For the equations below, q is the total number of units produced per day by m employees of a manufacturer, and p is the price per unit at which the q units are sold. Find the marginal-revenue product for the given value of m. q= 500m-m² 50 p=-0.9q+40; m = 80 The marginal-revenue product when m = 80 is (Type an integer or a decimal.)
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- For the equations below, q is the total number of units produced per day by m employees of a manufacturer, and p is the price per unit at which the q units are sold. Find the marginal-revenue product for the given value of m. 500m - m? = b p= - 0.4q + 20; m = 60 50 ..... The marginal-revenue product when m = 60 is (Type an integer or a decimal.)Emco Company has an assembly line of fixed size A. Total hourly output is a function of the number of workers (crew size) as shown in the following schedule: Crew Size Total Output (No. of Workers) (No. of Units) 0 0 1 10 2 35 3 50 4 55 5 59 6 60 7 60 8 58 (a) Determine the marginal productivity of labor. (b) If the output is priced at $10/unit and the worker's wage is $40/hour, what is the optimal crew size?When the quantity of a variable input is increased from 3 units to 4 units the total output increases from 70 units to 85 units the marginal product of the variable input is 15 units? True/False
- dien There are two factors in a production function y = x 113 x₂¹1³. The market price of each unit ofy is p=3, and the factor prices are w₁=1 and W₂=2 for x₁ and X₂ respectively. variable (a). Calculate your cost function as a function of y if X, and x₂ are both barible factors. (b). Now derive the functions of average and marginal cost and plot them against quantity (C). Solve for your optional output of y. Calculate the ratio of two factors (X₁/X₂) (d). In the short run the fixed factor is set at X₂=1. What is the new optimal output level now?The amount of fish caught per week on a trawler is a function of the crew size assigned to operate the boat. The following table shows the total and marginal products of labor for a trawler. Crew Size (L) (No. of Workers) Amount of Fish Caught per Week ( Q) (Hundreds of Lbs) Marginal Product ( MPL) (Hundreds of Lbs) 5 15 10 30 15 55 25 80 25 95 15 105 10 110 5 10 110 11 105 -5 12 95 -10 Suppose the owner of the trawler can sell all the fish caught for $75 per 100 pounds and can hire as many crew members as desired by paying them $1,125 per week. Assuming that the owner of the trawler is interested in maximizing profits, what is the optimal crew size? workers |2 3 4 5 67 8 9을What is the slope of an iso-cost line equal to and why? Provide mathematical explanation
- The short-run production function for a manufacturer of portable power banks is shown at the right. Based on this information, calculate the average product at each quantity of labor. (Your answers should be whole numbers.) Input of Labor (workers per week) 0 Total Output of Portable Power Banks Average Product -0 1 2 3 4 28 5 30 6 30 222233. 10 18 24Emco Company has an assembly line of fixed size A. Total output is a function of the number of workers (crew size) as shown in the following schedule: Crew Size Total Output No. of Workers) (No. of Units) 1 10 2 35 3 50 4 56 5 59 6. 60 7 60 8 58 Determine the following schedules: |(a) Marginal productivity of labor (b)Average productivity of labor (c) Elasticity of production with respect to labor (d) Draw and Show relationship MP, & APCan we outsource an IT Function? Give at least (3) risks or disadvantages of outsourcing the IT function.
- a) SUPPOSE A FRIM PRODUCE OUTPUT USING THE PRODUCTION FUNCTION Q= 5KL .WAGE RATE FOR HIRING LABOR IS 200 AN HOUR AND COST OF USING CAPITAL IS 100 PER HOUR. FIND OUT THE OPTIMAL QUANTITIES OF LABOR(L*) AND CAPITAL(K*) TO PRODUCE 1000 UNITS OF OUTPUT? ALSO SHOW THE RESULT GRAPHICALLY AND INTERPRET .The amount of fish caught per week on a trawler is a function of the crew size assigned to operate the boat. Based on past data, the following production schedule was developed: CREW SIZE (NUMBEROF WORKERS) AMOUNT OF FISH CAUGHT PERWEEK (HUNDREDS OF LBS) 2 3 4 5 6 7 8 9 10 11 12 3 6 11 19 24 28 31 33 34 34 33 a. Over what ranges of workers are there (i) increasing, (ii) constant, (iii) decreasing, and (iv) negative returns?b. How large a crew should be used if the trawler owner is interested in maximizing the total amount of fish caught?c. How large a crew should be used if the trawler owner is interested in maximizing the average amount of fish caught per worker?The amount of fish caught per week on a trawler is a function of the crew size assigned to operate the boat. Based on past data, the following production schedule was developed: CREW SIZE (NUMBEROF WORKERS) AMOUNT OF FISH CAUGHT PERWEEK (HUNDREDS OF LBS) 2 3 4 5 6 7 8 9 10 11 12 3 6 11 19 24 28 31 33 34 34 33 a. Over what ranges of workers are there (i) increasing, (ii) constant, (iii) decreasing, and (iv) negative returns?b. How large a crew should be used if the trawler owner is interested in maximizing the total amount of fish caught?c. How large a crew should be used if the trawler owner is interested in maximizing the average amount of fish caught per worker? Expert Solution arrow_forward Step 1 The marginal and average product of the worker or labor is useful in calculating the amount of fish that the workers can catch as well as in the real industries also. If the company calculates the average and marginal products, the company can decide on how to…