A Iqbal production function takes the form: Q = min [5L, 6K]. What are the optimum values for L and K to produce an output level (Q) of 30 units? A. L = 6 and K = 0 B. K = 5 and L = 0 C. K = 5 and L = 6 D. Answer cannot be established without knowing the cost of L and K inputs

Q: the returns to scale for the following production functions: q = K.34L.34 q = KLM

A: DISCLAIMER  “Since you have asked multiple question, we will solve the first 3 question for you. If…

Q: == Let f(x1, x2)=xx be a Cobb-Douglas production technology where a, ß > 0 and a +ẞ<1. (i) Show that…

A: Monotonicity describes whether a function's values consistently rise or fall within its input range.…

Q: The following production function, q (L,K) = -K ¹/4 L 1/2+K1/6, will have an average cost function…

A: Returns to scale refers to the proportionate change in output when the respective  inputs are…

Q: For each of the below production functions, find the minimum cost of producing 2 units of output…

A: The input prices for producing 2 units of output are given as 2 and 5. Minimum cost needs to be…

Q: (5) Consider the Cobb-Douglas production function f(x1, x2) = Axqx½. (a) For what valucs of a and b…

A: ANS When the rise in the amount of output(o/p) is more than the rise in the amount of input (i/p)…

Q: Consider the following production functions:Q50KaOs BO G) find the value of a when K- 1, L= 1 G)…

A: Given; Production function; Q=150K0.7L0.5 i) If the value of K=1 and L=1, then; Q=150K0.7L0.5…

Q: The productivity of a country is given by f(x,y) = 100x0.650.35, where x is the amount of labor and…

A: Marginal productivity is defined as the change in the total productivity due to change in the amount…

Q: Derive the equation of the isoquant for the production level Y = 1 (with K as a function of L).

A: We have given a production function F(L,K)=L23K23          ...... (1) We have to find the isoquant…

Q: Graph the average total cost curve

A: Total Cost is defined as the total expenditure that is incurred to produce the total…

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: (4) w = 3. firm's production function is F(K, L) = 2√/K + L. Factor prices are r = 2 and (a) Find an…

A: The marginal product of labor represents the increase in output as a result of an increase in labor…

Q: If a firm is using optimal input proportions, it is minimizing its costs

A: A firm determines optimal input proportions by equating the slope of the isocost line with the slope…

Q: Which of the following production functions represent increasing returns to scale? 1. f(K, L) = 2K+…

A:

Q: > The production function for gadgets is: Q = Q(L, G) = L½ + G½ ne price of L is w = $2. The price…

A: A production function has Diminishing returns to scale when change the inputs changes the output by…

Q: According to Accountants cost of production consist of both explicit and implicit cost ---- a) Yes.…

A: According to Accountants cost of production consist of both explicit and implicit cost. This…

Q: What is the difference between economies of scope and scale. Also include in your discussion some…

A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the…

Q: For a production function q= f(K, L) = K^1/3 L^1/3 and factor prices w=8 and r=1, answer the…

A: Returns to scale refer to the change in output that occurs when all inputs (capital, K, and labor,…

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: True or False? This marginal cost function is the derivative of the production function.

A: We have, Cw1,w2,y=w113+w2133y2 The marginal cost  MC = Cyw,y It means the C(w1,w2,y) function is…

Q: A12. Which of the following production functions does not feature constant returns to scale? a) Y₁ =…

A: A production function exhibits constant returns to scale if doubling the inputs results in exactly…

Q: Suppose that a rock star gives concerts. The production function of the concert is the following:…

A: Given: The production function of the concert- Q (C, A, G) = (C-10)1/4 A1/4 G1/4 C represents an…

Q: a) A highly skilled worker can use two scissors at once in his left and right hands with a…

A: Given: Q1 = 500 Q2=1500

Q: Determine the returns to scale of this production function: F (x1, x2) = [xỉ + x]\/2 A. Constant…

A: If change in inputs changes output by an equal proportion, production function has constant returns…

Q: (1) f(L, K) = ALªK!-a (2) f(L, K) = (min {iL, jK})²

A: Returns to scale refers to how much output changes given a proportional change in all inputs- where…

Q: Suppose that a rock star gives concerts. The production function of the concert is the following:…

A: To answer this question we are going to solve for total cost function and condition for optimally.

Q: Variable Costs Average Variable Cost Production Data Production Data The $60 per worker a day…

A: The variable cost is $60 per worker a day. At 90 units of output (i.e. when 90 cars are washed in a…

Q: y = F(L,K) = min(L,3K) Show if the leontie

A: Here, we have to find constant returns to scale.

Q: The Cobb-Douglas production function for a particular product is N(x,y)=80x64, where x is the number…

A: Given Production function: Here x is the number of labor units and y is the number of capital units.…

Q: Q2. Determine the returns to scale of the following production function: Hand written plzz Y = 5K0.5…

A: Returns to scale: - returns to scale show the change in output due to the change in scale of…

Q: Suppose isoquant curves are smooth and bend in towards the origin and the cost minimization point is…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Q) The production function       Q = L1/2K   exhibits: Group of answer choices a) Increasing…

A: Given  Production function  Q= L1/2K       .......... (1) To know the return to scale, we increase…

Q: Assume the following production function for maize: Q=3K^1.2 L^0.5, where Q is the number of bags of…

A: We are going to find MRTS, factor intensity and returns to scale to answer this question.

Q: This time consider the production function F(L, K) = L³K³.

A: Production function shows the relationship between the output and inputs. The change in inputs bring…

Q: The production function for soy beans is q = K 0.25 L 0.45. Dose this production function have…

A: Given  Production function.  q = (K)^0.25 × (L)^0.45

Q: 1.1 - A firm trebles its inputs and discovers that its output rises by a factor of four. This is…

A: 1.1                         Option (c) is correct. 1.2                         Option (b) is…

Q: Engle sells Lebanese sandwiches. The cost of ingredients (bread, meat, spices, etc.) to make a…

A: ANS Fixed Cost (FC) is that part of the Total Cost (TC) which does not change with the change in the…