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The production function is Q = 18K + 9L. Rent is $80 and wage is $40. Draw a graph of the isocost and isoquant
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- Isoquant curves The Firm can trade two doctors for five gardeners and output remains constant What is the shape is the isoquant curve for the firm? (doctors on x axis) Find slope of curve at: (20,15) (5,25) (5,15)Why is the point of isoquant tangent to the isocost called the optimal combination?Brian uses wool (K) and labour (L) to produce t-shirts (q). The production function is: q = min{1/3L, 2K}.If he uses 1 kg of wool and 3 hours of labour, he can produce 1 t-shirt.1. Draw isoquants for q = 1 and q = 2 on a diagram with labour on the horizontal axis and wool on the vertical. 2. The pice of wage per hour is given by w=$10 and the price of each kg of wool is given by r=$4. What is the optimal bundle of that he can produce in order to minimise costs? Draw the isocost lines.
- If two inputs are perfect substitutes a. The isoquant is a straight line and the MRTS is constant b. The isoquant is L shaped and the MRTS is indeterminate c. The isoquant is a straight line and the MRTS is diminishing as we move down d. The isoquant is a straight line and MRTS is increasing as we move downEach extra worker produces an additional unit of output up to six workers. As more workers are added, no additional output is produced. Draw the total product of labor, average product of labor, and marginal product of labor curves in a graphBased on the table you created in image, Choose one isoquant and compute two MRTS at least! (for an example from point A to B and from B to C)
- One isocost line can intercept an isoquant. Select one: O True O FalseExplain Isoquant curve. Explain Isocost line. The difference between the two and what should be tangent?A firm's production function is q = min (0.5K, 5L).The current wage rate, w = $10 and the price of capital, r= $5. How many units of K and Lshould the firm hire in order to produce 180 units of output with the minimum cost?Please find the solution and also draw the isoquant and the isocost curve
- When analyzing isoquants, if the marginal product of all inputs double, how would that change the input mix you would use to produce a given level of output?Mark launders his white clothes using the production function q=4B + G, where B is the number of cups of Clorox bleach and G is the number of cups of a generic bleach, where Clorox bleach is four times as potent. Use the line drawing tool to graph an isoquant for output of q = 20. Label this line 'isoquant'. Carefully follow the instructions above, and only draw the required object. What is the marginal product of B? The marginal product of B is (Enter a numeric response using an integer.) What is the marginal rate of technical substitution at each point on an isoquant? The marginal rate of technical substitution is along the isoquant. C G, Cups of generic bleach 22- 20- 18- 16- 14- 12- 10- 6- 4- 2- 0+ 0 2 4 B, Cups of Clorox bleach 6 LVConsider the following production function: Q = (6L + 3K)¹/2 1. What is the Marginal Product of Labor (MPL)? What is the Marginal Product of Capital (MPK)? Are they diminishing? 2. What is the Average Product of Labor (APL)? What is the Average Product of Capital (MPK)? 3. What is the TRSL,K? Is the absolute value of TRSLK diminishing in L or K? 4. Are there constant, decreasing, or increasing returns to scale?
