Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes. If the question prompts you to “Calculate,” you must show how you arrived at your final answer.   A firm’s short-run production function shows the relationship between the firm’s input and output. Assume the firm uses one variable input, labor, and one fixed input, capital. The following table shows short-run production function for a firm that produces widgets. Quantity of Labor Total Product 0 0 1 6 2 14 3 24 4 32 5 39 6 42 (a) Calculate the marginal product of the sixth worker. Show your work. (b) Does the production function exhibit diminishing returns to labor? Explain. (c) When marginal product is falling, what happens to marginal cost? (e) on a single correctly labeled graph, draw the firms short run average total cost curve (ATC), average variable cost curve (AVC), and marginal cost curve (MC)

Suppose a firm could produce data storage services using two inputs: high capacity hard drive (200 TB) or low capacity hard drive (100 TB).   What is the production function and what is a typical set of isoquant?

answer question d Q5. Jason is running a cleaning business, there are available labours (L) and machines (M) for Jason to use as inputs to produce cleaning service for his clients. a) Suppose Jason must use both labours and machines without any specific ratio to complete the service for his clients, please write down the general production function formula for Jason. hint: you could use any letter if you want] b) Under the function form of a), assume Jason's Marginal Rate of Technical Substitution (MRTSL, M) equals to 2, how do you interpret it? c) Assume Jason now can use only single input, either labour or machine to complete the service, please write down the general production function formula for Jason. hint: you could use any letter if you want] d) Under the function form of c), assume Jason's Marginal Rate of Technical Substitution (MRTSL, M) is always larger than the market price ratio between labour and machine (w/r), what should Jason do? why?

suppose Mark operates the production of lawnmowers at Mark Mowers and Bros. Using inputs like labor (L) and capital (K). over his time as a production manager, he has found out that the production function, in the long run, is Q=500*min (L,7K). Given this information, help him determine the following. b. Assume for the time being that he has only one unit of capital to employ in this factory. What would be the total product, the marginal product, and the average product of the labor curve? Draw all three of them. Also make sure that you create a table using the different combinations of L and K that helps you in determining the shape of these curves.

We can describe inputs as either fixed or variable. Thinking about a company that assembles cars, which of the following would be an example of a fixed input that could not be changed in the short run? Group of answer choices A)The robots that help assemble the cars. B)The building where the assembly takes place. C)The electricity required to support the assembly activity. D)The employees that work for the company.

Suppose a firm has the following production function Q (K, L) =K0.5 L0.4. Show mathematically whether the firm has increasing, decreasing, or constant returns to scale.