A firm has the production function f(X, Y) = X/2 y!/2, where X is the amount of factor x used and Y is the amount of factor y used. On a diagram we put X on the horizontal axis and Y on the vertical axis. We draw some isoquants. Now we draw a straight line on the graph and we notice that wherever this line meets an isoquant, the isoquant has a slope of -3. The straight line we drew Select one: a. is vertical. O b. is horizontal. O c. is a ray through the origin with slope 3. O d. is a ray through the origin with slope 4. e. has a negative slope.

For each of the following terms, provide a definition, a description of how this line looks on a graph, and any significant relationships between the term in question and other terms on this list. (If A is related to B, you only need to discuss the relationship once!) Average Product of Labor Marginal Product of Labor Average Variable Cost Average Fixed Cost Average Total Cost Marginal Cost

Please solve Max in 60 minutes with the step thank u

The production function for hamburgers can be written as q = 0.1X + 0.1Y, where X is Canadian ground beef and Y is U.S. beef, both measured in pounds. Which graph in the figure best represents the isoquants for the hamburger production when U.S. ground beef is on the vertical axis and Canadian ground beef is on the horizontal axis?

Explain Isoquant curve.  Explain Isocost line.  The difference between the two and what should be tangent?

1. The following production function is used to produce wheat, q, from capi- tal, K, and labour, L: q = f(K, L) = «³K/3 + B³L/3 a) Describe the role of a and B in this production function. b) Derive the slope of an isoquant for this production function and in- terpret your result. Draw the isoquant in (K L) space, labeling where appropriate. The drawing does not need to be exact, but the curvature needs to be approximately correct. Explain why under- standing the curvature is so important. | c) Does this production function follow the "Law of Diminishing Marginal Returns"? Show your work and explain your answer.

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A small clothing manufacturer employs a production method that is approximated by the following production function: q=12KL², where L measures the number of labor hours and K measures the number of rental hours for the machines used in the clothing construction process. Does this production process exhibit increasing, decreasing, or constant returns to scale? Briefly explain your answer. The hourly wage rate for workers at this company is $15; and the rental cost on the machines is $75 per hour. The company has a total budget of $3,150 that it can allocate to cover weekly production costs. The goal of the company's owner is to maximize their output, subject to the constraint of their production budget. Determine the output-maximizing levels of labor and capital the owner will employ.

Production Function. Consider the Cobb-Douglas production function discussed in class:F(K, L) = AK1/3 L2/3. Suppose that parameters are initially A = 1, K = 150, and L = 10. c) Write the equations for w and r and calculate their values. Briefly explain where theseequations come from and what they mean.

QUESTION 1 For the production function Qs = K0.6L0.7 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).