You were appointed to manage the production facility of

Reference no: EM13375919

You were appointed to manage the production facility of your new factory in Saint John. A think tank estimated the following short-run production relationship between your variable input L (number of workers) and your output per week Q based on some historical data obtained from your old, and currently existing, facility.

Q = 4L + L² - 0.1L³

and the corresponding MP_L is

MP_L = δQ/δL = 4 +2L - 0.3L²

Unfortunately, Mr. Econ, the consultant, did not provide a graphical presentation of your short-run production function and you needed that to complete your report that will be sent to the shareholders in the next general meeting.

(i) Find the total product, average product and marginal product for integer values of L from 1 to 9. Plot the total product on a graph and the average and marginal product on another as shown in class. You do not need to plot those curves to scale, yet you need to show the ináection point, maximum total product, zero marginal product, maximum average product and their associated values.

(ii) If you are in the process of hiring workers, what is the acceptable number of workers that you should be seeking? Why?

Reference no: EM13375919

Questions Cloud

Cost curvessuppose a firm has a total cost functiontc 23q3 : cost curvessuppose a firm has a total cost functiontc 23q3 -q2 30qa derive the mathematical expressions for the mcatc

Production in the long-runsuppose the production function : production in the long-runsuppose the production function of a typical producer is given as where l is labor and k is

Profit maximization in short-runa jeans manufacturer hires : profit maximization in short-runa jeans manufacturer hires workers to sew jeans in its factory and derives the

Instructions unless otherwise stated all true or false : instructions unless otherwise stated all true or false questions require graphical illustration. properly drawn graphs

You were appointed to manage the production facility of : you were appointed to manage the production facility of your new factory in saint john. a think tank estimated the

1 for each of the following two parts you must justify your : 1. for each of the following two parts you must justify your answer. no explanation no credit.nbsp partially correct

In 1989 the detroit free pressand detroit daily newsthe : in 1989 the detroit free pressand detroit daily newsthe only daily newspapers in the city obtained permission to merge

Over the last 30 years in the united states the real price : over the last 30 years in the united states the real price of a college education i.e. after adjusting for inflation

Consider the five basic methods of payment for : consider the five basic methods of payment for international trade. describe the pros and cons of each. if your company

User Account

All Pages