Managerial Economics - Marginal Product of Labour - Economics Assignment Help

Assignment Task:

QUESTION 1.
The average product of labor is given by the equation

APL = 600 + 200L-L2

a. What is the equation for the total product of labor (TPL)?
b. What is the equation for the marginal product of labor (MPL)?
c. At what level of labor usage is APL = MPL?

QUESTION 2
A manufacturer grows oranges which are used to produce orange juice and  orange marmalade. One orange gives 1 unit of orange juice AND 2 units of  marmalade. Assume that the cost function of growing oranges is given by  C(q)=0.05q2
(and assume that there are no further costs of production).  

Demand for orange juice is given by qj = 25 – 50 Pj  and demand for marmalade  is given by QM = 100 – 50PM where Pj  and PM denote the prices for orange juice  and marmalade respectively. How many oranges should the manufacturer grow  and what prices should she set for marmalade and juice? Assume that disposal is free

QUESTION 3
a. Many owners of small businesses do not pay themselves a salary. What effect will this practice have on the calculation of the firm’s accounting profit? Economic profit? Explain.

b. Explain why frequent spot checks by managers to encourage workers to put forth their best effort may not always be in the best interest of the firm’s owners.

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