Is the marginal product of labor decreasing or constant

Assignment Help Econometrics

Reference no: EM13221730

Touchie MacFeelie publishes comic books. The only inputs he needs are old jokes and cartoonists' labor. His production function is Q = 0.1 * J1/2L Where J is the number of old jokes used, L the number of hours of cartoonists' labor used as inputs, and Q is the number of comic books produced.

A. Does this production process exhibit increasing, decreasing, or constant returns to scale? Explain.

B. If the number of old jokes is 100, write an expression for the marginal product of cartoonists' labor as a function of L.

C. Is the marginal product of labor decreasing, constant, or increasing as the amount of labor increases? Explain.

Reference no: EM13221730

Questions Cloud

What actions should jason take to obtain a contractor : What actions should Jason take to obtain a contractor to do the work? What project management tools can Jason use to facilitate obtaining a contractor to do the work?

What is optimal mix between x and y in johns market : John receives utility from consuming X and Y as given by the utility function U(X,Y) = XY. The price of X is $9, and the price of Y is $12. a. What is John's MRS (marginal rate of substitution) b. What is the optimal mix (ratio) between X and Y in ..

Explain the original no2 remains if the rate constant : How long will it take in minutes until 42% of the original NO2 remains if the rate constant is 0.0066L/(mol sec) and the initial amount of NO2 is 0.45 mol/L?

Define electric potential energy associated with an electron : the electric potential energy associated with an electron and a proton is -4.35*10^-18 j. what is the distance between these two charges?

Is the marginal product of labor decreasing or constant : Touchie MacFeelie publishes comic books. The only inputs he needs are old jokes and cartoonists' labor. His production function is Q = 0.1 * J1/2L Where J is the number of old jokes used, L the number of hours of cartoonists' labor used as inp..

Find the mad based on the 2-year moving average forecast : Find the MAD based on the 2-year moving average forecast in part (a) (Hint: You will have only 3 years of matched data.)

Explain the existence of the atom : Centuries before any experiments had been carried out, philosophers had proposed the existence of the atom. Why are the proposals of these philosophers not considered theories?

How would you apply the strategy in in your decision : How would you apply the strategy in in your decision to select or not select the candidate? Include the selected strategy in your response.

Determine will the airline stay in business for long : EA finds out that two different types of people fly to Honolulu. Type A consists of business people with a demand of QA = 260 - 0.4P. Type B consists of students whose total demand is QB = 240 - 0.6P. Because the students are easy to spot.

User Account

All Pages