Consider the following production function                                                                               TPL = 12L2 – 0.8L3     Find the value of L that maximizes TPL Find the value of L that maximizes APL Find the value of L that maximizes MPL

Consider the production function f(x1, X2) = 4x1x2, where x1 and x2 are the quantities of inputs 1 and 2, respectively. One of the following statements is true. %3D Which statement is true? The production function exhibits: А Constant returns to scale. Increasing returns to scale. C Decreasing returns to scale.

What is the law of diminishing marginal product, In which stages of production it manifest and What is the logical justification for the law of diminishing marginal

You produce shoes (Q) with labor (L) and capital (K). The production process is as so: Q = 400L - 20L2 + 600K – 10K2 The cost of labor is $20 and the cost of capital is $30. You have a budget of $550. How many units of capital(K) should you rent/buy? Enter as a value.

Grease Tech produces oil changes. The production of oil changes reles on both capital (K) and labor (L) and is combined in the following production function F (K, L) = KILL Take the derivative of this production function with respect to capital. What is the marginal product of capital evaluated at (le. just plug in the numbers) 64 units of capital used and 16 units of labor?

The figure shows the production function of a farmer who produces grain by working certain hours each day.     Which of the following statements is correct about this production function?         a. The slope of the production function represents the marginal rate of substitution. b. The ceteris paribus assumption means that the farmer becomes more productive as he works more hours. c. A rightward movement from B along the production function implies that the farmer has better technology. d. This production function exhibits economies of scale. e. A technological improvement would shift up the production function

What is the marginal Physical Productivty (MPP) of the inputs given the function Q= 18x21+2x1x2+2x22 ?

From the following production functions 1. Q= a1H + a2L + a3H2 + a4 L2 + a5HL, where  ai> 0 2. Q = aH@ Ly, where a, @, y > 0 a. Derive the equation of the relevant isoquant.   b. Find out whether the production function is well behaved. c. Examine whether the isoquant is well behaved and therefore represents the behaviour of a rational production.  d. Derive equation which describes MRTS of 9ne factor. e. For each equation examine whether the production is homogeneous and if so, what is the degree of homogeneity. Is the equation characterized by IRTS, DRTS or CRTS.

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Brian uses wool (K) and labour (L) to produce t-shirts (q). The production function is: q = min{1/3L, 2K}. The inputs are perfect complement.If he uses 0.5 kg of wool and 3 hours of labour, he can produce 1 t-shirt. Draw isoquants for q = 1, q = 2 and q = 3 on a diagram with labour on horizontal axisand wool on vertical axis.