Business, 19.11.2019 05:31 student0724

The short-run production function of a competitive firm is given by f(l)=6l2/3, where lis the amount of labor it uses. (for those who do not know calculus—if total output is alb, where a and b are constants, and where l is the amount of some factor of production, then the marginal product of l is given by the formula ablb? 1.) the cost per unit of labor is w = 6 and the price per unit of output is p = 3.
plot a few points on the graph of this firm’s production function and sketch the graph of the production function, using blue ink. use black ink to draw the isoprofit line that passes through the point (0, 12), the isoprofit line that passes through (0, 8), and the isoprofit line that passes through the point (0, 4). what is the slope of each of the isoprofit lines? ( indicate the slopes on your graph clearly for each line)

Answers: 3

Show answers

Another question on Business

Business, 22.06.2019 08:40

Gerda, a real estate agent, is selling a moderately priced house in a subdivision. she knows from her uncle that the factory being built half a mile from the subdivision will be manufacturing dog food, using a process that creates a very strong odor that permeates the surrounding neighborhood. a buyer, who is unaware of the type of factory under construction, makes an offer on one of the houses gerda is selling, and within a short time, the deal goes through. what does this scenario best illustrate?

Answers: 3

Answer

Business, 22.06.2019 16:00

Winners of the georgia lotto drawing are given the choice of receiving the winning amount divided equally over 2121 years or as a lump-sum cash option amount. the cash option amount is determined by discounting the annual winning payment at 88% over 2121 years. this week the lottery is worth $1616 million to a single winner. what would the cash option payout be?

Answers: 3

Answer

Business, 22.06.2019 19:00

The market demand curve for a popular teen magazine is given by q = 80 - 10p where p is the magazine price in dollars per issue and q is the weekly magazine circulation in units of 10,000. if the circulation is 400,000 per week at the current price, what is the consumer surplus for a teen reader with maximum willingness to pay of $3 per issue?

Answers: 1

Answer

Business, 22.06.2019 19:40

An increase in the market price of men's haircuts, from $16 per haircut to $26 per haircut, initially causes a local barbershop to have its employees work overtime to increase the number of daily haircuts provided from 20 to 25. when the $26 market price remains unchanged for several weeks and all other things remain equal as well, the barbershop hires additional employees and provides 40 haircuts per day. what is the short-run price elasticity of supply? nothing (your answer should have two decimal places.) what is the long-run price elasticity of supply? nothing (your answer should have two decimal places.)

Answers: 1

Answer

You know the right answer?

The short-run production function of a competitive firm is given by f(l)=6l2/3, where lis the amount...

Questions