Consider the following production function: q = 9LK + 6L2 - Assuming capital is measured on the vertical axis and labor is measured on the horizontal axis, determine the value of the marginal rate of technical substitution when K= 30 and L= 10. MRTS = O (Enter a numeric response using a real number rounded to two decimal places.)
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A: q = 100 x K0.75L0.25 Marginal product of labor, MPL = dq / dL = 100 x 0.25 x (K / L)0.75 = 25 x (K /…
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A:
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Q: production function 05 TPL =…
A: To find out MPL function , take first order derivative of TPLfunction .⇒To find out MPL function ,…
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Q: 1. A firm's production function is Q = 50L – 0.01L , where L denotes the size of the workforce. Find…
A: Given information: Q = 50L - 0.01L2 The formula for MPL = aQ/aL 50 - 0.02L2-1 50 - 0.02L
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A: Note: Since a student has asked more than one question, we are going to ask the first question as…
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Q: True or False? This marginal cost function is the derivative of the production function.
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A: To find : Elasticity of substitution.
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A: Since, parts a and b are solved in the question. We know: dK/dL = (α-1)/α (L/K)r-1 This is the…
Q: Consider the following production function: Q= 2K + 8L. Capital (K) is on the vertical axis and…
A: MRTS refers to the rate at which capital can be substituted with labor by the firm.
Q: Consider the production function Q = 2(KL)0.5 What is the marginal product of labour and capital…
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A: We are going to use single variable maximisation method to answer this question.
Q: Consider the following production function: q = 100L0.8K0.4 Currently the wage rate (w) is $12.00…
A: Labor input is measured as either the number of workers employed or the number of hours they worked…
Q: Consider the following production function: q= 100L0.8K0.4 Currently the wage rate (w) is $15.00 and…
A: Cost is minimized at condition,
Q: Consider the following production function: q = 100L0.8K0.4. Currently the wage rate (w) is $20.00…
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Q: When the input price is constant, the slope of the total factor cost function will also be constant.…
A: When the input price is constant, the slope of the total factor cost function will also be constant.…
Q: F(L, K) = LK^3 and F(L,K) = L+3K for each of these production functions: a) draw the corresponding…
A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…
Q: Consider the following production function: q = 32LK + 10L2 - Assume capital is fixed at K= 25. At…
A: Marginal Product of Labor=dqdLPutting K=25 in q, we getq=32(25)L+10L2-13L3q=800L+10L2-13L3
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A: PRODUCTION FUNCTION = Y = AK1/2L1/2
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Q: Consider the following production function: q= 100L0.8K0.4 Currently the wage rate (w) is $15.00 and…
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A: Given = y= f(x1,x2)=x11/3x21/3 Amount of x2 = 216 in short run
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A: Cost is minimized at the optimal level of production.
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- Suppose the relationship between your study time and your grade on a History midterm is given by the following table:If you study for Your grade will be4 hours 805 hours 906 hours 93What is the "marginal grade improvement (MGI)" of the 5th hour of studying? What is the "marginal grade improvement (MGI)" of the 6th hour of studying? Why might the MGI be diminishing?1) Suppose the prdduction function for widgets is given by: q= KL – 0.8K² – 0.2L?. a.) Suppose K=10, at what level of labor input does this AP1,reach a maximum and how many widgets are pIdduced at that point? At what level of labor input does MP1=0 and how many widgets are produced at that point? Graph the TP1, AP1 and MP1 curves. b.) Suppose capital inputs were increased to K=20. How would your answers to parts (a) change? c.) Does the widget production function exhibit constant, increasing, or decreasing retums to scale?Consider the following production function: q = 32LK + 10L2 - Assume capital is fixed at K= 25. At what level of employment does the marginal product of labor equal zero? The marginal product of labor equals zero when (Enter a numeric response using an integer.) Beyond a labor input of 40, the marginal product of labor is 20 étv MacBook Air DI DD F3 F5 F6 F7 FB F10 FW 2# $ & 3 4 5 8 9 E R Y P D F G н J K C V B N M command V
- Q1 a) Given a production function depicting the response of paddy rice tofertilizer application,Y = 3X+ 9X2 - X3(i) Calculate the exact MPP and APP.(ii) At what level of fertilizer input(X) does MPP, APP and TPP reachtheir maximum values?(iii) At what level of fertilizer input will r = 0? And what is the valueof TPP at that level?(iv) If the farmer increases the amount of fertilizer in his riceproduction in his area of diminishing returns, explain whether ornot total production will increase or decrease.Q1 a) Given a production function depicting the response of paddy rice tofertilizer application,Y = 3X+ 9X2 - X3(i) Calculate the exact MPP and APP.(ii) At what level of fertilizer input(X) does MPP, APP and TPP reachtheir maximum values?(iii) At what level of fertilizer input will r = 0? And what is the valueof TPP at that level?(iv) If the farmer increases the amount of fertilizer in his riceproduction in his area of diminishing returns, explain whether ornot total production will increase or decrease.b) Explain the economic significance of farm records.Q2 a) What are the major objectives of agricultural marketing?b) Explain how one can evaluate the efficiency of a marketing situation.Suppose that you are the Production Manager of Mini Me, Inc., and you have estimated the relationship between total product (or output) and labor for Prime action figures to be: TABLE 1 0 45 100 170 230 260 275 280 280 270 Total Product Labor (In Man Hours) 0 10 15 20 25 30 35 40 45 50 Assuming that there is one fixed input (machine) and one variable input (labor) in making the action figures (1 point per item): 1.Compute the marginal product of labor (round-off to the nearest whole number).
- Sam Malone is considering renovating the bar stools at Cheers.The production function for new bar stools is given byq = 0.1k 0.2l0.8 where q is the number of bar stools produced during the renovation week, k represents the number of hours of bar stoollathes used during the week, and l represents the number ofworker hours employed during the period. Sam would like toprovide 10 new bar stools, and he has allocated a budget of$10,000 for the project.a. Sam reasons that because bar stool lathes and skilled barstool workers both cost the same amount ($50 per hour),he might as well hire these two inputs in equal amounts.If Sam proceeds in this way, how much of each input willhe hire and how much will the renovation project cost?b. Norm (who knows something about bar stools) arguesthat once again Sam has forgotten his microeconomics.He asserts that Sam should choose quantities of inputs sothat their marginal (not average) productivities are equal.If Sam opts for this plan instead, how much of…Derive formulae for the marginal products of the three inputs in the produc- tion function Q = 40K03L0.3R04. %Dof 20) - Google Chrome om/mod/quiz/attempt.php?attempt3D1472585&cmid%3D718317&page=4 ystem (Academe Labor Output (units per week) (workers per week) 20 on 2 50 70 4 85 95 100 The table above gives a firm's total product schedule. Suppose labor is the only variable factor of production. The price of labor is $500 per week and total fixed costs are $600 per week. What is the marginal cost of producing the 90th unit? Select one: O a. $50.00 Ob. $24.92 O C. $31.61 Od. $10.00 Next nage us page ype here to search
- Question 8 of 13 The following diagram depicts the production function of the farmers, where diminishing average product of labour is assumed. At A the average product of labour is 500,000/800 = 625 kg of grain per farmer. At B the average product of labour is 732,000/1,600 = 458 kg of grain per farmer. If you know that for 2,800 farmers the grain output is 894,000kg, then which of the following is/are correct? Kilogrammes of grain produced (thousands) 900 800- 700- 600- 500 400- 300- 200- 100- 0 0 400 800 B 1,200 1,600 Number of farmers 2,000 2,400 2,800 OA. The average product of labour when the labour input is 2,800 is 300. OB. The decreasing slopes of the rays from the origin to the production function along the curve indicate the decreasing average product of labour. OC. If the production function curve is an upward-sloping straight line, then there is no diminishing average product of labour. OD. It is possible that initially there is an economy of scale: for example, going from…Consider the production function Q = 10KL. Will the MRTS for this production function remain constant along the Q = 200 isoquant? Explain briefly. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). 三v A v In BIUS Paragraph Arial 10pt 田田 田田 EX + x' X2Q(K, L) = 4K²L2 Type your answers in all of the blanks and submit The production function of good x is as follow: a. What is the marginal production of capital with 16 labor and 4 capital? Type your answer her b. Calculate the slope of the isoquant when the entrepreneur is producing efficiently with 10 labors and 400 units of capital. Slope = Type your answer her (absolute value.) c. If we increase the amount of labor we use in our production process from 10 to 1000 units, how much change in capital is needed for us to stay on the same isoquant? Change in K= Type your answer here (Actual value, negative if decrease and positive if increase) d. Is diminishing return a characteristic of this production function? For labor? (yes/no) Type your answer her ;For Capital (yes/no)? Type your answer here