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Homework answers / question archive / A birdfeeder manufacturer uses capital (K) and labor (L) and has the production function Q = 5K12L, where is the number of birdfeeders the firm makes per hour

A birdfeeder manufacturer uses capital (K) and labor (L) and has the production function Q = 5K12L, where is the number of birdfeeders the firm makes per hour

Economics

A birdfeeder manufacturer uses capital (K) and labor (L) and has the production function Q = 5K12L, where is the number of birdfeeders the firm makes per hour. Suppose the hourly cost of a unit of K is $60 and the hourly wage rate for L is $20. In the short run, the firm must use 64 units of K. a. What is the marginal product of labor (MP) in the short run? b. What does it cost the firm to make 2,400 birdfeeders per hour in the short run? c. What is the firm's short-run marginal cost of making a birdfeeder? d. Are returns to scale in birdfeeder manufacturing increasing, decreasing or constant?

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