You are a manager at Glass Incorporated—a mirror and window supplier. Recently, you conducted a study of the production process for your single-side encapsulated window. The results from the study are summarized in the following table and are based on the 8 units of capital currently available at your plant. Each unit of labor costs RM 60, each unit of capital is RM 20, and your encapsulated windows sell for RM 12 each. Labor L Capital K Output Q Marginal Product of Labor MPL Average Product of Labor APL Average Product of Capital APK Value Marginal Product of Labor VMPL 0 8 0 1 8 10 2 8 30 3 8 60 4 8 80 5 8 90 6 8 95 7 8 95 8 8 90 9 8 80 10 8 60 11 8 30 What is the VMPk value.
You are a manager at Glass Incorporated—a mirror and window supplier. Recently, you conducted a study of the production process for your single-side encapsulated window. The results from the study are summarized in the following table and are based on the 8 units of capital currently available at your plant. Each unit of labor costs RM 60, each unit of capital is RM 20, and your encapsulated windows sell for RM 12 each. Labor L Capital K Output Q Marginal Product of Labor MPL Average Product of Labor APL Average Product of Capital APK Value Marginal Product of Labor VMPL 0 8 0 1 8 10 2 8 30 3 8 60 4 8 80 5 8 90 6 8 95 7 8 95 8 8 90 9 8 80 10 8 60 11 8 30 What is the VMPk value.
Chapter9: Production Functions
Section: Chapter Questions
Problem 9.7P
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Question
You are a manager at Glass Incorporated—a mirror and window supplier. Recently, you conducted a study of the production process for your single-side encapsulated window. The results from the study are summarized in the following table and are based on the 8 units of capital currently available at your plant. Each unit of labor costs RM 60, each unit of capital is RM 20, and your encapsulated windows sell for RM 12 each.
Labor L |
Capital K |
Output Q |
Marginal Product of Labor MPL |
Average Product of Labor APL |
Average Product of Capital APK |
Value Marginal Product of Labor VMPL |
|
0 |
8 |
0 |
|
|
|
|
|
1 |
8 |
10 |
|
|
|
|
|
2 |
8 |
30 |
|
|
|
|
|
3 |
8 |
60 |
|
|
|
|
|
4 |
8 |
80 |
|
|
|
|
|
5 |
8 |
90 |
|
|
|
|
|
6 |
8 |
95 |
|
|
|
|
|
7 |
8 |
95 |
|
|
|
|
|
8 |
8 |
90 |
|
|
|
|
|
9 |
8 |
80 |
|
|
|
|
|
10 |
8 |
60 |
|
|
|
|
|
11 |
8 |
30 |
|
|
|
|
- What is the VMPk value.
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