Holding capital fixed at K=2 units, the firm’s production table shows when labor units (L) = 1, output (Q)=5; L=2, Q=11; L=3, Q=16; L=4, Q=20; L=5,…

Holding capital fixed at K=2 units, the firm’s production table shows when labor units (L) = 1, output (Q)=5; L=2, Q=11; L=3, Q=16; L=4, Q=20; L=5, Q=22. Also, the firm can sell each unit of output at a price P=$2.

If so, the marginal product of labor MPL for the 4th unit of labor is ____.

Question options: I answered C, 16. Is this correct

a) 

20

b) 

8

c) 

16

d) 

4

Question 12

0 / 1 point

You estimate a short-run production function to be Q = 16L0.8 which gives a Marginal Product of Labor function MPL = 0.8*16L-0.2 = 12.8/L0.2 If the product made by the labor sells at a price P=$8 per unit, then the Marginal Revenue Product of Labor MRPL for the 100th labor unit is ______. If labor costs wage = $46 per labor unit, then the firm ______ hire the 100th labor unit.

Question options: I answered D, $52.6; should. Is this correct?

a) 

$40.8; should not

b) 

$47.6; should

c) 

$35.7; should not

d) 

$52.6; should

Question 13

0 / 1 point

You estimated a short-run production function to be Q = 10L0.5 where L is units of labor. If so, the Marginal Product of Labor for the 16th unit of labor is _______.

Question options: I answered C, 3.75. Is this correct?

a) 

5.0

b) 

1.25

c) 

3.75

d) 

2.5

Show more







Calculate Your Essay Price
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more

Order your essay today and save 10% with the coupon code: best10