Figure 7-2 O Refer to Figure 7-2. With a quadratic production with fixed capital Q = A + BL - CL² and the shape shown in Figure 7-2, A is positive and less than B zero. positive and greater than B. negative.
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- Time The government increases the funding to new start-ups. What would be the impact on the country's production function? Select one: movement upwards along the same curve O b. movement downward along the same curve shift outwards d. remain unchanged O e. shift inwards Next age this page1. Assume the following Cobb-Douglas production function: Y = 0.5K°.2 10 .8 If L=100, a. What is the marginal product of capital?e b. With your answer in (a), can you prove diminishing marginal product of capital?- c. Estimate real capital incomeeQuestion 27Refer to Figure 1. Suppose the per-worker production function in the figure above represents the production function for the U.S. economy. If the United States decided to double its support of university research, this would cause a movement fromn.
- Coosider the production function characterizing garri plant as: Q= 20L + 60k - L^2 - K^2 If total outlay for both capital, K =N50, and a Labour, L= N20, is N4,600. Find: a. The optimal quantity of K* and L* to be employed. b. Calculate the maximum possible output of garri that the plant can produce.Figure 7-2 Q Refer to Figure 7-2. With a quadratic production with fixed capital Q = A - BL - CL and the shape shown above, B is zero. Onegative and less than Cl O negative and greater than C positive.2 points There are three factors of production, capital, K skilled labour Le and unskilled labour Lu Which of the following production functions exhibits constant returns to scale in the production inputs K, Ls and Lu? a. ab 4 ab 2(ab+3e) Y= Ka+6lab+c) La+2(3ab+c)+4c L a+2(ab+3c)+4ab O b. All of these answers are correct. ac Y= Ka+b+bc L. a+b+bc L a+b+bc O d. blb-c) b-e? Y=K++b?- b>c 1-a a(1-a) 1-a Y= K1-a'L, 1+ 0Draw an example production function in terms of output and capital.GIVE 2 specific properties which define its shape; explain these usingthe definition and properties of MPK.A new highway linking two major towns is constructed. What would be the impact on the country's production function? Select one: a. shift inwards O b. remain unchanged Ocmovement downward along the same curve O d. shift outwards e. movement upwards along the same curve Next page age n this page e here to searchQUESTION 3 Technological knowledge is the same thing as human capital. o can be discovered but it can never be kept secret. is a determinant of productivity. does not play a role in the relationship that economists call the production function.Consider a production function Q-AL KP (00 None of the other answers are correct.A new highway linking two major towns is constructed. What would be the impact on the country's production function? Select one: a. remain unchanged O b. movement upwards along the same curve O c. shift outwards O d. movement downward along the same curve O e. shift inwardsA firm is currently producing such that: MPL = 30 W = 10 MPK = 20 To minimize the cost of production, this firm should: a. Use more labor and less capital which will (likely) decrease the MPL b. Use more labor and less capital which will (likely) increase the MPL C. Use less labor and more capital which will (likely) decrease the MPK Od. Use less labor and more capital which will (likely) increase the MPK v = 20SEE MORE QUESTIONS