Suppose capital costs $10 per unit and labour costs $5 per unit. For a profit-maximising firm operating at its optimal factor mix, if the marginal product of capital is 50, then the marginal product of labour must be... a. 25. b. 50. c. 100. d. 20. e. 10.

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.

1. a. Suppose that the production function is Q =L"*K*4, In the short-run, with capital held fixed at K - 256. a. Find the total product function. b. Find the average product of labour (AP) function. c. Find the marginal product of labour (MP) function.

Say that a lumber firm is producing output (Q) in the form of trees. They hire lumberjacks (L), but have a fixed level of capital. There are no other inputs. Select the values that correctly fill in the table. L = number of lumberjacks Q = number of trees MPL = marginal product of labor 0 0 -- 1 4   2 10   3 12   4 13   5 13

10. If over the range of positive marginal product, the short-run total product of factor A in the production of X is given by the equation: X=aA +b A2 – A3 Where a, and b are positive constants, and if the average product of A is maximized when X=100, then the marginal product of A must be greater than the average product when X=50. True or False ?. Prove your answer.

You have been doing research for a firm andhave discovered that the firm’s averageproduct of capital is decreasing. If capital is the onlyvariable input, what does this imply about the firmsmarginal product of capital?

M d. The marginal product of labour is zero beyond 15 hours. Imagine that you work for 40 hours per week at the wage rate of £10 an hour. Your free hours are defined as the number of hours not spent in work per week, which in this case iS 24 hours x 7 days - 40 hours 128 hours per week Suppose now that your wage rate has increased by 100%. If you want to keep your total weekly income constant, then: Select one or more: Your total number of hours will fall by 25%. O a. O b. Your total number of hours will fall by 50%. You will work 25 hours per week. C. O d. Your free time will increase by 25%. 因 口 五 0 ASUS ZenBook

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The following picture represents a production function after an increase in total factor productivity z. What marginal happens to the product of labor? Y=zF(K,N) Labor (N) O It increases O It decreases O It increases from some levels of labor, it decreases for some others O Not enough information

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