4. An increase in the labor force: Consider a onetime change in governme policy that immediately and permanently increases the level of the labor forc in an economy (such as a more generous immigration policy). In particula suppose it rises permanently from L to L'. Assuming the economy starts i its initial steady state, use the Solow model to explain what happens to th economy over time and in the long run. In particular, comment on what hap pens to the level and growth rate of per capita GDP.

estion Completion Status: QUESTION 9 The following table shows the DVDS production. Study the table and answer the questions? Labor (L) Total Marginal product of labor (TPL) Average Product of labor (APL) Product (MPL) 0. 0. 1 20 30 3 36 4 40 42 6. 42 Based on the above table 1. How much is the marginal product (MIPL) of the 3rd labor? 2. Which labor has the largest marginal product? 3. What is the value of Average Product of labor (APL) at 5 labors. 4. If the price of DVD is $20, what is the values of Marginal Revenue Product of labor (MRPL) at 2nd labor ? 5. If the price of DVD is $20, and the labor's wage is $80, how many labors will be hired (L*?

Production Function (CH7) Name: The production function shows the relationship (a mathematical equation) between the amount of inputs and the amount of output produced. Given the following table (for one month of production), calculate and fill all the missing values based on the information below. Average Marginal Total Total Marginal Product Units of Fixed Variable Total Average Fixed Average Variable the Product Costs Costs Costs Costs Variable (Y) of Labor (FC) (VC) (ТC) Costs Costs Costs (МC) Factor (MPL) (AFC) (AVC) (ATC) (L) 200 1 20 250 2 70 50/50= 3 150 350 4 250 250 400 6. 500 800 200/100= 7 580 900 8. 630 500/50= 9 650 2000 600/20= 10 660

ФЫВАПРОЫ В А ПРО ПДЗАПРОЛДЫВАПРО ЯЧСМИТВЧСМИТЬБСМИТЬБЮ ЯЧСМИТЕ SOLVE STEP BY STEP IN DIGITAL FORMAT Regarding the production function of the table, indicate if there are constant, increasing or decreasing returns to scale; Which of these points are on the same isoquant?; Is the law of diminishing returns to scale operating? ЗК 2К 1К 80 70 50 1L 120 100 70 2L 150 120 80 3L ИЦУКЕНГШУКЕНГШщЖЕНГШЩЗХЪЙЦУКЕНГ

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A commercial fisherman notices the following relationship between hours spent fishing and the quantity of fish caught: Hours Quantity of Fish (Pounds) 0 0 1 10 2 19 3 25 4 27 5 28   Complete the following table with the marginal product of each hour spent fishing. Hours Quantity of Fish Marginal Product (Pounds) (Pounds) 0 0   10 1 10 9 2 19 6 3 25 2 4 27 1 5 28

18. What word do we use to refer to the amount of goods and services produced for each hour of a worker’s time?

Suppose that the average yearly cost per item for producing x items of a business product is 81 If the current production is x - 9 and production is increasing at a rate of 4 items per year, find the rate of change of the average cost. The average cost is decreasing at the rate of S per year.

Subpart 1-3

Suppose that production function of certain devices is determined by:                                                   q = k * L - 0.8 k2 - 0.2 L2 Where q represents annual quantity of devices produced, k represents annual quantity of capital factor, and L represents annual quantity of labor factor. (a) Suppose k = 10; draw a graph with average and total labor productivity. What is level of labor (L) factor at which average productivity reaches a maximum? How many devices are produced at that point? (b) Assuming again that k = 10, plot Marginal Product (MP) curve. At what level do we have that labor (L) factor is MP = 0? (c) Suppose capital (k) factor were to increase to k = 20. How would your previous answers change?