If Y=K^(0.5) L^(0.5), and capital is equal to 4, and labour is equal to 8, what is theMPL?O0.369657341O 0.339935008O 0.316403791O0.297172937

MPL or marginal product of labour is the increase in a firm’s output when one extra unit of labour…

Answered: If Y=K^(0.5) L^(0.5), and capital is…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A firm's production is as follows: Q = 12K2L/3, where L is number of workers and K is number of machines. The firm spent $100,000 for the 81 machines it owns. The selling price of the output is $300, and each worker can be hired for $48. What is the firm's maximum total profit? O $372,000 O $422,000 O $224,000 O $148,000
Does the production function below show constant, increasing, or decreasing returns to scale if the firm increases the quantity of labor and capital used from a. 2L and 2K to 3L and 3K? b. 4L and 4K to 6L and 6K? Required: Provide graphs, solution and assumption. Capital (K) 1 2 3 4 5 6 1 3 7 10 12 12 10 2 8 18 23 28 28 24 3 12 28 33 36 36 31 Labor (L) 4 14 30 36 40 40 36 5 14 30 36 40 42 40 6 12 28 33 36 40 39 I
14 of 38 Which of the following statements is true? O A. The MP of labour is increasing at short run because the stock of capital is fixed. O B. The MP of labour, after an increase at the beginning, is declining while remaining positive at short run. O C. Adding more labour will produce progressively greater increments of output. O D. The MP of labour is always negative at short run. Unsure
Workers Pizza Fixed cost in $ per day per day Variable cost in S TC per day 400 per day [25 (75 400 200 6 00 750 850 400 350 450 115 400 145 400 600 lo00 1200 170 400 800 8. Referring to the table above, when the second worker is hired, the marginal cost per pizza is equal to: a) $3 b. $75 750-600 75-25 150 ATC %3D 5u C. $50 d. $150 Duutp Dout 際ATC
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A perfectly competitive firm's production function is Q=8LK where Q is the amount produced, L is the amount of labour hired and Kis the amount of capital used. P is the price that the firm gets for its product. What is the marginal revenue product of labour? PL 8L 8PK 16PK

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If Y=K^(0.5) L^(0.5), and capital is equal to 4, and labour is equal to 8, what is the MPL? O0.369657341 O 0.339935008 O 0.316403791 O0.297172937