1. In the short run, the marginal product of labor increases then decreases because of what?...
1. In the short run, the marginal product of labor increases then decreases because of what?
2. Assume that Al's paint shop operates in a perfectly competitive market and its total cost is given by TC=150+240Q-12Q^2+2Q^3. The level of output that minimizes the average variable cost is? (Explain Answer)
A. 0
B. 6
C. 4
D.3
3. The price level at which "Al's paint shop" will decide to shut down is?
A. $1,032
B. $200
C. $222 (Answer but need explanation)
D. $240
Homework Answers
1) MPL falls due to diminishing returns to labor, as more & more units of input is used, then after a point, MPL will start decreasing
2)
Add Answer to:
1. In the short run, the marginal product of labor increases
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competitive market. each identical firm has a short run total cost
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thousands of boxes per week. calculate the output for the price
below which a firm in the market will not produce any output in the
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a 2^1/2
b. 2
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d. 1/square root of 2
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cardboard boxes are produced in a perfectly
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curve of TC= 3Q^3 - 12Q^2 +16Q + 100, where Q is measured in
thousands of boxes per week. calculate the output for the price
below which a firm in the market will not produce any output in the
short run. ( i.e., the output for the shut down price)
a 2^1/2
b. 2
c. 1/2
d. 1/square root of 2
2)...
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