The output of a production process, Q is given by the function 2K^(-3)L^(5/2)/2K log4 6L^2 where K and L denote capital and Inbour. Calculate the output when the capital and labour are 10 and 20 units, respectively.

Do you think that the taxicab industry in large cities would be subject to significant economies of scale? Why or why not?

What is a production technology?

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I’m not sure logically if a production function can simultaneously exhibit CRTS and Economies of scale? And I’m also unsure how to draw the isoquants based on the isocost lines I derived ?

Please solve with step and no reject thank u

Write out an example Cobb-Douglas production function. Derive the signsfor the relationship between labor and output and for marginal product oflabor and labor, holding other inputs fixed. Explain with economic intuition.

The amount of fish  caught per week an a trawler is a function of the crew size assigned  to operate the boat. Based on past data, consider the following production function identifying  the relationship between output and labor input. You may assume that capital is fixed at 10 units.Labour Input (No of. Workers) (L)    Total Product TPL (Q). From the table below :-(a) Calculate APL and MPL. (b) Graph APL and MPL. Do they have the expected shape? (c) On your graph, identify the three stages of production Labour input (No of Workers) (L) Total Product TP L (Q) 0 0 1 80 2 170 3 300 4 450 5 540 6 620 7 700 8 770 9 830 10 880 11 920 12 950 13 970 14 980 15 985 16 988 17 988

CHOOSE 1 WORD FROM EACH BRACKETS

1. The following production function is used to produce wheat, q, from capi- tal, K, and labour, L: q = f(K, L) = «³K/3 + B³L/3 a) Describe the role of a and B in this production function. b) Derive the slope of an isoquant for this production function and in- terpret your result. Draw the isoquant in (K L) space, labeling where appropriate. The drawing does not need to be exact, but the curvature needs to be approximately correct. Explain why under- standing the curvature is so important. | c) Does this production function follow the "Law of Diminishing Marginal Returns"? Show your work and explain your answer.