Days of LaborUnits of Output o days O units 1 7 13 3 19 4 25 28 29 7 29 2.

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The diagram below shows an agricultural production function. 900- 800- 700- 600- 500- 400- 300- 200- 100- 400 800 1200 1600 2000 2400 2800 Number of farmers Kilogrammes of grain produced (thousands)

D D Question 1: Jerusha, a woodworker, builds coffee tables using both labor (L) and tools (capital, or K). Her production function for coffee tables is a Cobb-Douglas production function: Q = 4K0.5 L0.5. Suppose that in the short-run, Jerusha only has 16 tools (K=16). Round your answers to the nears one-hundredth place (0.01). Do not enter fractions into the boxes. Question 1 Part a: What is Jerusha's short-run production function? Q = __[0.5 Question 2 Part b: Suppose Jerusha employs 9 workers. What is her total product in the short-run?

Assume that the average product for six workers is fifteen. If the marginal product of the seventh worker is eighteen. A)marginal product is rising b)marginal product is falling c)average product is rising d)average product is falling

Show full answers and steps to part d) e) & f)

Marginal cost is the one more unit of a good and opportunity cost of producing increases as production O price that must be paid to consume; decreases as consumption O opportunity cost of producing: decreases as production O price that must be paid to consume; increases as consumption of the good increases.

Assume a firm is trying to produce q0 units of output at the lowest total cost. The wage decreases, rotating the isocost line as shown in the below graph. Make the necessary changes to the graph to show the input combination that will now produce q0 at the lowest total cost. Make sure you show the new levels of labor and capital.

choose a correct answer

Answer the question on the basis of the following output data for a firm. Assume that the amounts of all nonlabor resources are fixed. Number of Workers. 0 1 2 3 4 5 6 Units of Output 0 38 85 150 220 320 380 The marginal product of the fourth worker is