A production function with the character Decreasing Return to Scale (DRTS) means that if the production scale is doubled, the output will be a. Increased twofold c. It has more than doubled b. Increased less than twofold d. Neither is true 9. If the own-Pice elasticity of supply is 0.8, then ……. A decrease in P will decrease Q by as much as ……… a. 10%, 2% c. 8%, 10% b. 8%, 2% d. 10%, 8%

Total Revenue function = 164x Total Cost function = 0,01x2+20x+300 x shows unit of production. Find : a. how much x we need to produce to reach maximum profit b. maximum profit c. prove why the x you get will reach maximum profit

Which of the following represents a longrun adjustment? Murtiple Choice A farmer uses an extra dose of fertilizer on his com crop. Unable to meet foreign competition, a U.S. watch manufacturer selis one of tits branch prants. A steel manufacturer cuts back on its purchases of coke and iron ore. A supermarket hires four accitional cierks.

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Constrained Optimization: Cobb-Douglas Production Function:1. Based from the factor shares of the two inputs, what will happen to the number of output if it the firm decides to triple both the amount of labor and capital?2. State the optimization problem of the firm.3. Solve for the formulas of the Marginal Product of Labor (MPL), and Marginal product ofCapital (MPK)4. Using your knowledge of the tangency condition in Producer’s theory, find the combinationof K and L that the firm should use to produce the maximum possible output. Do not solvethe problem using the Lagrangian method.Note: The tangency conditions just states that the slope of the production function must beequal to the slope of the isocost function.5. What is the maximum possible output that the firm could earn given the constraint it faces?

Production. Assume a production with two variable inputs (L, K). Show graphically the following and explain: (a) fixed-proportions production function (b) inputs are perfect substitutes

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