The manager of a national retailing outlet recently hired an economist to estimate the firm's production function. Based on the economist's report, the manager now knows that the firm's production function is given by and that capital is fixed at 1 unit. a. Calculate the average product of labor when 9 units of labor are utilized. b. Calculate the marginal product of labor when 9 units of labor are utilized. c. Suppose the firm can hire labor at a wage of $10 per hour and output can be sold at a price of $100 per unit. Determine the profit-maximizing levels of labor and output. d. What is the maximum price of capital at which the firm will still make nonnegative profits
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “The manager of a national retailing outlet recently hired an economist to estimate the firm's production function. Based on the economist's ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
In using the net present value method, only projects with a zero or positive net present value are acceptable because: a. the return from these projects equals or exceeds the cost of capital b.
Answers (1)
A leader who allows a team to figure out how to reach their own goals is displaying this leadership style.
Answers (1)
East Ridge Company is considering a capital project that delivers a $50,000 annual net cash flow before tax. The investment will result in annual depreciation expense of $10,000 over the project's four-year useful life.
Answers (1)
All insurance is based on a principle called A. premium earnings. B. cash value coverage. C. investment premiums. D. division of risk.
Answers (1)
Which of the following economic term refers to the situation where one country can manufacture and export automobiles at a lower cost than its competitors?
Answers (1)
New Questions in Business
2. Let's work out a simple example where a person smooths her consumption over time. Gwen is a real estate agent, and she knows that she will have some good years and some bad years.
Answers (1)
What is the process of an economy's increasing industrialization, standard of living, and economic wealth.
Answers (2)
the context of bringing the code of ethics of a company to life, which of the following statements is true when experts try to advocate a forceful, integrated approach to ethics?
Answers (1)
Privatisation leads to ... A) Lower productivity and lower profit B) Higher productivity and higher profit C) Higher productivity and lower profit D) lower producitivity and lower profit
Answers (1)
As of December 31, 2019, Armani Company's financial records show the following items and amounts. Cash $ 10,000 Accounts receivable 9,000 Supplies 6,000 Equipment 5,000 Accounts payable 11,000 A. Armani, Capital, Dec. 31, 2018 16,000 A.
Answers (1)