User Account

All Pages

Function exhibits diminishing marginal product

Assignment Help Basic Computer Science
Reference no: EM132021228

Suppose that a firm's technology is given by the following production function:

f(k,L) = 6k^1/6*L^1/6

1. Prove that this production function exhibits diminishing marginal product in both  and . This is not the same thing as decreasing returns to scale.

2. Prove that this production function exhibits decreasing returns to scale.

Suppose that the rental rate of capital is $10, the wage rate of labor is $10, and the price of output is $40.

3. What is the profit-maximizing quantity of capital and labor?

4. What is the profit-maximizing quantity of output?

5. What is the maximum profit for this firm?

Reference no: EM132021228

Questions Cloud

Macroeconomic equilibrium in short run and long run : Assuming that money is effectively used, how would this affect the macroeconomic equilibrium in the short run and the long run?
Calculate the net sales revenue : The company received the payment for the balance amount on November 10, 2015. Calculate the Net sales revenue
Elasticity of demand for bleacher seats at rays games : Next season, they increase the price to $12 per bleacher seat and sell 200,000. What is the elasticity of demand for bleacher seats at Rays games?
What is this firm profit maximizing level of output : What is this firm's profit maximizing level of output? What are its profits?
Function exhibits diminishing marginal product : Prove that this production function exhibits diminishing marginal product in both and . This is not the same thing as decreasing returns to scale.
Review problem on tax return problem : Tax Return Problem Devon Bishop, age 45, is single. He lives at 1507 Rose Lane, Albuquerque, NM 87131. His Social Security number is 111-11-1112.
Determine the amount of the dividends that should be paid : ACTP 5008 Shareholders' Equity Assignment. Determine the amount of the dividends that should be paid to the preferred and common stockholders
Team trying to maximize profits : Does a NBA team that is trying to maximize wins behave the same as a team trying to maximize profits? Why/Why not?
How can a price ceiling on tickets lead to scalping : How can a price ceiling on tickets lead to scalping? Is price an effective rationing mechanism under a binding price ceiling? Why or why not?

Reviews

Write a Review

Basic Computer Science Questions & Answers

  Explain in your own words what dhtml is

Explain in your own words what DHTML is. What are three important enabling technologies for standard-based DHTML?

  Good gui designer possesses

Determine the main attributes that you believe a good GUI designer possesses.

  Object instance in java

Using the proper programming techniques shown in class, which of the following methods are available on every object instance in Java (Select all that apply)?

  Managing files and the world of windows

Managing Files and the World of Windows. Take a position on whether or not standardization and naming conventions are critical for properly managing files and folders in a Windows environment.

  Proposal using budgeting and fiscal management

Prepare a proposal using budgeting and fiscal management approaches to fortify and support the financial implications of 8 pages.

  Plate and on the circular edge

The temperature on a circular plate, (x-1)^2+y^2=4,has formula, T (x,y)= x^2+y^2+60. Find all hot/cold spots, alongwith temperatures, both (a) within the plate and (b) on the circular edge.

  Structured query language

Refer to the database design crested in Lab 2: Modifying a Database Design in Visio to complete this Lab.  Perform the following steps in MySQL:

  Conventional desktop machines and laptop computers

Multi-core CPUs are beginning to appear in conventional desktop machines and laptop computers.

  Explain cause and effect transition happen

One process could cause another process to make a transition. Under what circumstance, if any, would the following. Cause and effect transition happen ?

  Data encryption techniques

Write a four to five pg research paper about data encryption techniques. Your content should include the following: Business advantages and disadvantages of full disk encryption, compared to other types of encryption techniques.

  Minutes on the viewing platform

On average, 30% of the tourists only visit Level 1 and return to the ground, while 70% visit both levels. On a typical day, the average tourist visiting Level 1 spends 15 minutes on the viewing platform, while the average tourist visiting Level 2..

  What is run time polymorphism

What is run time polymorphism

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