Quantity of operators hired at a weekly wage of $250.

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Answer 1

Question

Chapter 25, Problem 3CQ

(a):

To determine

Quantity of operators hired at a weekly wage of $250.

(b):

To determine

Maximum profit of the firm when the fixed cost is $1,500 per week.

(c):

To determine

Condition of the firm when the market price for each statement falls to $150.

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A firm operates with the production function Q = K2 L. Q is the number of units of output per day when the firm rents K units of capital and employs L workers each day. The manager has been given a production target: to produce 8,000 units per day. She knows that the daily rental price of capital is $400 per unit and the wage rate is $200 day. a. What is the returns to scale of this production function? Show mathematically. b. Currently the firm employs 80 workers per day. What is the firm’s daily total cost if it rents just enough capital to produce at its target? c. Compare the marginal product per dollar spent on K and on L when the firm operates at the input choice in part (b). What does this suggest about the way the firm might change its choice of K and L if it wants to reduce the total cost in meeting its target? Explain your answer very clearly. d. In the long run, how much K and L should the firm choose if it wants to minimize the cost of producing 8,000 units of output a day?…

Answer 2

Question

Chapter 25, Problem 3CQ

(a):

To determine

Quantity of operators hired at a weekly wage of $250.

(b):

To determine

Maximum profit of the firm when the fixed cost is $1,500 per week.

(c):

To determine

Condition of the firm when the market price for each statement falls to $150.

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Answer 3

Question

Chapter 25, Problem 3CQ

(a):

To determine

Quantity of operators hired at a weekly wage of $250.

(b):

To determine

Maximum profit of the firm when the fixed cost is $1,500 per week.

(c):

To determine

Condition of the firm when the market price for each statement falls to $150.

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Answer 4

Question

Chapter 25, Problem 3CQ

(a):

To determine

Quantity of operators hired at a weekly wage of $250.

(b):

To determine

Maximum profit of the firm when the fixed cost is $1,500 per week.

(c):

To determine

Condition of the firm when the market price for each statement falls to $150.

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Answer 5

Chapter 25, Problem 3CQ

(a):

To determine

Quantity of operators hired at a weekly wage of $250.

(b):

To determine

Maximum profit of the firm when the fixed cost is $1,500 per week.

(c):

To determine

Condition of the firm when the market price for each statement falls to $150.

Answer 6

Chapter 25, Problem 3CQ

(a):

To determine

Quantity of operators hired at a weekly wage of $250.

Answer 7

Chapter 25, Problem 3CQ

(a):

To determine

Quantity of operators hired at a weekly wage of $250.

Answer 8

(b):

To determine

Maximum profit of the firm when the fixed cost is $1,500 per week.

Answer 9

(b):

To determine

Maximum profit of the firm when the fixed cost is $1,500 per week.

Answer 10

(c):

To determine

Condition of the firm when the market price for each statement falls to $150.

Answer 11

(c):

To determine

Condition of the firm when the market price for each statement falls to $150.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 25 - Prob. 1CQ Ch. 25 - Prob. 2CQ Ch. 25 - Prob. 3CQ Ch. 25 - Prob. 4CQ Ch. 25 - Prob. 5CQ Ch. 25 - Prob. 6CQ Ch. 25 - Prob. 7CQ Ch. 25 - Prob. 8CQ Ch. 25 - Prob. 9CQ Ch. 25 - Prob. 10CQ

Quantity of operators hired at a weekly wage of $250.

Solution Summary: The author explains that a profit-maximizing firm will only employ an additional labor when the marginal revenue product of the extra labor is greater than the cost of hiring the new labors.

Concept explainers

Quantity of operators hired at a weekly wage of $250.

Maximum profit of the firm when the fixed cost is $1,500 per week.

Condition of the firm when the market price for each statement falls to $150.

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Chapter 25 Solutions