Q1 short-term production function q 50l 6l2

Q1 short-term production function q 50l 6l2 - 05l3a when

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Reference no: EM13353825

Q. 1. Short-term production function: Q = 50L + 6L2 - 0.5L3

a. When the law of diminishing returns does begin to take effect?

b. Calculate the value range of labor throughout phases 1, 2 and 3.

c. Suppose that each worker makes $ 10 an hour and works 40 hours for every week. How many workers we hire if the product price is $ 10. Suppose the price falls to $ 7.50. What would be a short-term impact on the production of the corporation? Illustrate what would be the long term?

2. Suppose the production function of the company is
Q = 7V - 0.5V2

V stands for the number of employees and Q stands for production working 8 hours a day

a. Develop a production plan from 1 to 10 V

b. Calculate the average and marginal products

c. Weekly hours worked are 40 and the product price is $ 5.00

d. Identify the three stages.

Reference no: EM13353825

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