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An industry can be characterized by the following production

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An industry can be characterized by the following production 1. An industry can be characterized by the following production function: Q = 2.5L.60 C.40 (a) What is the algebraic expression for the marginal productivity of labor? (b) What is the algebraic expression for the average productivity of labor? (c) How would you characterize the returns-to-scale in the industry? 2. Emco Company has an assembly line of fixed size A. Total output is a function of the number of workers (crew size) as shown in the following schedule: Crew Size Total Output (No. of Workers) (No. of Units) 0 0 1 10 2 35 3 50 4 56 5 59 6 60 7 60 8 58 Determine the following schedules: (a) marginal productivity of labor (b) average productivity of labor (c) elasticity of production with respect to labor Economics Assignment Help, Economics Homework help, Economics Study Help, Economics Course Help

An industry can be characterized by the following production

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