er's ownership land rental ecropping r E's production function is y = 20 x VT (Yis the final output, Lis labor input) ng to theory, E's effort will be the lowest under which ownership? ( you should be able to answer this question without calc ng to theory, E will be facing the lowest level of risk under which land ownership? ng E is working under a fixed land rental contract, with a yearly rent of 50. His twin brother F, who has exactly the same pro , is working with a different landlord who charges 20% of the yearly revenue. Why? calculation) What is farmer E's profit function? calculation) What is his brother F's objective function? How is the optimal effort defined? ( only explain the concept) calculation) How much labor would E invest in his land ( He knows exactly how his profit function looks like ) ? nuch profit could he make under optimal effort? Assume his twin brother F doesn't know how to optimize his resource like E, instead, F decides to just copy E's behavior (I mount of effort into his land as E). Will this decision bring F the same level of profit as E? calculation) E decides to help his brother out by suggesting a proper effort level based on F's sharecropping contract, what suggested labor input be?

er's ownership land rental ecropping r E's production function is y = 20 x VT (Yis the final output, Lis labor input) ng to theory, E's effort will be the lowest under which ownership? ( you should be able to answer this question without calc ng to theory, E will be facing the lowest level of risk under which land ownership? ng E is working under a fixed land rental contract, with a yearly rent of 50. His twin brother F, who has exactly the same pro , is working with a different landlord who charges 20% of the yearly revenue. Why? calculation) What is farmer E's profit function? calculation) What is his brother F's objective function? How is the optimal effort defined? ( only explain the concept) calculation) How much labor would E invest in his land ( He knows exactly how his profit function looks like ) ? nuch profit could he make under optimal effort? Assume his twin brother F doesn't know how to optimize his resource like E, instead, F decides to just copy E's behavior (I mount of effort into his land as E). Will this decision bring F the same level of profit as E? calculation) E decides to help his brother out by suggesting a proper effort level based on F's sharecropping contract, what suggested labor input be?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Ch07. ppt (Compatibility Mode] - Microsoft PowerPoint SIGN ANIMATIONS SLIDE SHOW TRANSITIONS REVIEW VIEW -|24 - AA E-E-E . lh Text Direction Align Tert- Shape Fil- 7 Shape Outline- Convert to SmAn- } Stvles - O Shape Effects Layout Reset BIUS A- Aa A Arrange Quick Section- es Font Paragraph Drawing Optimal Level of Variable Input Usage • Define the following • Total Revenue Product (TRP) = Q•P • Marginal Revenue Product (MRP) = ATRP A(Q P) P•AQ = P• MP AX AX AX • Total Labor Cost (TLC) =w•X ATLC = W • Marginal Labor Cost (MLC) = AX 2003 Prentice Hall Business Publishing Managerial Economics, 4/e Keal/Young NOTES COMMENTS Mehwish Bhatti's screen
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urgent i will 5 upvotes both answers.
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