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20 Nov 2019
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301 Intermediate Microeconomics. Carrion-Pioes. em Set 34 Production Write an equation for the short-run production function for the firm showing output as a function of labor Calculate the total output produced per hour for L-0,1,2,3,4,and5. Calculate the MPL for L-1 to L-5.Is MPL Diminishing? Explain b. d. Calculate APL for L-1 to L-5. Answer the following questions based on the following production process schedules. Suppose a firm's short-run total product schedule is given in the table below Production ion Production Process (K-1) Process (K-2) Process (K-3)Process (K-4) Production Output Labor Produced Output Labor Produced Output· Labor l produced 120 180 220 240 250 255 230 25 50 70 100 130 150 160 150 180 103 125 132 136 138 168 170 170 168 190 180 175 170 10 10 10 10 140 a. What is the marginal product of hiring the - and 9 worker, when the firm rents 2 units hfre por unts of lyrested in maximizing output, should this company hire 8 or 9 units of labor? Explain. Explain. Write an expression for Ja b. In this case, should the firm hire one additional worker, that is the 10 unit of labor? roduction in the Long-Run 4. Suppose that Jack can hire workers for $12 per hour or rent capital for $7 per hour a. how much capital he employs b. Ass ume Jack wishes to hold their total costs to exactly $100. Use the expression in (a) to find the equation for an isocost line corresponding to exactly $100 of costs. Rearrange the vertical axis each represent? per hour. What happens to the isocost line corresponding to $100 of expenditure orurh thesouatio oatng abor on the horizontal avie and capital on c. Graph the equation for the i d. What is the vertical intercept of the line you drew? The horizontal intercept? What does e. What is the slope of the line you drew? What does it represent? f. Suppose that bargaining with the local labor union raises wages. Jack must Explain. Show the new isocost line on your graph 5. Baldor measures the marginal rate of technical substitution (MRTS) at-3. The prices of labor and capital faced by Baldor are such that- W -4 Is Baldor minimizing costs? Explain. o improve its company situation?
question3
301 Intermediate Microeconomics. Carrion-Pioes. em Set 34 Production Write an equation for the short-run production function for the firm showing output as a function of labor Calculate the total output produced per hour for L-0,1,2,3,4,and5. Calculate the MPL for L-1 to L-5.Is MPL Diminishing? Explain b. d. Calculate APL for L-1 to L-5. Answer the following questions based on the following production process schedules. Suppose a firm's short-run total product schedule is given in the table below Production ion Production Process (K-1) Process (K-2) Process (K-3)Process (K-4) Production Output Labor Produced Output Labor Produced Output· Labor l produced 120 180 220 240 250 255 230 25 50 70 100 130 150 160 150 180 103 125 132 136 138 168 170 170 168 190 180 175 170 10 10 10 10 140 a. What is the marginal product of hiring the - and 9 worker, when the firm rents 2 units hfre por unts of lyrested in maximizing output, should this company hire 8 or 9 units of labor? Explain. Explain. Write an expression for Ja b. In this case, should the firm hire one additional worker, that is the 10 unit of labor? roduction in the Long-Run 4. Suppose that Jack can hire workers for $12 per hour or rent capital for $7 per hour a. how much capital he employs b. Ass ume Jack wishes to hold their total costs to exactly $100. Use the expression in (a) to find the equation for an isocost line corresponding to exactly $100 of costs. Rearrange the vertical axis each represent? per hour. What happens to the isocost line corresponding to $100 of expenditure orurh thesouatio oatng abor on the horizontal avie and capital on c. Graph the equation for the i d. What is the vertical intercept of the line you drew? The horizontal intercept? What does e. What is the slope of the line you drew? What does it represent? f. Suppose that bargaining with the local labor union raises wages. Jack must Explain. Show the new isocost line on your graph 5. Baldor measures the marginal rate of technical substitution (MRTS) at-3. The prices of labor and capital faced by Baldor are such that- W -4 Is Baldor minimizing costs? Explain. o improve its company situation?
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