A firm can manufacture a product according to the production function Q = F(K, L) = K0.5L0.5. (a) What is the average product of labor, APL, when the level of capital is fixed at 36 units and the firm uses 16 units of labor?                                                                                                                       (b) What is the marginal product of labor, MPL, when capital is fixed at 36 units?                        (c) Suppose capital is fixed at 36 units. If the firm can sell its output at a price of $100 per unit of output and can hire labor at $40 per unit of labor, how many units of labor should the firm hire in order to maximize profits?

Q: The production function of a firm is f: R2 → R, (L, K) H→ 10L + 16K – 2L? – K?, and the per unit…

A: Production function : 10 L  + 16K - 2L2 - K2 Let the cost of capital (K) be (r) & cost of labor…

Q: a) Determine whether the following production functions exhibit increasing, constant, or decreasing…

A: If Q(tF,tK)=ta Q(F,K), then, when a>1, the firm is earning increasing returns to scale when a=1,…

Q: A firm uses two inputs, capital (K) & labour (L). Given the production function: Q(K.L) = (KL) a) Is…

A: This is a long run production function since both the inputs of production labour and capital are…

Q: Dmitri's pizza restaurant uses a combination of workers and ovens to produce pizzas. The total…

A: Given  Production function: q=4K0.5L0.5            ... (1) Where q is the quantity of pizza produced…

Q: Skylar owns a firm that produces holiday ornaments. Her production function is given by: f (L, K)…

A: Given- y = (min{x1, 2x2})^1/2 let, We increase X1, X₂ by some constant 'C' y' = ( min { CX₁ + 2 CX ₂…

Q: a) A firm operates according to the following production function: q(K,L)=100 Ks Las The price of…

A: The production function depends on K and L which means capital and labor make up the production or…

Q: For the following production function: Y(K,L)= 25(KL)^(1/2) a) Compute the MRTS b) Define if…

A: Since you have provided multiple subparts questions, we will solve the first three subparts for you.…

Q: A firm has the production function Q(L, K) = √K+2√L. The price of one unit of capital is R> 0, and…

A: The CES production function is a mathematical representation used in economics and production theory…

Q: Question 2 A firm's short-run production function is given by Q=L(11 + L L²) where L is units of…

A: The average product of labor measures the output produced by each worker on average. The marginal…

Q: True or False. Please explain The production function f(x1,x2,x3) = (min{0.5x1;0.75x2 })0.5 ·x30.5…

A:

Q: Suppose that a firm's production function is: Its marginal product functions are: q=101050.5 112 98-…

A: The production function is The cost of a unit of labor is $50.The cost of a unit of capital is…

Q: A firm has the following production function: f(x) = ax? – bx³, where x is the only input, a=2 and…

A: The production function is the maximum output that can be produced with the given technology and the…

Q: You are a manager for Herman Miller-a major manufacturer of office furniture. You recently hired an…

A: Production function is the function of combination of inputs used and output produced. The short run…

Q: (a) Suppose we have the following production function: Q = K²/³12/3. Does the technology have…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Suppose the production function for a firm is given by: q=4L0.5K0.25, If the firm currently has 20…

A: The production function describes the correlation between inputs and outputs(q) in the production…

Q: The equation below is a production function,   Q = (200)L + (100)K – (0.2)L2 – (0.1)K2     , where…

A: Q = (200)L + (100)K – (0.2)L2 – (0.1)K2

Q: (v) Find the ratio of the marginal productivities of two inputs, at L =2 and K= 3 when the…

A: Q = 8LK - L2 -K2  MPk= ∆Q / ∆K = 8L - 2K  MPl= ∆Q / ∆L = 8K - 2L

Q: Consider a market with Qd= 50 - P and Q = 4P What is the consumer surplus in this market? 500 800…

A: SummaryFor the consumer surplus:The answer is 800.For the labor-capital combination:The answer is…

Q: Suppose that a firm's production function is: Its marginal product functions are: MPL = 5K0.5/L0.5 =…

A: Production function: The marginal product of labor: The marginal product of capital: Cost of labor…

Q: Suppose the first four units of a variable input generate corresponding total outputs of 200, 350,…

A: Marginal product is the additional output that is earned from using additional input in the…

Q: The equation below is a production function,   Q = (200)L + (100)K – (0.2)L2 – (0.1)K2     , where…

A: Production function, Q = 200L + 100K – 0.2L2 – 0.1K2To find the marginal productivity of labor…

Q: A firm faces the production function: q=10L^0.32 K^0.56  (a) What kind of returns to scale does…

A:

Q: Suppose that a firm’s production function is Q =10 K^(3/4)L^(1/4). The cost of a unit of labor is $1…

A: The interplay between the output that a process gives and the various inputs that go in the process…

Q: Suppose that a firm's production function is: 112 95 Its marginal product functions are: 84 MP =…

A: Production function is the maximum set of output(s) that can be produced with a given set of inputs.…

Q: The production function for a product is given by q = 100KL. Its marginal product functions are MPL…

A: The production function is the mathematical relationship between different bundles of inputs and…

Q: Problem 1: A firm has the following production function: f(L, M) = min{L, 3M) where L is the number…

A: Returns to scale is an economic concept that explains how the scale of production or the size of a…

Q: Asap   A firm has the following linear production function: Q = 6K + 9L The firm currently owns…

A: Answer: Given, Production function: Q=6K+9L K = 10 units L = 30 units (A). Marginal product of…

Q: If a firm has 5 units of capital, 10 units of labor, and the production function is  Q = 4L + 3K…

A: The average product of capital is nothing but the output per unit of capital.

Q: A firm's production function is given by y(K, L) = 2√(KL) or 2(KL).5 (2 times the square root of the…

A: The Marginal Product of Labor (MPL) represents the change in output resulting from employing an…

Q: A firm's production function is q = 26x^0.33y^0.67, where x and y are the amounts of factors x and y…

A: 1. Minimize Unit Costs:Unit cost (C) is defined as the total cost of production (Px + Py) divided by…

Q: Suppose that the production function for Hannah and Sam's home remodeling business is             Q…

A: The production function for Hannah is The production function for Sam is The wage rate is $8000 per…

Q: If a firm has 5 units of capital, 10 units of labor, and the production function is  Q = 4L + 3K…

A: The marginal product of capital is a change in output/total product when additional input (capital)…

Q: Suppose that a firm's production function is Q=F(L) = -1L3-30L2 + 5,000L. Its marginal product of…

A:

Q: A firm can manufacture a product according to the production function Q = F(K, L) = K0.>L0.5. (a)…

A: Q = F(K,L) = K0.5L0.5 K¯ = 36 L ¯ = 16

Q: A firm's short-run production function is displayed in the figure below. The firm's variable input…

A: The value of the marginal product of labor (VMPL) provides the market value of the output produced…

Q: The equation below is a production function,   Q = (200)L + (100)K – (0.2)L2 – (0.1)K2     , where…

A: The production function is the relationship between the physical output and the physical input of…