MHB Finding maximum output, profit and consumer surplus

  • Thread starter Thread starter CollegeGuy
  • Start date Start date
  • Tags Tags
    Maximum Output
CollegeGuy
Messages
1
Reaction score
0
I am struggling in college at the moment and I don't know where else to turn. Any assistance or advice would help, thank you
(a)

A firm’s short-run production function is given by Q = L2e-0.01L where Q = output and
L = labour. Find the value of L that maximises the average product of labour.





(b)

Using derivatives, show that the rule for profit maximisation is:



MR = MC and (MR)’ < (MC)’



Where MR = marginal revenue and MC = marginal cost.





(c)

Find the consumer’s surplus at Q = 8 for the demand function P = 100 – Q2.
 
Mathematics news on Phys.org
CollegeGuy said:
...
(a)

A firm’s short-run production function is given by Q = L2e-0.01L where Q = output and
L = labour. Find the value of L that maximises the average product of labour...

Is this supposed to be:

$$Q=L^2-0.01L$$ ?

If so, there are several says to proceed. You could find the axis of symmetry, express in vertex form, or use differentiation. What have you tried so far?
 
Insights auto threads is broken atm, so I'm manually creating these for new Insight articles. In Dirac’s Principles of Quantum Mechanics published in 1930 he introduced a “convenient notation” he referred to as a “delta function” which he treated as a continuum analog to the discrete Kronecker delta. The Kronecker delta is simply the indexed components of the identity operator in matrix algebra Source: https://www.physicsforums.com/insights/what-exactly-is-diracs-delta-function/ by...
Fermat's Last Theorem has long been one of the most famous mathematical problems, and is now one of the most famous theorems. It simply states that the equation $$ a^n+b^n=c^n $$ has no solutions with positive integers if ##n>2.## It was named after Pierre de Fermat (1607-1665). The problem itself stems from the book Arithmetica by Diophantus of Alexandria. It gained popularity because Fermat noted in his copy "Cubum autem in duos cubos, aut quadratoquadratum in duos quadratoquadratos, et...
I'm interested to know whether the equation $$1 = 2 - \frac{1}{2 - \frac{1}{2 - \cdots}}$$ is true or not. It can be shown easily that if the continued fraction converges, it cannot converge to anything else than 1. It seems that if the continued fraction converges, the convergence is very slow. The apparent slowness of the convergence makes it difficult to estimate the presence of true convergence numerically. At the moment I don't know whether this converges or not.
Back
Top