Suppose the production function for good q is given by q=3 ∙K+2∙ L where K and L are capital and labor inputs. Consider three statements about this function: I. The function exhibits constant returns to scale II. The function exhibits diminishing marginal productivities to all inputs III. The function has a constant marginal rate of technical substitution

.2. Tiva has a crafts store that makes jewelry using beads (B) and copper (C). Her productionfunction for jewelry is given byQ = B0.4C0.4Suppose she can buy beads and copper at prices PB and PC, respectively.(a) Calculate Tiva’s marginal rate of technical substitution between B and C.(b) Does this production function have increasing, constant, or decreasing returns to scale?Explain. (c) Set up the cost minimization problem you would use to calculate Tiva’s cost functionC(Q) in Lagrangian form. (Note: You do not need to solve it or derive first orderconditions.Suppose Tiva decides to branch out in her jewelry offerings by getting a 3D printer. The costof producing new 3D printed jewelry isC(Q) = 25 + Q24For the rest of this problem, assume Tiva can produce fractions of jewelry, don’t worry aboutrestricting your answers to whole numbers.(d) Compute Tiva’s marginal cost and average cost of production for 3d printed jewelry.(e) Explain why she will shut down when the market price falls…

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A company has the following production function for its product, f(k, I) = k"/2/1/2. It faces input prices v = 5 for capital and w = 20 for labor. How much does the firm use of each input if it wants to produce 10 units of its product? O a. I= 4, k = 25 O b. / = 5, k = 20 O c. 1= 20, k = 5 O d. 1= 25, k = 4 Clear my choice Suppose the market demand for a good is Qº = 2000 – 8p and market supply is QS = 5p + 700. There are 10 %3D firms with exactly the same cost function. How much does each firm produce? O a. 100 O b. 120 O c. 140 O d. 200 Clear my choice