Need some help with some problems, I don't really understand Marginal Product or Average Product.
A Production function for hairnets during a particular period can be given by:
q=f(K,L)=(600K^2)(L^2)-(K^3)(L^3)
Let K=10
Calculate Marginal Product of L and Average Product of L
When MP of L = 0 what is the value of L
(Isnt the Marginal Product the derivative of the function?)
Then the second problem gets tougher.
Professors Steele and Wenzel are going to produce a new textbook, they have laid out the production function for the book as:
q=(S^.5)(W^.5)
Where q = number of pages in the finished book
S = number of working hours spent by Steele
W = number of working hours spent by Wenzel
Steele values his labor at $3 per working hour and Wenzel at $12 per working hour.Steele has spent 900 hours preparing the first draft and Wenzel will review revise Smith's draft.
How many hours will Wenzel have to spend to produce a finished book of 150 pages? 300? or 450?
What is the marginal cost of the 150th page of the finish book? 300? 450?
A Production function for hairnets during a particular period can be given by:
q=f(K,L)=(600K^2)(L^2)-(K^3)(L^3)
Let K=10
Calculate Marginal Product of L and Average Product of L
When MP of L = 0 what is the value of L
(Isnt the Marginal Product the derivative of the function?)
Then the second problem gets tougher.
Professors Steele and Wenzel are going to produce a new textbook, they have laid out the production function for the book as:
q=(S^.5)(W^.5)
Where q = number of pages in the finished book
S = number of working hours spent by Steele
W = number of working hours spent by Wenzel
Steele values his labor at $3 per working hour and Wenzel at $12 per working hour.Steele has spent 900 hours preparing the first draft and Wenzel will review revise Smith's draft.
How many hours will Wenzel have to spend to produce a finished book of 150 pages? 300? or 450?
What is the marginal cost of the 150th page of the finish book? 300? 450?