For the production function Qs = K0.4L0.8 in the short run, where capital is at 620 find the marginal product of labor at L = 78. Please enter your response as a positive number with 1 decimal and 5/4 rounding (e.g. 1.15 = 1.2, 1.14 = 1.1).
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For the production function Qs = K0.4L0.8 in the short run, where capital is at 620 find the marginal product of labor at L = 78.
Please enter your response as a positive number with 1 decimal and 5/4 rounding (e.g. 1.15 = 1.2, 1.14 = 1.1).
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- 100VKL, where q is 4. The production function for puffed rice is given by q = the number of boxes produced per hour, K is the number of puffing guns used each hour, and L is the number of workers hired each hour. (a) Calculate the q = 1,000 isoquant for this production function and show it on a graph. (b) If K = 10, how many workers are required to produce q =1,000? What is the average productivity of puffed-rice workers? (c) Suppose technical progress shifts the production function to q = 200 VKL. Answer parts (a) and (b) for this new situation.QUESTION 1 For the production function Qs = | K0.8 0.3 find the returns to scale, recall that a doubling of inputs that doulbes output is a CONSTANT returns to scale = 1.0 Please enter your response as a positive number with 1 decimal and 5/4 rounding (e.g. 1.15 = 1.2, 1.14 = 1.1).(1) q=35L + 40K (2) q=L.5K.5 a) For the production functions of (1) and (2) create the isoquants for q = 100, and for q = 144 with K on the vertical axis and L on the horizontal axis. (Use excel's scatter plot to draw these pictures. So, two pictures with two isoquants each.) b) Suppose that K is fixed at K = 9. Using excel draw the total product curves for equation (1). In a separate excel chart draw the marginal product and average product for K = 9 in equation (1). Give an explanation for the shapes of the total product, marginal product, and average product curve.
- A farmer uses a certain technology that produces electricity. His production function is given as: q = f (k, l) = 1000k¹⁰/20 – 201³ Where q is the no. of megawatts of electricity his company is producing. Suppose that their electrical generators, k=20, calculate for the following: 1. Marginal product of labor 2. Average product of labor if k=20 3. If k decreases from 20 to 17, calculate the new MP of labor and the average product. Explain intuitively what happens to the MP and the average product.Suppose the production function for widgets is given by KL – 0.5K2 – 0.1 L2 , where q represents the annual quantity of widgets produced, K represents annual capital input, and L represents annual labor input. (a). Suppose K=5; what is the average productivity of labor (Average product of Labor, MPL) (b). Suppose K=10; at what level of labor input does the total output reach the maximum?Suppose that a furniture manufacturer produces tables. The manufacturer's production function is Q(KL)- 2K0.8 0.2 where Kis the number of wood saws and L is the number of labor hours used to produce tables. The prevailing wage rate is $10 per hour and the rental rate associated with wood saws is $50. The manufacturer has a goal to produce 1,000 units. What Lagrangian equation can be used to solve the manufacturer's cost minimization problem? Oa. C = 2K12 s.t. 1,000 = 50K + 10L b. = Oc L = Od. L = 10K + 50L s. t. 1,000 = 2K08102 50K + 10L s.t. 1,000= 2KL02 2K10 s. t. 1,000= 10K + 50L
- A firm has a production function of ?(?,?) = ??.???.? a) Explain the concept of returns to scale. Does the function provide increasing, decreasing, or constant returns to scale? b) Provide an example of a typical sector with increasing returns to scale. c) Explain the concept of MRTS and argue whether the MRTS for this production function is diminishing. Please also provide a graphical illustration using numbers.A firm can manufacture a product according to the production function: Q = F(K, L) = K3/4L1/4.a. Calculate the average product of labor, APL, when the level of capital is fixed at 81 units and the firm uses 16 units of labor. (Enter your responses rounded to three decimal places)(Part of A): What is the average product of labor when the firm uses 256 units of labor?Answer:b. Find an expression for the marginal product of labor, MPL, when the amount of capital is fixed at 81 units. (The second response is the exponent on L in the expression. Enter your responses rounded to two decimal places).MPL = × L ^ Then, illustrate that the marginal product of labor depends on the amount of labor hired by calculating the marginal product of labor for 16 and 81 units of labor. (Enter your responses rounded to three decimal places).MPL when L = 16: MPL when L = 81: c. Suppose capital is fixed at 81 units. If the firm can sell its output at a price of $200 per unit of output and can hire labor at…For the production function Qs = K0.4L0.1 find the returns to scale, recall that a doubling of inputs that doulbes output is a CONSTANT returns to scale = 1.0 Please enter your response as a positive number with 1 decimal and 5/4 rounding (e.g. 1.15 = 1.2, 1.14 = 1.1).
- Given the production function O = min (4K, 3L), what is the average product of capital when 8 units of capital and 16 units of labor are used?Consider a short-run production process for which APL(10)= 7 and MPL(10)=12. (meaning of notation: average product of labor when employing 10 units of labor is 7; marginal product of labor when employing 10 is 12). Will APL(11) be larger or smaller than APL(10) for this process? Please provide explanation tooFind the rate of change of the function f(x) =x + 2 /1 − 8x with respect to x when x = 1. (ii) The number of units Q of a particular commodity that will be produced with K thousand dollars of capital expenditure is modeled by Q(K)=500 K 2/3
