Find the maximum level of total production

Assignment Help Business Management

Reference no: EM1377700

This is a short run production function where Q = units produced per month:

Q = 150 K L + 6 K L^2 - 0.1 K L^3 ( Assume K is constant at 3 units)

1. Determine at what level of labor utilization is total production maximized and find the maximum level of total production that this firm can attain per month?
(Rounded to the nearest full unit)

2. At what level of labor utilization is the average productivity of labor maximized?

3. After what level of labor utilization (and total units produced per month) does the Law of diminishing Marginal Returns Take effect?

Reference no: EM1377700

Questions Cloud

Compute the improvement in multifactor productivity : Mabel's Ceramics spent $3000 on a new kiln past year, in belief that it would cut energy usage 25 percent over the old kiln. This kiln is an oven that turns "greenware" into finished pottery.

Worker right to know when it comes to drug use : Drug use is data that is rightfully private and only in exceptional cases can an worker claim a right to know about such use.

Construct a pareto diagram : A major music club collected information on the causes for returned shipments during a quarter. Results are: Wrong selection 50,000; wrong address 68,000; refused 195,000;

Determine the point price elasticity of demand : Currently, Roma's Imperial Ministry of Trade and Tourism is selling this book at a value of $68.60 each copy. Determine the point price elasticity of demand.

Find the maximum level of total production : Determine at what level of labor utilization is total production maximized and find the maximum level of total production that this company can attain per month?

Creating an appropriate rewards system : Suggest strategies for an company to create an appropriate pay mix that considers monetary and non-monetary rewards, benefits and special prizes.

Objectives of public housing issues and the hope vi program : Discuss and explain the objectives of policy, especially noting any that may seem to be conflicting. Estimate the require to balance competing interests and make tradeoffs.

Creation of performance standards : Discuss how can involving workers in the creation of Performance Standards improve their effectiveness?

Question about third party liability : George Hanson was the president of JustPrinting or JP, a printing supply and press repair business. In 1997, Hanson stop working because of his failing health.

User Account

All Pages