64 723
Assignments Done
99,4%
Successfully Done
In September 2018

Answer to Question #68099 in Microeconomics for aretin bella

Question #68099
1.The Bell Corp manufactures plastic broom and mop holders, and the production function for these holders is expressed as:


Q = 50 L.8K.2


Where: Q = number of plastic holders produced per day

L = units of labor input per day

K = units of capital input per day.

Let K = 1000 and L = 100

Calculate the average product of labor and the marginal product of labor.





2.A firm has a production function:

Q= 5L.8K.25


Where : Q = number of metal stampings produced per day

L = unit of labor input per day

K = unit of capital input per day

Labor is a variable input, whereas capital is a fixed input. The selling price of Q is RM9.00 per unit; The purchase price of capital is RM 100 per unit; and the purchase price of labor is RM20 per unit.

If K is fixed at 100 units, determine the number of units of labor to purchase each day in order for the firm to maximize profit.
Expert's answer
Dear aretin bella, your question requires a lot of work, which neither of our experts is ready to perform for free. We advise you to convert it to a fully qualified order and we will try to help you. Please click the link below to proceed: Submit order

Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be first!

Leave a comment

Ask Your question

Submit
Privacy policy Terms and Conditions