From firms short run production function

Assignment Help Business Economics
Reference no: EM131094763

From a firms short run production function, the marginal product of labor and the average product of labor may be determined. The average product of labor is:

total output divided by the number of workers employed

the change in total cost attributed to the increased output from employing an additional worker

the change in total revenue attributed to the increased output from employing an additional worker

the change in total output attributed to producing an extra unit of a good

the change in total output attributed to employing an additional worker

Reference no: EM131094763

Questions Cloud

Starting from state of equilibrium : Starting from a state of equilibrium, trace the effects of each of the following. What happened to inventories? How do firms react? What happens to incomes? To consumption expenditure? To GDP?
There are no influences on the patient quality of life : You are asked to evaluate three medical interventions that reduce the number of deaths due to congestive heart failure. Among these interventions, there are no influences on the patient's quality of life. Which evaluation method would you use and why..
Differences in culture affect international tourism : Portugal is a collectism society whereas the US is a individualistic society, How might these differences in culture affect international tourism between the two countires?
Characteristic of short run for perfectly competitive firm : A basic characteristic of the short run for both a perfectly competitive firm and a monopolist is that:
From firms short run production function : From a firms short run production function, the marginal product of labor and the average product of labor may be determined. The average product of labor is:
Consider firms per-period production process : Consider a firms per-period (e.g., hourly) production process. If it employs 1 unit of labor, then 8 units of output will be produced; if it employs 2 units of labor, then 12 units of output will be produced; and if it employs 3 units of labor, then ..
The law of diminishing marginal product : The law of diminishing marginal product (or returns) states that:
Quantity of output resulting from all combinations of inputs : From a long-run production function (e.g., Q = 4K + 2L or Q = K0.5L0.5), which of the following may be determined?  the quantity of output resulting from all combinations of inputs (e.g., capital and labor). the combination of inputs (e.g., capital a..

Reviews

Write a Review

Business Economics Questions & Answers

  What is the value of consumer surplus

What is the value of consumer surplus? What is the value of the deadweight loss created by this monopoly?

  Such retailers can sell as many copies of vista

Such retailers can sell as many copies of Vista they such as at the prevailing marketplace price of $200.

  Decrease in price on the traffic rate and daily revenue

Given a daily traffic rate of 6000 cars, a toll of $26.00 per car, and a price elasticity of -1.4. What would be the effect of a 50% decrease in price on the traffic rate and daily revenue?

  Indicate the firms short-run supply curve

Draw a (standard) U-shaped SAC curve, U-shaped SAVC curve, and upward sloping SMC curve for a perfectly competitive firm. Indicate the firm’s short-run supply curve. What will be the effect of an increase in fixed costs on the firm’s supply curve and..

  Fixed costs exist only

Fixed costs exist only in:

  Find out market with quantity control

Research a real life example of quantity control imposed by the government (find out a market with quantity control). Discuss through which mean (such as license, tax, or other means) the government imposes a quantity control, and what are the ineffi..

  More labor-intensive method of production

Which of the following trends favor a more labor-intensive method of production? A growing number of desperately unemployed people as the result of rural-urban migration. A limit to the level that wages can fall (subsistence)

  Difference between free trade area and free trade agreement

What is the difference between a free trade agreement and a preferential trade agreement? What is the difference between a free trade area and a free trade agreement?

  What is market-clearing price for monopolist product

The marginal revenue generated for the monopolist by the 13in unit of its product is $6. What is the market-clearing price for the monopolist's product when 13 units are supplied to the market?

  Elucidate how each of the following people

Elucidate how each of the following people would talk about scarcity and trade offs.

  Solved through conciliation-arbitration and litigation

Although successfully positioning a new product in a well-established market may seem difficult, Method Products shows that it is not impossible (Kotler & Keller, 2012). Keeping in mind the international legal environment, find an article using the o..

  Unified banking system

Keeping your money in a bank seems like a good idea. However, from time to time, depositors lose confidence in banks (this happened in summer of 2012 in Greece). If your bank was experiencing a run, would you join in, or would you be confident that t..

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