - Network requirement analysis and plan
Relationship between crude oil prices and cad-usd : Provide an in depth answer regarding the relationship between crude oil prices and the CAD/USD. What is their relationship? How does one affect the other?
Describe components are common to successful intervention : Describe components that are common to successful intervention programs. Explain ways to emphasize reading for meaning. Select individual intervention program
What percentage of country? b gdp per? capita : If both countries experience growth of 5? percent, Country? A's GDP per capita will be what percentage of Country? B's GDP per? capita?

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

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