QUESTION 21 Refer to the information provided in Figure 7.8 below to answer the question(s) that follow. Units of capital 80 60 A BD E 60 80 120 Units of labor Figure 7.8 Refer to Figure 7.8. The slope of isocost CD is O greater than the slope of isocost AB. less than the slope of isocost AB. equal to the slope of isocost AB. indeterminate from this information, as the prices of capital and labor are not given.

QUESTION 21 Refer to the information provided in Figure 7.8 below to answer the question(s) that follow. Units of capital 80 60 A BD E 60 80 120 Units of labor Figure 7.8 Refer to Figure 7.8. The slope of isocost CD is O greater than the slope of isocost AB. less than the slope of isocost AB. equal to the slope of isocost AB. indeterminate from this information, as the prices of capital and labor are not given.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The slope of isocost AB is Units of capital C 80 60 A 0 B D 60 80 Units of labor greater than the slope of isocost CD. less than the slope of isocost CD. equal to the slope of isocost CD. indeterminate from this information, as the prices of capital and labor are not given. E 120
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?
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A firm is currently producing 500 units of output daily by employing 60 units of labor daily at a price of $10 per unit and 30 units of capital daily at a price of $20 per unit. The marginal product of the last unit of labor employed is 3, and the last unit of capital employed is 5. a. Given the above information, what does the firm's marginal rate of technical substitution, MRTSL,K, equal? b. Indicate on the following diagram some point labeled A that is consistent with the information given in the question.
AnimoSpace Support ? Question 4 Given the isocosts and isoquants of various quantities of labor and capital in the ficure below, which of the ff. is correct? Сapital TC4 TC3 TC2 MP IP = M TC K* R° ISO3 ISO? ISOI Labour L* Quantity that can be produced at ISO3 is less than the quantity that can be produced at ISO2 sr O Ris the combination of L&K that minimizes cost O At least 2 of the choices O None of the Choices O TC3>TC1 a No new data to save. Last checked at 7:59pm o search PrtSc Del F6 F7 F8 F9 F10 Fl1 F12 F2 F3 F4 F5 A+ Pause Scr Lk SysRq Ins #
Sean la función de producción Q(K, L) 23 625 (Ki + Ki + 4 Li) , que depende de las cantidades 7. utilizadas de los inputs K y L, y sea el punto (K,L)= (2,4). (a) ¿Cuál es el efecto sobre la producción de un aumento de una unidad en la cantidad utilizada del input L, ceteris paribus? (b) ¿Cuál es el efecto sobre la producción de un aumento de un 1% en la cantidad utilizada del input L, ceteris paribus?
Bicycles 120 14 8 6 4 2 A B D 0 2 4 6 8 10 Computers Refer to the diagram. If society is currently producing 14 units of bicycles and 0 units of computers and it now decides to increase computer output to 4, the cost Multiple Choice will be 5 units of bicycles. will be 4 units of bicycles. will be zero because unemployed resources are available. of doing so cannot be determined from the information given.
B6
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Can you put a solution to this? Instruction: (see other instructions below, for the submission of answer sheet) A. Complete the Column for MRS. Show your solution for each answer, Number each solution that corresponds to each unknown MRS. B. Graph the Labor-Capital function, making sure that Labor units are in the horizontal axis MRS = change in K/ change in L change in K = final K - initial K change in L = final L - initial L MRS = 26-30 /2-1 MRS = -4/1 MRS = - 4 Units of Labor Capital MRS 1 30 0 2 26 -4 3 22.5 (1) 4 19.5 (2) 5 17 (3) 6 15 (4) 7 13.5 (5) 8 12.5 (6) 9 12 (7) 10 12 (8)
can someone pls explain if marginal product function (i.) and (ii) are either convex or concave? what is their economic implication?
Donot forgett to make stages of production graphically..