s not maxim

Q: The marginal product of a machine is 10 units of output per hour. The marginal product of labor is 6…

A: When a firm uses only capital and labor in production then the isoquant of a firm shows all the…

Q: Suppose that hiring a third worker at the campus coffee shop increases sales from $115 per hour to…

A: marginal product of a person refers to the additional output by produced by a person when it…

Q: Shan's Dumpling House can produce 100 dumplings, using one worker, and 175 dumpling, using two…

A: Marginal product means the increase in the total output because of addition of one more labor.

Q: At a fast food restaurant, the hourly wage is $9 per worker. The restaurant employs 15 workers per…

A: A profit-maximizing firm that hires labor from the perfectly competitive market and sells its output…

Q: Roland Umbrellas has a production function given by Q = L0.5K0.5. The wage (W) is $80 per day and…

A: At optimal point, marginal rate of substitution is equal to the price ratio of two inputs used in…

Q: You produce shoes (Q) with labor (L) and capital (K).  The production process is as so: Q = 400L -…

A: Answer to the question is a s follows :

Q: What is meant by an inferior factor of production? How would the firm’s demand for labour be altered…

A: In economic representations, factors of production can be described as inputs that are utilized for…

Q: The marginal product of labor (MPL) is defined as

A: The firm would result in profit maximisation by maximising the revenue which would be earned by the…

Q: Differentiate between the Iso quant and Iso cost. If Iso quant is represented by Y = L0.5K0.5. and…

A: A firm derives the maximum amount of profit (or minimum production cost) by choosing the combination…

Q: please help

A: Profit maximization requires price of inputs to be equal to value of Marginal product of inputsP *…

Q: = A firm has a short run production function Q AK0.5L0.5, where A is technology, K is capital set at…

A: In the short run at least input is fixed. In the production function capital is fixed

Q: Problem 51: With the table below showing the firm's outputs given the labor inputs: Labor 1 2 3 4 5…

A: "A profit-maximizing labor quantity occurs at a point where the value of the marginal product of…

Q: Farmer Joe’s production function is f(x1, x2) = x 1/3 1 x 1/3 2 , where x1 is the number of pounds…

A: Given; Farmer Joe’s production function; f(x1, x2) = x11/3x21/3 where; x1 is the number of pounds of…

Q: Consider the following table illustrating the hourly production of zidgets. Furthermore, suppose the…

A: Total cost is the sum of variable cost and fixed cost. Variable cost depends on the units of…

Q: A firm uses labor (L) and capital (K) to produce rocking chairs (Q) with the following production…

A: In the short run capital is fixed and cannot be changed.

Q: If the marginal product of labor increases because of a technological advancement, it will likely…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: The following table gives output for different numbers of workers for Shiny Sleeves, a producer of…

A: Given wages per hour = 10 $ Marginal product = change in Output / change in workers Total wage cost…

Q: Using the figure below, if Company X hires 12 workers what will their marginal product be?

A: The creation of additional output as a result of the additional input that is being placed into the…

Q: The amount of fish caught per week on a trawler is a function of the crew size assigned to operate…

A: Maximizing profits is the point where the total revenue is higher than the total cost incurred by…

Q: The company A produces cars using three inputs, labour (L), capital (K)and talent (X). AČME's…

A: Production Function : Y = X0.5L0.25K0.25 In short run capital is taken to be fixed at, K = 9 So,  Y…

Q: On the following graph, use the blue points (circle symbol) to plot the firm's labor demand curve.…

A: Labour  Output Marginal product of Labour 0 0   1 20 20 2 39 19 3 57 18 4 72 15 5 84 12…

Q: Suppose that labor is the only input used by a perfectly competitive firm. The firm’s production…

A: Disclaimer :- As you posted multiple questions we are supposed to solve the first one only .…

Q: Maria's Umbrellas has a production function given by Q = L0.SKO.5. The wage (W) is $80 per day and…

A: Maximization occurs when the following relation is fulfilled  MPL/MPK = w/r

Q: Consider the following table illustrating the production function of gadgets. Furthermore, suppose…

A: The marginal product of labor denotes the additional output that a firm is able to produce by…

Q: Suppose that firm's short-run 4 a production function is q=10/T – 1. 5.1 Find the level(s) of…

A: Given:

Q: If the marginal product of labor is 50 per day, and if the market is $4.50, calculate the marginal…

A: Given, Marginal Product of labor (MPL)= 50 per day Market price (P) = $4.50

Q: 200 160 Average and Marginal Product 80 40 MP AP 0 10 20 30 40 50 Labor In the figure above, the…

A: The cost per output unit is known as the average cost. The average cost may be calculated by…

Q: Assume that the inputs are the perfect complement, if the price of one input (i.e wage rate) has…

A: Inputs are complement when they are used together in a given proportion.

Q: What is the optimal combination of Capital and Labor under the goal of cost minimization in the long…

A: A basic theory used by an individual like producers in order to determine what mix of labor and…

Q: Which of the following represents the optimal combination of Capital and Labor under the goal of…

A: The marginal rate of technical substitution is the rate at which one factor must decrease when an…

Q: Which of the following statements is true with regards to the law of diminishing marginal returns…

A: The labor market in the economy determines the equilibrium wage rate and equilibrium employment…

Q: Item 9 The following graph shows the marginal and average product curves for labor, the firm's only…

A: When L = 60, TVC = 2,000 x 60 = 120,000 AVC = TVC / Q = 120,000 / 3,600 = $33.33

Q: The value of marginal product of an input is the value of the: Select one: a. total outout produced…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: L MPL VC AFC AVC ATC MC (workers) (units) (units) FC ($) (S) TC (S) ($) (S) ($) ($) 1 400 900 3…

A: Hi Student, Thanks for posting the question. As per the guideline, we are providing answer for the…

Q: You are the owner of a puppet manufacturing company. Suppose that labour is the only variable input…

A: When labor is the only variable factor used in the production process then the marginal cost of…

Q: Con Co. produces a collectible card game. Currently, the price of capital is at $50 and the price of…

A: Marginal product of labor is the output produced when an additional unit of labor is hired in the…

Q: The following table depicts the weekly output of a firm that manufactures computer printers. The…

A: Marginal Revenue Product = MP × Price

Q: 1. Julie needs to hire a plumber.  She is told that the cost of hiring the plumber, C, is determined…

A: Here, the one-time fee is the fixed cost (FC) = $30 Hourly rate is the variable cost (VC) = $40 Let…

Q: In the short run, labor is a hat-making firm’s only variable input. Wage rate is $5.00/hour. The…

A: Marginal cost of a hat, is a cost of producing 1 more unit of hat.

Q: please help

A: Production technologies or production function defines a relationship between the output and inputs.…

Q: The production function of a competitive firm is described by the equation y = 2x11/2 6x21/2. The…

A: We are going to find cost structure in terms of Q and then find Marginal Cost.

Q: happens to the marginal product labor? Y=zF(K,N) Labor (N) O It increases O It decreases O It…

A: The production function depicts the technical association between the quantities of output (Q) that…

Q: jimmy hires only labor and capital at his service shop. The price of labor is $100 per worker per…

A: Fixed cost refers to the cost that remains the same regardless of production. In other words, fixed…