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QUESTION 1 Figure 1. On the horizontal axis, K/L represents capital (K) per worker (L). On...
Suppose you were given a production function for the nation of Pluto, Y = A(K.6)(L.4), where...
Suppose you were given a production function for the nation of Pluto, Y = A(K.6)(L.4), where Y is GDP per capita, A is Total Factor Productivity, K is physical capital per worker, and L is human capital per worker. Which of the following is true about this production function? A.)There are diminishing returns to increases in Total Factor Productivity B.)Pluto only needs human capital per labor to be above zero to have production in its economy C.)There are diminishing returns...
Question 13 1 pts Capital 2 5 10 Labeth Figure 6.4.2 Refer to Figure 6.4.2 above....
Question 13 1 pts Capital 2 5 10 Labeth Figure 6.4.2 Refer to Figure 6.4.2 above. The situation pictured in Figure 6.4.2: is one of increasing marginal returns to capital. is one of increasing marginal returns to labor. contradicts the law of diminishing marginal product. shows decreasing returns to scale. is consistent with diminishing marginal product.
QUESTION 1 If labor is on the vertical axis and capital is on the horizontal axis,...
QUESTION 1 If labor is on the vertical axis and capital is on the horizontal axis, the slope of an isocost line is given by: O a. -PL/PK O b.-PK/PL OC. -MPLIMPK d. -MP IMPL O e. -PKPL QUESTION 2 You are an efficiency expert hired by a manufacturing firm that uses K and L as inputs. The firm produces and sells a given output. If w = $40,r = $100, MP L = 20, and MP K = 40...
Refer to the per worker production function presented in Figure 1 on the next page. Explain what a movement from point...
Refer to the per worker production function presented in Figure
1 on the next page. Explain what a movement from point A to B
represents, and explain what a movement from point B to D
represents. Which change would be the best for sustained (long run)
economic growth?
Real GDP per hour worked Y/L Production functions 17 000 Production 16 400 function2 16 000 Production function 15 000 0 Capital per hour worked, K/L $50 000 $60 000 $70 000...
Here we have the production function y=f(K,L)=K3L, where K is capital input and L is labor...
Here we have the production function y=f(K,L)=K3L, where K is capital input and L is labor input. Let K>0, L>0. 1. What are the marginal products of capital and labor re- spectively? 2. Please compute the technical rate of substitution (we as- sume K is on the horizontal axis). 3. Dose this production function show diminishing technical rate of substitution (in absolute value) when K increases? Please give a brief proof. 4. Please prove that this production function features increas-...
Need Help, please show work 5. T he production fur labor, and K is the capital...
Need Help, please show work
5. T he production fur labor, and K is the capital stock. Suppose K has a value of 100. nction for a country is Y = 20L05K05, where Y is output, L is Fill in the following values for Y: a. Labor Output (Y 100 ooo 200 28de.4 300 346 4 . Ι Ο aad b. Are their diminishing returns to labor? How do you know? Graph the production function with L on the horizontal...
Consider the production function given by y = f(L,K) = L^(1/2) K^(1/3) , where y is...
Consider the production function given by y = f(L,K) = L^(1/2) K^(1/3) , where y is the output, L is the labour input, and K is the capital input. (a) Does this exhibit constant, increasing, or decreasing returns to scale? (b) Suppose that the firm employs 9 units of capital, and in the short-run, it cannot change this amount. Then what is the short-run production function? (c) Determine whether the short-run production function exhibits diminishing marginal product of labour. (d)...
In the Solow model, suppose the per worker production function is y: 4 k . Suppose...
In the Solow model, suppose the per worker production function is y: 4 k . Suppose s : 009, n-o 07, and d-012. Calculate the steady-state equilibrium capital-labor ratio. k(Round to two decimal places.)
Question 7 Consider the following production function: Q=AL' K• Assume A > 0. Further assume 0...
Question 7 Consider the following production function: Q=AL' K• Assume A > 0. Further assume 0 <a <1, and 0 <b<1. 1. What is the Marginal Product of Labor (MPL)? Is it diminishing as L increases? What is the Marginal Product of Capital (MPK)? Is it diminishing as K increases? 2. What is the Average Product of Labor (APL)? What is the Average Product of Capital (AP)? 3. What is the TRSL,K? Is the absolute value of TRSL K diminishing...
emergency plz 10. For the next question, please refer to Figure 1 below. GDP per worker...
emergency plz
10. For the next question, please refer to Figure 1 below. GDP per worker 500 350 250 نیم PC с 50 Physical Capital Per Worker 100 300 500 Figure 1: Labor Productivity Suppose that a country that was once at point A is now at point D; what share of the growth in labor productivity was due to technology and due to physical capital investment? 5 points. 11. Explain the interest rate effect and how it can be...
Question 13 1 pts Capital 2 5 10 Labeth Figure 6.4.2 Refer to Figure 6.4.2 above. The situation pictured in Figure 6.4.2: is one of increasing marginal returns to capital. is one of increasing marginal returns to labor. contradicts the law of diminishing marginal product. shows decreasing returns to scale. is consistent with diminishing marginal product.
QUESTION 1 If labor is on the vertical axis and capital is on the horizontal axis, the slope of an isocost line is given by: O a. -PL/PK O b.-PK/PL OC. -MPLIMPK d. -MP IMPL O e. -PKPL QUESTION 2 You are an efficiency expert hired by a manufacturing firm that uses K and L as inputs. The firm produces and sells a given output. If w = $40,r = $100, MP L = 20, and MP K = 40...
Refer to the per worker production function presented in Figure
1 on the next page. Explain what a movement from point A to B
represents, and explain what a movement from point B to D
represents. Which change would be the best for sustained (long run)
economic growth?
Real GDP per hour worked Y/L Production functions 17 000 Production 16 400 function2 16 000 Production function 15 000 0 Capital per hour worked, K/L $50 000 $60 000 $70 000...
Here we have the production function y=f(K,L)=K3L, where K is capital input and L is labor input. Let K>0, L>0. 1. What are the marginal products of capital and labor re- spectively? 2. Please compute the technical rate of substitution (we as- sume K is on the horizontal axis). 3. Dose this production function show diminishing technical rate of substitution (in absolute value) when K increases? Please give a brief proof. 4. Please prove that this production function features increas-...
Need Help, please show work
5. T he production fur labor, and K is the capital stock. Suppose K has a value of 100. nction for a country is Y = 20L05K05, where Y is output, L is Fill in the following values for Y: a. Labor Output (Y 100 ooo 200 28de.4 300 346 4 . Ι Ο aad b. Are their diminishing returns to labor? How do you know? Graph the production function with L on the horizontal...
In the Solow model, suppose the per worker production function is y: 4 k . Suppose s : 009, n-o 07, and d-012. Calculate the steady-state equilibrium capital-labor ratio. k(Round to two decimal places.)
Question 7 Consider the following production function: Q=AL' K• Assume A > 0. Further assume 0 <a <1, and 0 <b<1. 1. What is the Marginal Product of Labor (MPL)? Is it diminishing as L increases? What is the Marginal Product of Capital (MPK)? Is it diminishing as K increases? 2. What is the Average Product of Labor (APL)? What is the Average Product of Capital (AP)? 3. What is the TRSL,K? Is the absolute value of TRSL K diminishing...
emergency plz
10. For the next question, please refer to Figure 1 below. GDP per worker 500 350 250 نیم PC с 50 Physical Capital Per Worker 100 300 500 Figure 1: Labor Productivity Suppose that a country that was once at point A is now at point D; what share of the growth in labor productivity was due to technology and due to physical capital investment? 5 points. 11. Explain the interest rate effect and how it can be...
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