The production function for hamburgers can be written as q = 0.1X + 0.1Y, where X is Canadian ground beef and Y is U.S. beef, both measured in pounds. Which graph in the figure best represents the isoquants for the hamburger production when U.S. ground beef is on the vertical axis and Canadian ground beef is on the horizontal axis?

Identify the returns to scale in the functions below. Production Function a. q = 3L + 2K Returns to Scale constant increasing decreasing

The short-run production function for a manufacturer of flash memory drives is shown in the table below. Based on this information, answer the following questions. Input of Labor (workers per week) Total Output of Flash Memory Drives 0 0 1 25 2 60 3 85 4 105 5 115 6 120 a.   Calculate the average product at each quantity of labor. b.   Calculate the marginal product of labor at each quantity of labor. c.   At what point does marginal product begin to diminish?

For its current level of production, a firm is attempting to minimize its costs. The firm has determined that the marginal product of labor is 10, the marginal product of capital is 20 and the cost per unit of labor is $5, whereas the cost per unit of capital is $10. To minimize cost for the given output the firm should   Increase the amount of capital and decrease the amount of labor Leave the amount of capital and labor as they are Decrease the amount of capital and increase the amount of labor

Q3) A chair manufacturer hires its assembly-line labor for $30 an hour and calculates that the rental cost of its machinery is $15 per hour. Suppose that a chair can be produced using 4 hours of labor or machinery in any combination. Graphically illustrate the isoquant and the two isocost lines for the current combination of labor and capital and for the optimal combination of labor and capital.

The Production Function for Wilson Company Economists at the Wilson Company are interested in developing a production function for fertilizer plants. They collected data on 15 different plants that produce fertilizer  PLANT         OUTPUT (TONS)                CAPITAL ($)               LABOUR (HOURS) 1                             605.3                                18,891                                700.2 2                             566.1                               19,201                                651.8 3                              647.1                               20,655                                822.9 4                              523.7                                15,082                               650.3 5                              712.3                                20,300                               859.0 6                              487.5                                16,079                               613.0 7…

A firm's production function is given by Q = 20L0.8 K0.2. At that moment, the firm sets = 1,000 and K = 1,000. Which of the following combinations of L and Klies on the same isoquant? L = 1,063.9; K = 698.7 L= 1,063.9; K = 698.7 L=698.7; K = 1,063.9 L = 1,302.3; K = 936.1 L 936.1; K 1,302.3