User Account

All Pages

Particular type of skilled labor

Assignment Help Business Management
Reference no: EM131105997

In the short run, a particular type of skilled labor is the only variable factor used by a firm. The manager of the firm has estimated that the marginal product of labor is given by MPL = a - b L, where a and b are numbers to be specified below. The hourly wage is w, and each unit of output can be sold in a competitive market at a market price P. If w = $78, P = $25, a = 50, b = 2, and the firm is employing L = 22, then based on this information

  • The firm is using the optimal (profit-maximizing) amount of labor
  • The firm can increase its profits by reducing the amount of labor used
  • The firm can increase its profits by increasing the amount of labor used
  • The law of diminishing returns does not hold

 

Reference no: EM131105997

Questions Cloud

Assume that parts arrive at a machining center : Assume that parts arrive at a machining center at a rate of 60 parts per hour. The machining center is capable of processing 75 parts per hour-that is, the mean time to machine a part is 0.8 minute.
What are the general rules for measuring and recognizing : What are the general rules for measuring and recognizing gain or loss by both the debtor and the creditor in an impairment?
Do exponentially distributed random numbers : Do exponentially distributed random numbers have the memoryless property? Here is one way to find out. Generate many exponentially distributed random numbers with mean 3, using the formula in the previous problem.
What component of this comes from combustion of octane : Select a passenger car and calculate the efficiency of the vehicle in converting chemical energy from combustion into kinetic energy.
Particular type of skilled labor : In the short run, a particular type of skilled labor is the only variable factor used by a firm. The manager of the firm has estimated that the marginal product of labor is given by MPL = a - b L, where a and b are numbers to be specified below.
Generate random numbers in a spreadsheet : You can easily generate random numbers in a spreadsheet that have an exponential distribution with a given mean. For example, to generate 200 such numbers from an exponential distribution with λ = 1/3, enter the formula = - 3*LN(RAND()) in cell A4..
Annual growth rate would be less than 10%. true or false : If a firm's earnings per share grew from $1 to $2 over a 10-year period, the total growth would be 100%, but the annual growth rate would be less than 10%. True or false? Explain.
Question regarding the total revenue from sales : Currently, P = $15 and I = $25,000. Based on this information, if you decide to increase the price by 10%, your total revenue from sales will
The exponential distribution and a poisson process : Explain the basic relationship between the exponential distribution and a Poisson process. Also, explain how the exponential distribution and the Poisson distribution are fundamentally different.

Reviews

Write a Review

Business Management Questions & Answers

  Organizational function at microsoft

Organizational Function at Microsoft - Evaluate how the organizational functions of Human Resources and Operations impacts the organizational structure of Microsoft.

  What are the incentive effects on the manufacturing units

What are the incentive effects on the manufacturing units of the current basis for allocating maintenance costs? What would be a more desirable way, if any, for allocating these costs? Explain your answer.

  Describe how the cultural differences in ethics might affect

Describe how the cultural differences in ethics might affect the multinational corporation in this scenario.

  Performance measurements

Performance Measurements

  Cultural analysis of the host country showcase

A detailed Cultural analysis of the host country Showcase and explain some unique cultural components of your chosen host country.

  Difference between twitter and instant messaging

Question 1: What is the difference between Twitter and Instant Messaging? Question 2: List and briefly discuss three (3) benefits of a business-related social media strategy.

  Team building activities sponsored by companies are

team building activities sponsored by companies are becoming more and more popular. many managers believe that they can

  Explain and design a selection procedure like interview

Explain and Design a selection procedure (interview, job sample performance test and cognitive ability test)

  The united kingdom and the united states

Science Question Parliamentary and Presidential SystemsAs we turn our focus to the international realm, let's take a moment to compare the governmental systems of the United Kingdom and the United States.

  Which of the following about a capitalist system is correct

Which of the following about a capitalist system is correct? Consider two used-car dealers: Bob's Better Wheels and Dewey, Cheatum, and Howe Motors. Their prices are basically the same for similar vehicles even as their advertising screams that the..

  The strategies and recommendations must be as specific

The strategies and recommendations must be as specific as possible and include the resources needed for implementation

  The woodruff corporation purchased a piece of equipment

The Woodruff Corporation purchased a piece of equipment three years ago for $230,000. It has an asset depreciation range (ADR) midpoint of 8 years. The old equipment can be sold for $90,000. A new piece of equipment can be purchased for $320,000. It ..

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