In the production function Y=AF(L,K,H,N), Y represents the quantity of output; L represents the quantity of labor, K represents the quantity of physical capital; and N represents the quantity of natural resources. What does H represent?
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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. 45Suppose 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. 45Explain a firm’s production function. Include in your answer how time influences the production function.
- The production function for Good X: MMarginal Product of Capital AP, (OK Average Product ol Capital Labor Capital Ouiput 9. 6. 10 57 5.7 5.70 26.7 33.3 20 324 16.20 9. 30 657 40 1,072 41.5 26 80 6. 50 1.524 45.2 30.48 60 1,976 45.2 3293 6. 70 2.391 41.5 34.16 2.724 2.991 9. 80 33.3 34.05 33.23 100 3.048 5.7 30.48 T10 3,016 3.2 27.42 120 2,945 -7.1 24 54 1) Is the production function for good X exhibited in the above table for the long run or the short run? Explain your answer.The table below shows various values of labour (L), capital (K), and technology (T) for Economies A, B, and C. In each case, the aggregate production function takes the following form: Y = T x KL Economy A Economy B Economy C L. K LK I L K T on 100 50 100 50 100 50 2 110 50 110 55 110 55 4 120 50 2 120 60 120 60 130 50 130 65 2 130 65 8. 140 50 2. 140 70 140 70 10 150 50 150 75 150 75 12 TABLE 25-4 Refer to Table 25-4. The production function that applies to Economies A, B, and C displays Select one: O a. constant returns to scale. O b. diminishing marginal returns to capital. O c increasing returns to scale. O d. increasing marginal returns to capital. O e. Both C and D are correct. 6 2.Suppose the production function is given by G = 10K - 8L. What is the average product of capital when 2 units of capital and 10 units of labor are employed?
- An economy has the following Cobb-Douglas production function: ?=100?^(1/3)?^(2/3) . The economy has 125 units of capital and 64 units of labor. d. Calculate the marginal product of capital MPK. e. Calculate the marginal product of labor (MPL).What is the average product of labor, given that the level of labor equals 10, total output equals 1200, and the marginal product of labor equals 200? Suppose the production function is given by Q= K + 2L. What is the average product of capital when 5 units of capital and 2 units of labor are employed?What is meant by production function. Why it is so significant.
- Suppose the production function is given by O = 5K - 2L What is the marginal product of the 6th capital when 5 units of capital and 10 units of labor are employed? A5 b. 4 C. 11 d. 45Please, assume that At is a technological variable, as reflected in the production functions where capital and labor factors are used tooWith the aid of diagrams,explain the stages of production,outlining the relationship between total product and marginal product of labour.
