econ question
posted by tofu .
2 questions that im stuck on!!!
1. Suppose a firm has a production function Q = 3(squareroot)N, where N is labour.
Suppose the wage is 3, and the price of the output 4.
(a) Write the Firm profits
(b) Calculate the firm optimal labour choice when the wage is 3.
2. 2. Suppose a fim has a production function Q = 3(squareroot)N, where N is labour.
Suppose the price of the output 4. Derive the firm labour demand
a) I suggest you create a table. Columns are N, Q, Total Revenue, and Profit. Rows are N=1,N=2,...N=5. That is, calculate Q, Total Revenue, and profit when wage=3*N and when N=1, when N=2 and so on. Where is profit maximized?
b) use the table you created in a) How much would the firm pay per worker if it only wanted 1 worker, if it wanted 2 workers, ... if it wanted 5 workers.
fsadf
Respond to this Question
Similar Questions

econ
Suppose a firm produces output using the technology Q=K1/3 L2/3 Find a. The long run cost function b. The short run cost function if capital is stuck at 10 units. c. The profit maximizing level of output as a function of the price … 
managerial economics
Suppose the inverse market demand equation is P = 80 ¡V 4(QA+QB), where QA is the output of firm A and QB is the output of firm B, and both firms have a constant marginal constant of $4. Firm B is the Stackelberg leader in this market. … 
Mathematics in Economy
A firm produces two different kinds A and B of a commodity. The daily cost of producing x units of A and y units of B is C(x,y) = 0.04x2 + 0.01xy + 0.01y2 +4x + 2y +500 Suppose that firm sells all its output at a price per unit of … 
managerial economics
A firm uses a single plant with costs C= 160 +16Q +.1Q2 and faces the price equation P= 96 – .4Q. a) Find the firm’s profitmaximizing price and quantity. What is the profit? 
ECONOMICS
A firm uses a single plant with costs C= 160 +16Q +.1Q2 and faces the price equation P= 96 – .4Q. a) Find the firm’s profitmaximizing price and quantity. What is the profit? 
econ
1. Consider a pure monopolist with shortrun total cost function given by STC = 1000 +200 Q + 12.5 Q2. Suppose also that this firm faces an inverse market demand function given by P = 800 – 20 Q. a. How much should this firm produce … 
Economics
A monopoly produces widgets at a marginal cost of $8 per unit and zero fixed costs. It faces an inverse demand function given by P = 38  Q. Suppose fixed costs rise to $200. What will happen in the market? 
economics
Suppose that for the firm below, the goods market is perfectly competitive. The market price of the product the firm produces is $4 at each quantity supplied by the firm. What is the amount of labor that this profitmaximizing firm … 
Economics
A firm uses a single plant with costs C = 160 + 16Q + .1Q2 and faces the price equation P = 96  .4Q. a. Find the firm’s profitmaximizing price and quantity. What is its profit? 
Economics  URGENT
Suppose we now care about the long run decisions of a firm that has a production function of the form q = 4L^1/2 + K Suppose w = 1 and r = 0.5 Assume that, at the beginning when w0 = 1 and r = 0.5, the firm chose to produce q0 = 20 …