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2. For this problem you will analyze the elasticity of substitution and the isoquant graphs for...
5. For this problem you will analyze the elasticity of substitution and the isoquant graphs for...
5. For this problem you will analyze the elasticity of substitution and the isoquant graphs for the following production function F(K.L) = 2K1/2 1/2 (a) Graph the isoquant for F(K,L) that represents an output of 10. Be sure to show your work and label the axes clearly. Also, two points should be clearly labelled. (3 points) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 (b) What is the...
4. Below are production functions that turn capital (K) and labor (L) into output. For each...
4. Below are production functions that turn capital (K) and labor (L) into output. For each of the production functions below, state and PROVE whether it is Constant/Increasing/or Decreasing Returns to scale. That is, you want to see how production changes when you increase all inputs (K.L) by a factor of a, where a > 1: (4 points each) (a) F(K,L) =KİL (b) F(K,L) = min 4K, 2L] + 20 (c) F(K,L) = 4K +3L 5. For this problem you...
2. Marginal products, RTS, and elasticity of substitution: Consider the following production function: q=k *11/4 a....
2. Marginal products, RTS, and elasticity of substitution: Consider the following production function: q=k *11/4 a. For some w, y, use the Lagrangean method to derive demand functions by finding the cost-minimizing combinations of k and I in terms of q, w, and y (so the cost function is the objective function, and the production function is the constraint). (10 points) b. What is the rate of technical substitution (RTS) for this function? (5 points) C. Presume that the firm...
1. Suppose f(K,L)=[L+K]3, what is the MRTS? 2. Suppose f(K,L)=K(1/2)+L(1/2) Find the marginal rate of technical substitution. 3. f(K,L)=K(1/2)+L(1/2) Find the marginal rate of technical substitution.
1. Suppose f(K,L)=[L+K]3, what is the MRTS? 2. Suppose f(K,L)=K(1/2)+L(1/2) Find the marginal rate of technical substitution. 3. f(K,L)=K(1/2)+L(1/2) Find the marginal rate of technical substitution.
14. Answer the following questions based on the following production function: f(xi,x2)-240x11x212. Please show how you...
14. Answer the following questions based on the following production function: f(xi,x2)-240x11x212. Please show how you found your answer a) b) y Find the isoquant for any given output level. (5 Points) If output is equal to 4,320 and input 1 is equal to 27, how much input 2 do you need? (6 Points) Calculate the marginal rate of technical substitution (MRTS) in terms of inputs by taking the derivative of the isoquant you found in part a. (10 Points)...
Problem 1: Isoquant, Isocost Cost Minimizing Approach to Factor Selection: Suppose that as part of the...
Problem 1: Isoquant, Isocost Cost Minimizing Approach to Factor Selection: Suppose that as part of the UNCCCC Paris Agreement Green New Deal Plan to rapidly reduce Greenhouse Gas Emissions (GHGs) and other local air pollutants, suppose the elected City Council of the City of K'jipuktuk (Halifax) puts into place a low GHG transport system. As part of the plan, K'jipuktuk Transit, has been electrifying and increasing the size of the city's Public Transit System. So, far to this end, suppose...
TUTORIAL2 Chapter 7 Part 1 Key Concepts and Equations: Production Isoquant: shows all combinations of input...
TUTORIAL2 Chapter 7 Part 1 Key Concepts and Equations: Production Isoquant: shows all combinations of input quantities that yield the same level of output. Higher isoquant: higher level of output Marginal Rate of Technical Substitution: MRTS is the slope of the isoquant at any input combination. It tells us the rate at which we must increase the qty of input 2 per unit decrease in qty of input 1. MRTS diminishes as we move down the isoquant from left to...
TUTORIAL2 Chapter 7 Part 1 Key Concepts and Equations: Production Isoquant: shows all combinations of input...
TUTORIAL2 Chapter 7 Part 1 Key Concepts and Equations: Production Isoquant: shows all combinations of input quantities that yield the same level of output. Higher isoquant: higher level of output Marginal Rate of Technical Substitution: MRTS is the slope of the isoquant at any input combination. It tells us the rate at which we must increase the qty of input 2 per unit decrease in qty of input 1. MRTS diminishes as we move down the isoquant from left to...
Need help answering Questions 2-3 please Q2. For each of the following, draw a representative isoquant...
Need help answering Questions 2-3 please
Q2. For each of the following, draw a representative isoquant (2 points each). For each of the following, what can you say about the marginal rate of technical substitution in each case? (3 points each) A firm can hire only full-time employees to produce its output, or it can hire some combination of full-time and part-time employees. For each full-time worker let go, the firm must hire an increasing number of temporary employees to...
2 Long-run production (6 points) Another firm in the same industry, Cake, considers setting up a...
2 Long-run production (6 points) Another firm in the same industry, Cake, considers setting up a plant in Canada and is thus evaluating its long-run production possibilities there. Besides using machinery K, it can hire labor L. The production function is q = f(K, L) = K0.5 L0.5 (a) What is the equation of the isoquant, i.e. K as a function of labor (and output)? (2) (b) What is the marginal rate of technical substitution? (2) (c) The manufacturer produces...
5. For this problem you will analyze the elasticity of substitution and the isoquant graphs for the following production function F(K.L) = 2K1/2 1/2 (a) Graph the isoquant for F(K,L) that represents an output of 10. Be sure to show your work and label the axes clearly. Also, two points should be clearly labelled. (3 points) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 (b) What is the...
4. Below are production functions that turn capital (K) and labor (L) into output. For each of the production functions below, state and PROVE whether it is Constant/Increasing/or Decreasing Returns to scale. That is, you want to see how production changes when you increase all inputs (K.L) by a factor of a, where a > 1: (4 points each) (a) F(K,L) =KİL (b) F(K,L) = min 4K, 2L] + 20 (c) F(K,L) = 4K +3L 5. For this problem you...
2. Marginal products, RTS, and elasticity of substitution: Consider the following production function: q=k *11/4 a. For some w, y, use the Lagrangean method to derive demand functions by finding the cost-minimizing combinations of k and I in terms of q, w, and y (so the cost function is the objective function, and the production function is the constraint). (10 points) b. What is the rate of technical substitution (RTS) for this function? (5 points) C. Presume that the firm...
14. Answer the following questions based on the following production function: f(xi,x2)-240x11x212. Please show how you found your answer a) b) y Find the isoquant for any given output level. (5 Points) If output is equal to 4,320 and input 1 is equal to 27, how much input 2 do you need? (6 Points) Calculate the marginal rate of technical substitution (MRTS) in terms of inputs by taking the derivative of the isoquant you found in part a. (10 Points)...
Problem 1: Isoquant, Isocost Cost Minimizing Approach to Factor Selection: Suppose that as part of the UNCCCC Paris Agreement Green New Deal Plan to rapidly reduce Greenhouse Gas Emissions (GHGs) and other local air pollutants, suppose the elected City Council of the City of K'jipuktuk (Halifax) puts into place a low GHG transport system. As part of the plan, K'jipuktuk Transit, has been electrifying and increasing the size of the city's Public Transit System. So, far to this end, suppose...
TUTORIAL2 Chapter 7 Part 1 Key Concepts and Equations: Production Isoquant: shows all combinations of input quantities that yield the same level of output. Higher isoquant: higher level of output Marginal Rate of Technical Substitution: MRTS is the slope of the isoquant at any input combination. It tells us the rate at which we must increase the qty of input 2 per unit decrease in qty of input 1. MRTS diminishes as we move down the isoquant from left to...
TUTORIAL2 Chapter 7 Part 1 Key Concepts and Equations: Production Isoquant: shows all combinations of input quantities that yield the same level of output. Higher isoquant: higher level of output Marginal Rate of Technical Substitution: MRTS is the slope of the isoquant at any input combination. It tells us the rate at which we must increase the qty of input 2 per unit decrease in qty of input 1. MRTS diminishes as we move down the isoquant from left to...
Need help answering Questions 2-3 please
Q2. For each of the following, draw a representative isoquant (2 points each). For each of the following, what can you say about the marginal rate of technical substitution in each case? (3 points each) A firm can hire only full-time employees to produce its output, or it can hire some combination of full-time and part-time employees. For each full-time worker let go, the firm must hire an increasing number of temporary employees to...
2 Long-run production (6 points) Another firm in the same industry, Cake, considers setting up a plant in Canada and is thus evaluating its long-run production possibilities there. Besides using machinery K, it can hire labor L. The production function is q = f(K, L) = K0.5 L0.5 (a) What is the equation of the isoquant, i.e. K as a function of labor (and output)? (2) (b) What is the marginal rate of technical substitution? (2) (c) The manufacturer produces...
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