Ask Basic Economics Expert

Suppose that a firm's production function is Q= F(L)= L-200L+ 10,000L. Its marginal product of labour is MPL = 3L- 400L + 10,000. At what amount of labour input are the firm's average and marginal product of labour equal? Confirm that the average and marginal product curves satisfy the relationship discussed in the text.

Basic Economics, Economics

  • Category:- Basic Economics
  • Reference No.:- M91808090
  • Price:- $10

Priced at Now at $10, Verified Solution

Have any Question?


Related Questions in Basic Economics

Track of CPI and importance of CPI Problem: Why do economists try to keep track of the

Problem: Why do economists try to keep track of the CPI and the importance of CPI? Be detailed in your response and provide examples also.

Determining the fixed and variable costs

Question: When looking at firms, you will find that they are facing many challenges to estimate when to continue to operate. The challenge that a firm is going to face is to measure their fixed and variable costs. What a ...

Challenges that a firm is going to face Question: When looking at firms, you will find

Question: When looking at firms, you will find that they are trying to deal with their changes in revenue. One of the major challenges that a firm is going to face is how to evaluate their costs to ensure that they can b ...

Quality standards for small particulate Problem: In July 1997, the EPA announced new air

Problem: In July 1997, the EPA announced new air quality standards for small particulate matter (2.5 micrometers in diameter) referred to as PM2.5.  Previously particulate matter less than 10 microns in diameter were reg ...

Market for alcohol in a large metropolitan area

Question: Suppose that the market for alcohol in a large metropolitan area, the local government is concerned about the number of DUI's and has decided to impose a sin tax on alcohol sales. If demand in this market is in ...

Government in a competitive market Problem: Suppose a price floor of $30 is imposed by

Problem: Suppose a price floor of $30 is imposed by government in a competitive market where demand and supply are given by Q d  = 100 - 2P and Q s  = 5 + 3P. Calculate the resulting Q d , Q s  and the market surplus. Wh ...

Computing the competitive market Problem: In a competitive market, the market demand is Q

Problem: In a competitive market, the market demand is Q d  = 400 - 5P and the market supply is Q s  = 10P - 80. Explain what will happen in this market to the amounts of Q d  and Q s  if a price ceiling of $25 is impose ...

Determining the Taxpayer Relief Act Problem: The Taxpayer Relief Act of 1997 created the

Problem: The Taxpayer Relief Act of 1997 created the Roth IRA, which permits qualifying individuals to make after-tax retirement contributions of up to $2,000 annually. Contributions to a Roth IRA are not tax-deductible, ...

How is monetary policy set Question 1: How is monetary policy set? Who sets monetary

Question 1: How is monetary policy set? Who sets monetary policy? How does this policy affect inflation, the economy? Question 2: What are the four functions of money? Please define each of the four functions. Question 3 ...

Expenditure versus income approach Answer the following questions: in 2-3 pages Define

Answer the following questions: in 2-3 pages Define GDP and discuss how it is measured. Compare and contrast the expenditure versus income approach. What are some of the drawbacks of using GDP to measure economic well-be ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As