Business, 19.11.2019 05:31 student0724
The short-run production function of a competitive firm is given by f(l)=6l2/3, where lis the amount of labor it uses. (for those who do not know calculus—if total output is alb, where a and b are constants, and where l is the amount of some factor of production, then the marginal product of l is given by the formula ablb? 1.) the cost per unit of labor is w = 6 and the price per unit of output is p = 3.
plot a few points on the graph of this firm’s production function and sketch the graph of the production function, using blue ink. use black ink to draw the isoprofit line that passes through the point (0, 12), the isoprofit line that passes through (0, 8), and the isoprofit line that passes through the point (0, 4). what is the slope of each of the isoprofit lines? ( indicate the slopes on your graph clearly for each line)
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The short-run production function of a competitive firm is given by f(l)=6l2/3, where lis the amount...
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