Consider the production process represented by the total product curve (TP'), the average product of labor curve (AP'), and the marginal product of labor curve (MP') illustrated in the figure. 20- If each worker produces an extra unit of output, how do total product, the average 16- TP1 product of labor, and the marginal product of labor vary with labor? Plot these curves in the graph. 12- 1.) Using the multipoint curve drawing tool, graph the firm's new total product curve for one through four workers. Label this curve TP2: 2.) Using the multipoint curve drawing tool, graph the firm's new average product curve 8- for labor for one through four workers, Label this curve 'AP2: MP1 4- 3.) Using the multipoint curve drawing tool, graph the firm's new marginal product curve for labor for one through four workers. Label this curve 'MP. AP1 Carefully follow the instructions above, and only draw the required objects. 0- L, Labor After plotting the final point of your multipoint curve, press the Esc key on your keyboard to end the line. Q, Output

Let S represent the amount of steel produced (in tons). Steel production is related to the amount of labor used () and the amount of capital used () by the following function: S- 20 L0 C0.7 In this formula L represents the units of labor input and Cthe units of capital input. Each unit of labor costs $50, and each unit of capital costs $100. (a) Formulate an optimization problem that will determine how much labor and capital are needed in order to produce 50,000 tons of steel at minimum cost. If your answer is zere, enter "p" Min 40 120 s.t. 20 S0000 (b) Solve the optimization problem you formulated in part a. Hint: When using Excel Solver, start with an initial >oand C0 Do not round intermediate calculations. Round your answers to the nearest whole number 2991 2318 Cost S 397448 ide Feedback

Given the number of labor and the total product in the following table, 1- find the average product (APL) and marginal product (MPL) of labor. 2- Draw Total product (TP), average product (AP) and marginal product (MP) of labor curves

I need all parts of the question answered, thank you.

/

5. A company that produces auto parts has a production function of Q = 300 L-75 K-5. %3D If L= 250 and K= 25, what is the output of auto parts? If L increases to 350, what is the output of auto parts? What does the change in output show regarding labor as a factor of production?

13. Suppose you have a production technology given by f(x1, x2) = min{2x₁, x2} and you are producing at the point where x₁ = 10 and x₂ = 20. (a) Explain in words what we mean (generally) by the ‘marginal product' of an input in production. (b) For the production technology in this question and the initial point x₁ = 10 and x2 = 20, what is the marginal product of a small increase in input 1? (c) Suppose input 2 increases and you are now at the initial point x₁ = 10 and x2 = 30. Relative to your answer in part (b), does the marginal product of input 1 decrease, increase, or stay constant? Explain briefly.

Assume instead that pharmacists and robots dispense prescriptions according to the following production function: Y = 10*KO.8L0.2 where Y is the number of prescriptions dispensed; L is the number pharmacist hours, and K is the number of robot hours. In addition, $10 worth of materials is used for each prescription. a. What is this type of production function called, and what are we assuming about the relationship between robots and pharmacists by using this production function? b. Derive the cost - minimizing demands for K and L as a function of output, the wage rate and the rental rate of capital. c. Use these results to derive the total cost function: costs as a function of y, r, w, and the $10 materials cost. d. Pharmacists earn $32 per hour. The rental rate for robots is $64 per hour. What are total costs as a function of Y? e. Does this technology exhibit decreasing, constant, or increasing returns to scale?f. The pharmacy plans to produce 40,000 prescriptions per week. At the…

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).

d. Calculate the marginal product of capital MPK.     e. Calculate the marginal product of labor (MPL).