6. Given the productivity function of a certain firm to be: Q = -4lnL-L²+ 6L Find the number of laborers beyond which diminishing returns start to appear.
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- Consider the augmented production function Y equals A K to the power of 1 divided by 3 end exponent open parentheses H N close parentheses to the power of 2 divided by 3 end exponent, where Y is output, A is total factor productivity, K is capital, N is the number of workers, and H is average years of education. Suppose that A=2, K=8, and N=1000. What is the average product of labor (or output per worker) if H is 15.7?''A firm should never employ another worker if the new person causes diminishing returns''. Is statement correct? if so why? if not explain why not?The states that the marginal physical product of a variable input will decline as more of the input is employed with a given quantity of other fixed outputs. law of increasing returns labor market efficiency rule minimum wage requirement law of diminishing returns
- Assume that the production function of a firm is Q = L0.23K0.10. L = labor, K = capital.Referring to the information given,i. Calculate the technical suit replacement rate (MRTS) of the firm? ii. Calculate the value and explain the form of return according to the scale (return to scale) of the firmthe?Q2.The hiring of labour with fixed factor of production under short run after sometimes leadsto increase in cost only. What’s your opinion at what stage of production producer shouldmake addition in labour, identify which concept in economics explains the whole situation,and justify your answer why it happens with the help of table and diagrams?10. If over the range of positive marginal product, the short-run total product of factor A in the production of X is given by the equation: X=aA +b A2 – A3 Where a, and b are positive constants, and if the average product of A is maximized when X=100, then the marginal product of A must be greater than the average product when X=50. True or False ?. Prove your answer.
- kindly give the relevant term or concept 1. the addition to total output when one more worker is hired, ceteris paribusQ5. The hiring of labour with fixed factor of production under short run after sometimes leads to increase in cost only. What’s your opinion at what stage of production producer should make addition in labour, identify which concept in economics explains the whole situation, and justify your answer why it happensExplain the difference between diminishing total returns and diminishing marginal returns to labor.
- Why does the learning curve apply mainly to direct rather than indirect labor?1. Consider a firm with Total Output function (Production Function) given by Q = 6L2 – 0.4L3, where L is variable labor input. The firm is faced with the decision to hire the optimal number of workers in order to maximize its output level. (a) Obtain the Marginal Product function. (b) Find the Average Product function. (c) Determine the level of employment that would maximize the firm’s output level. (d) Verify that the second-order condition is met for the firm's output maximum.True or false The law of diminishing returns implies that the marginal product of labor (MPL) is increasing as labor input increases.