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The production function of a small shop that frames pictures is
Q = 5 √LK
where Q is the number of pictures framed per day, L is labor hours and K is the machine hours.
Suppose 9 labor hours and 9 machine hours, are used every day, what is the maximum number of pictures that can be framed in a day? Calculate the marginal product of labor when 9 labor hours are used each day together with 9 machine hours. Suppose the firm doubles both the amount of labor and machine hours used per day, calculate the increase in output. Comment on the returns to scale in the operation.
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Suppose that the government is the only provider of water. The market demand function reads D: Q(P) = 50 - 2P. The government''s total cost for producing water are described as fol
Price elasticity of demand The price elasticity of demand is defined as the degree of sensitiveness or responsiveness of demand for a commodity to the changes in its price. Mo
scope of marginal costing
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Is a “perfectly competitive market” an efficient mechanism for the allocation of scarce resources? When it is, explain why. When it is not, document reasons for either inefficient
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