Explain Isoquant curve.  Explain Isocost line.  The difference between the two and what should be tangent?

Q: Define marginal physical product of labor (MPP) and marginal cost of product (MC). How are these two…

A: The marginal physical product of labour can be defined as the increase in firms' revenue due to the…

Q: mathematically derive the slope of isocost line and isoquant and interpret.

A: Answer: Isoquants are also known as equal product curves, along with an isoquant shows the same…

Q: Suppose the isoquant represents the production of 120 pencils. What will happen to the isocost and…

A: A. If labour become more costly than the isocost line will pivot towards left from horizontal axis…

Q: shoes (Q) irm producing car labor. The price of K is $8 and the price of L is $2. production vhere K…

A: A firm producing cars. The production function for shoes is :        Q= K1/2 L1/2 .…

Q: production function Y=F(K,L) = 2K + VI . sa) Write its differential, dF(K,L). Consider the 54) Draw…

A: Given  Y=F(K,L)= L+2K

Q: Which of the following is correct about marginal and average products? A) When the average product…

A: Marginal product refers to addition in total output and when more unit of variable input is used in…

Q: Explain the relationship between AC and MC.

A: The average total cost is the ratio of the total cost of production and the quantity of output…

Q: Define marginal physical product of labor (MPP) and marginal cost of product (MC). How are these two…

A: The law of diminishing marginal product states that when more and more variables factors are used,…

Q: Example about isoquants and isocost curve

A: Total cost:  The total cost refers to the sum total of fixed costs and variable costs that are used…

Q: Isoquants are normally drawn with a convex shape because inputs are a) Not perfectly substitutable…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Short run product and cost npany cal table and show different worker and output levels (TP) and…

A: *Answer:  *a

Q: Present a graph of the following. Label your graphs completely 1.  Using the isoquant map and…

A: Isoquant:  Q=f(K,L) Q= Output L= Labor K= Capital Isoquant is the line which represents the same…

Q: nn leases a farmer's field and grows melons. She hires students to pick and ack the melons. The…

A: The average product of labour is found by dividing the total product of labour (TPL) by the amount…

Q: What is a production function? Response option group It is the production technology It is the…

A: A production function highlights the relationship between quantities of physical inputs and…

Q: Suppose a chair manufacturer is producing in the short run (with its existing plant and equipment).…

A: a. The marginal and average product of labor can be calculated as follows: Thus, both marginal and…

Q: Explain Isoquant curve with its characteristics

A: Assets, which are the foundations of the economies, are the factors of production; these are what…

Q: What is an isoquant? What is a marginal product? What is the technical rate of substitution? Explain…

A: Utility: The utility is the power or ability of the goods and services that satisfy the consumers…

Q: Suppose that during an economic boom labour costs rise by 100% and are expected to stay at that…

A: The expansion path depicts the lowest-cost labor and capital combinations that can be used to…

Q: Demonstrate the law of diminishing yields on a graph by drawing the relationships on TP, AP and MP…

A: The Marginal Product of an input indicates that the quantity of the variable factor changes in…

Q: The point of tangency between a convex isoquant and an isocost line represents an optimal…

A: Isocost line represents all input combinations that yields the firm the same cost

Q: Along an isoquant, The MRTSfork equals the MP of K/ MP of L. Price of L/ Price of K. O the MP of…

A: The marginal rate of technical substitution (MRTS) illustrates the rate at which one of the factor…

Q: Suppose that output is a function of labor and capital. Assume that labor is the variable input and…

A: Marginal Product of Labor (MPL): - it is the change in total production due to the employment of an…

Q: State the relationship between AVC and AP (average product)

A: Average product (AP): Average product can be find by dividing TP / TVF. Where, TP is total product…

Q: Create a table describing input combinations of labor and wheat flour in producing a certain cake.…

A:

Q: Labor Marginal product 0 0 1 8 2 10 3 12 4 9 5 5   22) Diminishing returns to labor…

A: For the first question (22), the diminishing returns to labor, begin at labor unit 4.  This is…

Q: The degree of convexity of an isoquant determines the degree of substitutability of factors of…

A: Answer: An isoquant shows the locus of two factors that yield the same level of output on an…

Q: X and Y are factors of production. They are used to make a fixed output, Z, of the product. The…

A: The main objective of a rational producer is to maximize profit by allocating its resources…

Q: utility or Income Is 5. a. Complete the following table: b. Does this production function exhibit…

A: Answer a)  Production function expresses the relationship between quantities of production factors…

Q: Define marginal rate of technical substitution. Why does it decrease along the isoquant?

A: Marginal rate of technical substitution of labor for capital can be defined as the number of units…

Q: Given the number of labor and the total product in the following table, 1- find the average product…

A: To calculate AVerage Product of labour we use the following formula Average Product of labour =…

Q: Suppose Mr. Saad is a producer of Lola Loo chocolate, following is the information available of his…

A: The firm can only change the quantities of the variable inputs i.e. Labor in the short run and the…

Q: If isoquants are plotted on a graph with capital measured on the vertical axis and labor on the…

A:

Q: In a short-run production process, a diminishing marginal product of labor explains why marginal cos…

A: The marginal product of labor can be defined as the increase in the output resulting from an…

Q: Solve the attachment.

A: The marginal product of labor refers to the additional output produced when an additional unit of…

Q: Select the statement that is true. An isoquant divides the set of input bundles into three regions,…

A: In a market, a research will deal with various economic concept and to analyze all the concept it…

Q: Explain Isocost line?

A: The cost implies the incurred cost on producing of an output. The costs are of two types: Explicit…

Q: If two inputs are perfect substitutes a. The isoquant is a straight line and the MRTS is constant b.…

A: The answer is a. The isoquant is a straight line and the MRTS is constant Therefore, if two inputs…

Q: C. Graph the isoquant for Qo = 20 and the isocost line. Label the tangency point E.

A: The cobb Douglas Production function The production function in the long run is Y=A(LK,N) Y= output…

Q: A firm has the production function f(X, Y) = X/2 y!/2, where X is the amount of factor x used and Y…

A: The production function of the firm: f(X, Y)=X^1/2Y^1/2 The isoquant for such type of production…

Q: What is economics of scale

A: Economies of scale: - Economies of scale is the ability of a firm to produce goods and services at…

Q: Give relation between average product and marginal product.

A: Average Product is the total product per unit of output. Average Product =Total ProductOutput…

Q: In the example presented by this graph, at what number of workers does the point of diminishing…

A: Diminishing MP(marginal product) shows that when the labor(number of workers) rise, the MP falls and…

Q: Question attahed in image

A: The average product of labor is the ratio of the total output with respect to the total number of…

Q: Give an quantitative example of marginal and average cost.

A: Average cost is the equivalent of total fixed cost (TFC) and total variable costs (TVC) divided by…

Q: Explain Isoquant curve?

A: For the production of goods and services firms requires factors of production namely land, labor,…

Q: Law of Diminishing Return and Shape of the curve

A: Total product is defined as the total amount of final output which is produced by a firm using the…

Q: Match the term below to it's formula definition: total product (TF (Click for List) TVC+ Q AP…

A: Production means goods and services are produced with the use of inputs and technology. It means the…