1. For each of the following production functions, (a) F(L, K) = LK³ (b) F(L, K) = L+3K (c) F(L, K) = (min{L, K})³ i. Sketch a representative isoquant. ii. Calculate the marginal product for each input, and indicate whether each marginal product is diminishing, constant, or increasing. iii. Calculate the marginal rate of technical substitution for each function. iv. Also indicate whether the function exhibits constant, increasing, or diminishing returns to scale.

Q: F(L, K) = (min{L, K})^1/3 i. Calculate the marginal product for each input, and indicate whether…

A: Marginal product of labor is rise in production value for unit rise in labor. Similar for marginal…

Q: Production function is Q(K,E) =2KE where K is capital and E is employment in work hours. Use the…

A: In production, the isoquant curve shows the various possible and feasible combinations of inputs…

Q: Dmitri's pizza restaurant uses a combination of workers and ovens to produce pizzas. The total…

A: Given  Production function: q=4K0.5L0.5            ... (1) Where q is the quantity of pizza produced…

Q: The table below shows the weekly relationship between output and number of workers for a factory…

A: (a) Number of workers Output MPL 0 0 NA 1 50 50 2 110 60 3 300 190 4 450 150 5 590…

Q: production function                                                                    05   TPL =…

A: To find out MPL function , take first order derivative of TPLfunction .⇒To find out MPL function ,…

Q: Production function is Q(K,E) =2KE where K is capital and E is employment in work hours. Use the…

A: In economics, manufacturing activity is related to the physical output of the production process of…

Q: Diminishing marginal product explains why, as a firm’s output increases.a. the production function…

A: Diminishing marginal product implies as more and more units of a given factor of production are…

Q: When the marginal product is greater than the average product, the average product is . .. . .. ..…

A: In a market when a firm produces output using variable inputs, there is a connection between total…

Q: The production function for Q is given as Q = 5K1/2L1/2where K is the amount of capital employed and…

A:

Q: What is meant by an expansion path? Illustrate expansion paths for a normal input and an inferior…

A: The expansion path may be defined as the locus of the points of tangency between the Isoquant curve…

Q: Draw a production function that exhibits diminishing marginal product of labour. Draw the associated…

A:

Q: The number of souvenir coffee mugs (in hundreds) that Ace Novelty can produce monthly is given by…

A: We have (x,y) = (10,000 , 5000)

Q: When production function  q= 0.2 LK+ 2L2K- 0.05L3K and  K= 10 are given, find amount of labor at the…

A: Given that: Production function:  q= 0.2 LK+ 2L2K- 0.05L3K K= 10 find the amount of labor at the…

Q: The following table gives total output or total product as a func- tion of labor units used. LABOR…

A: Given Labor Total Output Marginal Output 0 0 0 1 5 5 2 9 4 3 12 3 4 14 2 5 15 1

Q: The marginal product of labor schedule for a firm is given below for alternative levels of labor.…

A:

Q: Consider the following production function: F (K ,L) = 2K (a) Graph at least two isoquants and…

A: Isoquant means equal quantity. Slope of isoquant is marginal rate of technical substitution given by…

Q: When analyzing isoquants, if the marginal product of all inputs double, how would that change the…

A: Isoquants are the curve that depicts a various mix of labor (l) and capital (k) that can be used to…

Q: Write T if the statement is True, and F if otherwise. 1. Isocost curves show the cost of the firm in…

A: An Iscost curve is a curve that implies a combination of inputs that a firm can buy to produce a…

Q: Suppose that a firm's production function is: 112 95 Its marginal product functions are: 84 MP =…

A: Production function is the maximum set of output(s) that can be produced with a given set of inputs.…

Q: The production function of a firm is given by q = 2x,075x20.5, The marginal product of x2 is: o…

A: Marginal product refers to the additional output that is produced using additional factors of…

Q: > Suppose a firm's production function is: Q = LK2 Find points and draw isoquants for Q1 = 10, Q2 =…

A: Q=L12K12Q1=10 L K 5 19.89 10 9.99 20  5.01 25 4 50 1.98

Q: true or false The closer an isoquant is to a straight line, the closer the inputs are to being…

A: An isoquant refers to a line that shows all the input combinations that yield the same level of…

Q: which of  the following functions satisfy the following properties: i) Increasing in both inputs.…

A:

Q: ( Relationship Between Marginal Cost and Average Cost ) Assume that labor and capital are the only…

A: Fixed cost is independent of output produced. Whereas variable cost varies with the level of…

Q: Suppose that a firm's production function is: 112- q = 10L0.5K0.5 98- Its marginal product functions…

A: Output has increased to 280 units, capital is 14 units. Therefore, q=10L0.5K0.5280=10L0.5(14)0.5…

Q: Suppose that a firm’s production function is Q =10 K^(3/4)L^(1/4). The cost of a unit of labor is $1…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: A firm is using 7 units of labor and 100 units of capital to produce 1000 units of goods. At these…

A: The problem of reducing costs is, in mathematics, a problem. In limited optimization. The firm wants…

Q: The average product of labour is diminishing when: The marginal product of labour is diminishing. а.…

A: The firms, and businesses tend use various factors of production, and raw materials in order to…

Q: As the marginal physical product of a variable input increases, the marginal cost decreases. a.…

A: The cost of one additional unit of output is known as marginal cost. The concept is used to…

Q: A bottling company uses two inputs to produce bottles of the soft drink Sludge: bottling machines…

A: Following is the given information:

Q: Define Production Function, Marginal Product, and Diminishing Marginal Product

A: The production of a quantity is associated with different factors in an economy. The process used to…

Q: Consider the production function Y AKL1, where A is a constant, L is labour, K i capital and a 0.…

A:

Q: Which of the following best describes the isoquants of the production function: q=0.5L+0.3K a.…

A: OPTION B - Linear and Downward Sloping q=0.5L+0.3K  Here, labor and capital are perfect substitutes.

Q: A farmer raises apples using land (K) and labor (L), and has an output of ? (?,?) = ? 0.5 ? 0.5…

A: given, production function as: QK,L=K0.5L0.5 where Q is the level of output K is the level of…

Q: Discuss the main feature behind the long run average cost curve in terms of usage of input.

A: In the long run , all factors are variable and nothing is fixed.The long-run average cost curve…

Q: Check the following production functions verify the following (i) out increasing L and K, (in)…

A: We use the following condition F(tL,tK) >tF(L,K) IRS F(tL,tK) < tF(L,K) DRS F(tL,tK) = tF(L,K)…

Q: Does the MRTS of the production functions Q=L,K decrease? In this case, does the marginal product of…

A: Answer -

Q: Assume there is a linear isoquant where the input combination  K = 10, L = 0 produces Q = 100.…

A: We are going to find the production function first to check whether these two inputs are perfect…

Q: Check the following production functions if they meet (i) out increasing L and K, (ii) diminishing…

A:

Q: Consider the production function of the firm below. Which of the following is NOT true? The marginal…

A: The marginal product of labor at B is 70 units – It is true (70-0)The total product is increasing as…

Q: Suppose a firm could produce data storage services using two inputs: high capacity hard drive (200…

A: Given information Firm firm could produce data storage services using two inputs: high capacity hard…

Q: A firm’s short-run production function is in the form of                        q = aLK +(bL^2)K…

A: Marginal production of labor (MPL) refers to the additional output that obtained by increasing one…

Q: Assume there is a linear isoquant where the input combination  K = 10, L = 0 produces Q = 100.…

A: The isoquant would result in the downward sloping curve which would result in various combinations…

Q: It deals with the Production Function . Problem: The Production Function for a Product is given by…

A: D) Since we are given that the production function is:Q = 10K1/2 L1/2…... (1) where K is the capital…

Q: Consider the following short run production information: Marginal Product Average Product of Labor…

A: Marginal product = Change in total output/change in input

Q: Consider the following production function TPL = 12L² – 0.8L³ i) Determine the marginal product…

A: The production function is defined as the technological relation that uses factors of production…

Q: b) The MTA uses equipment (K), labor (L) and supplies (S) to produce public transportation services…

A: The MTA uses inputs that are equipment (K), labour (L), and supplies (S) to produce public…

Q: WickCo makes decorative candles, and its production function is given as Q = K + L, where K is the…

A: An isoquant is a curve which shows an equal amount of product produced for different quantity of…

Q: Consider the production of copper pipes that can be represented by a production function that is…

A: Cobb Douglas production function: Q = AKaL1-a Where Q is output A is technology coefficient K is…