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Suppose the production function is given by a = 3k - 4l. what is the average product of capital when 10 units of capital and 10 units of labor are employed? A 3 B. 4C.7D. 45

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter9: Production Functions

Section: Chapter Questions

Problem 9.8P

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Suppose the production function is given by a = 3k - 41. what is the average product of capital when 10
units of capital and 10 units of labor are employed? A. 3 B. 4 C. 7 D. 45

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Suppose the production function is given by q = 3k - 41. what is the average product of capital when 10 units of capital and 10 units of labor are employed? A. 3 B. 4 C. 7 D. 45
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Suppose the production function for widgets is given byq = kl - 0.8k2 - 0.2l2where q represents the annual quantity of widgets produced, k represents annual capital input, and l represents annual labor input.a. Suppose k = 10; graph the total and average productivity of labor curves. At what level of labor input does this average productivity reach a maximum? How many widgets are produced at that point?b. Again assuming that k = 10, graph the MPl curve. At what level of labor input does MPl = 0?c. Suppose capital inputs were increased to k = 20. How would your answers to parts (a) and (b) change?d. Does the widget production function exhibit constant, increasing, or decreasing returns to scale?
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