Given the input-output matrix below, find the output matrix if final demand changes to 400 for water, 180 for electric power, and 800 for agriculture. Industry Electric Water Power Agriculture Final Demand Water 100 360 360 220 Industry: Electric Power 200 120 480 170 Agriculture 300 60 240 500 Other 400 60 120 The output matrix is X = (Round to two decimal places as needed.)

The amount of fish caught per week on a trawler is a function of the crew size assigned to operate the boat. Based on past data, the following production schedule was developed: CREW SIZE (NUMBEROF WORKERS) AMOUNT OF FISH CAUGHT PERWEEK (HUNDREDS OF LBS) 2 3 4 5 6 7 8 9 10 11 12 3 6 11 19 24 28 31 33 34 34 33 a. Over what ranges of workers are there (i) increasing, (ii) constant, (iii) decreasing, and (iv) negative returns?b. How large a crew should be used if the trawler owner is interested in maximizing the total amount of fish caught?c. How large a crew should be used if the trawler owner is interested in maximizing the average amount of fish caught per worker?

The amount of fish caught per week on a trawler is a function of the crew size assigned to operate the boat. Based on past data, the following production schedule was developed: CREW SIZE (NUMBEROF WORKERS) AMOUNT OF FISH CAUGHT PERWEEK (HUNDREDS OF LBS) 2 3 4 5 6 7 8 9 10 11 12 3 6 11 19 24 28 31 33 34 34 33 a. Over what ranges of workers are there (i) increasing, (ii) constant, (iii) decreasing, and (iv) negative returns?b. How large a crew should be used if the trawler owner is interested in maximizing the total amount of fish caught?c. How large a crew should be used if the trawler owner is interested in maximizing the average amount of fish caught per worker? Expert Solution arrow_forward Step 1 The marginal and average product of the worker or labor is useful in calculating the amount of fish that the workers can catch as well as in the real industries also. If the company calculates the average and marginal products, the company can decide on how to…

*Find the elasticity of scale and the elasticity of substitution for the CES production function f(x1,x2) = (x{ + x%)¯,where 0 #p<1.

When the quantity of a variable input is increased from 4 to 6 units, the total output increases from 85 units to 105 units. The marginal product of the variable input is 20 units.

Please include the graph thanks!

Let C(T) be a function that models the dependence of the cost (C) in thousands of dollars on the amount of ore to extract from a copper mine measured in tons (T): 1) If you computed the average rate of change of cost with respect to tons for production levels between T = 20000 and T = 40000, give the units of your answer (no calculations - describe the units of the rate of change). 2) If you had a function for C(T) and were able to calculate the answer to part 1, explain why you would not expect your answer to be negative (explanation should be in terms of cost, tons of ore to extract, and rates of change).

Evaluate the following question. Show your work.

q = 35L + 40 K (1) (2) 0.5, For the production functions of (1) and (2) create the isoquants for q = 100, and for q = 144 with K on the vertical axis and L on the horizontal axis. (Use excel's scatter plot to draw these pictures. So, two pictures with two isoquants each.) Suppose that K is fixed at K = 9. Using excel draw the total product curves for equation (1). In a separate excel chart draw the marginal product and average product for K = 9 in equation (1). Give an explanation for the shapes of the total product, marginal product, and average product curve.

A firm has the following production function: Q = 9L2/3K1/3 Where Q is output, L is labor and K is Capital. Where Q is output, L is labor and K is Capital. (a) What sort of returns to scale characterize this production function?   (b) Derive the marginal product of labor and capital.   (c) What do we mean when we say the production function is linearly homogenous?