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4. TPL= - L3+ 8 L2+ 187 L

MPL= - 3 L2+ 16 L +187

How many units of labor (L*) or the number of laborers should the firm hire to maximize output (TPL)?

What is the total amount of output (TPL) produced?

What is the average product of labor (APL)?

5. TPL= - 0.025 L3 + 5 L2+ 1000 L

MPL= - 0.075 L2+ 10 L +1000

How many units of labor (L*) or the number of laborers should the firm hire to maximize output (TPL)?

What is the total amount of output (TPL) produced?

What is the average product of labor (APL)?

6. TPL= - 0.4 L3 + 4 L2+ 40 L

MPL= - 1.2 L2+ 8 L +40

How many units of labor (L*) or the number of laborers should the firm hire to maximize output (TPL)?

What is the total amount of output (TPL) produced?

What is the average product of labor (APL)?

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Joshua Stredder
Joshua StredderLv10
28 Sep 2019

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Related questions

1. What is the relationship between the labor demand curve under monopoly and perfect competition? Use the necessary formulas and explain.

2.What is the equilibrium condition for finding the optimal number of workers a perfectly competitive firm will hire? a. In the short-run. b. In the long-run.

3.A firm faces a perfectly elastic demand for its output for $6 per unit of output and each hour of labor produces five units of output. For L number of workers hired each hour and w hourly wage rate, the firm faces an upward-sloped labor supply curve of L = 20w - 120 and the firms face an upward-sloped marginal cost of labor curve is given as MC = 6 + 0.1L. How many workers should the firm hire each hour to maximize profits? What wage will the firm pay?

The short-run production function of Kapital & Co, a competitive firm, is given by

f(L)=6L2/3

where L is the amount of labor it uses.

(For those who would like help with the 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.

How many units of labor will the firm hire? .
How much output will it produce? .
If the firm has no other costs, how much will its total profits be? .

Suppose that in a competitive output market, firms hire labor from a competitive labor market (so that the profit maximization conditions for hiring labor are as we discussed in class). The firm has a fixed number of machines and can produce the following quantities (Q) associated with the number of workers (L) in a given time period.

L Q
0 0
1 10
2 18
3 24
4 28
5 30

The market price of the good this firm sells is $5. If the firm pays a wage of w = $19 per time period, then how many units of labor should this firm hire to maximize profit?

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