We often work with production technologies that give rise to initially increasing marginal product of labor that eventually decreases. Are the following statements then True or False? Explain.A negative marginal product of labor necessarily implies a downward sloping production frontier at that level of labor input.

Solve the attahment.

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Consider the following production function that depends only on labor:Q = 4L + 12L² - 6L³ 1. Compute the APL (average product of labor). 2. Compute the MPL (marginal product of labor). 3. What is the value of L* at which APL is the highest? 4. For L > L*, which one is bigger, APL or MPL? How about when L < L* and L = L*? 5. Draw APL and MPL on the y-axis as a function of L on the x-axis. Label the point of the intersection of APL and MPL.

Sandwiches, a sandwich shop, has the following marginal product curve (labelled MP) for its hourly productions hourly production.

Suppose a firm’s production function is ? = ?2?. a) Determine the labor and capital demand functions. b) Are capital and labor normal or inferior inputs in this production process?

WickCo makes decorative candles, and its production function is given as Q = K+ L, where K is the units of capital, and L is the units of labor used in the production process. a. In the diagram below, draw the isoquant for WickCo. for output level Q = 10. The diagram below is a 10x10 grid b. Suppose the wage rate is $50 per unit of labor and the rental rate of capital is $55 per unit. In the diagram given in part (a), show the cost minimizing input combination for Q = 10 and draw the associated isocost line. What is the total cost of production at the cost minimizing input combination?

Production Function. Consider the Cobb-Douglas production function discussed in class:F(K, L) = AK^1/3 L^2/3. Suppose that parameters are initially A = 1, K = 150, and L = 10.   d) Suppose that the quantity of labor L doubles. Calculate Y, w, r, Y/L, and K/L. Com-ment on how and why these numbers changed relative to (c) and why they did so. E) Suppose that the quantity of capital K doubles as well. (So now both K and L aretwice their previous value). Calculate Y, w, r, Y/L, and K/L. Comment on how thesenumbers changed relative to both their initial values, and their values in (d).