Homework Answers
Marginal product of labor is the partial derivative of production function with respect to labor. It is 0 for maximum and minimum function and is constant at 3 for the third function.
For the last function, MPN = 1.5KN^0.5
Note that as N rises, MPN rises which means it is an strictly increasing function.
Select Y = KN^1.5
Add Answer to:
Which one of the following functions exhibits strictly increasing marginal product of labor? Y=max{K, N} Y...
Which one of the following production functions exhibits diminishing returns to labor and increasing returns to...
Which one of the following production functions exhibits diminishing returns to labor and increasing returns to capital? (K=capital, N=labor, A=constant) A. F(K,N) = (AK^1.4)(N^.9) B. F(K,N) = (AK^0.5)(N^0.7) C. F(K,N) = (AK^1.4)(N^1.3) D. F(K,N) = (AK^0.5)(N^1.5)
Briefly show whether the following production functions exhibit increasing, decreasing, or constant returns to scale: Y...
Briefly show whether the following production functions exhibit increasing, decreasing, or constant returns to scale: Y = K2/3 + L2/3 Y = min {2L+K, 2K+L} Y = 20*L1/5*K4/5
Which of the following statements is false? a. When the marginal product of labor is increasing,...
Which of the following statements is false? a. When the marginal product of labor is increasing, marginal cost is also increasing. b. The average fixed cost curve is downward sloping and approaches the horizontal axis as output increases. c. The marginal cost curve intersects the average variable cost curve at the minimum point of the average variable cost curved. d. When the marginal cost is greater than the average total cost, the average total cost must be increasing. please explain...
For each production function below, find the marginal product of capital and labor, and the marginal...
For each production function below, find the marginal product of capital and labor, and the marginal rate of technical substitution. Show whether the production function exhibits CRS DRS, or IRS. For parts a and b, draw what the isoquant looks like for 10 units of output (a) f(K, L) 2K + 2L (b) f(K, L) 2K1/4L/4 (c) f(K, L) K1/2 L/2
1. For the following production functions, find the marginal rate of technical substitu- tion (MRTSLK). Does the produc...
1. For the following production functions, find the marginal rate of technical substitu- tion (MRTSLK). Does the production function has increasing/decreasing/constant returns to scale? Verify your answer (a) (15) F(K, L) = min{2K, L}. (b) (15) F(К, L) — 2K + L. (c) (15) F(K, L) = K0.2L0,6. (d) (15) F(K, L) — К +L+2VKL.
1. Below are production functions that turn capital (K) and labor (L) into output. For cach of th...
1. Below are production functions that turn capital (K) and labor (L) into output. For cach 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, (M)) by a factor of a, where a > 1: (3 points each) (a) F(K,L)-KİLİ+2K +3L (b) F(K, L)=min/4K, 2L1+20 (d) F(K,L,M) KL3M
1. Below are production functions that turn capital (K) and...
3. For each of the following production functions, graph a typical isoquant and determine whether the marginal rate of...
3. For each of the following production functions, graph a typical isoquant and determine whether the marginal rate of technical substitution of labor for capital (MRTS ) is diminishing, constant, increasing, or none of these. a. Q=LK b. Q=LVK c. Q=L*K13 d. Q = 3L +K e. Q = min{3L, K}
Show transcribed image text 3. For each of the following production functions, graph a typical isoquant and determine whether the marginal rate of technical substitution of labor for capital...
Below are production functions that turn capital (K) and labor (L) into output. For each of...
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,(M)) by a factor of α, where α > 1: (4 points each) a) F(K,L) = K^1/3*L^1/3+2K+3 b) F(K,L) = sqr(K^3+L^3) c) F(K,L) = (K^2/4+L^2/4)^2 d) F(K,L,M) = min(K,L)*M
1. Graph the short-run total product curves for each of the following production functions if K...
1. Graph the short-run total product curves for each of the following production functions if K is fixed at Ko 4 (a) Q = F(K, L) = 2K + 3L. (b) Q = F(K, L) = K2L2. (c) In the long run, are the above two production functions characterized by constant returns to scale, increasing returns to scale, or decreasing returns to scale?
Compute the MRTS of labor for capital for the following production functions and marginal product functions:...
Compute the MRTS of labor for capital for the following production functions and marginal product functions: a. ? = 30? 0.5? 0.5 ; ??? = 15? 0.5 ? 0.5 ; ??? = 15? 0.5 ?0.5 b. ? = 20? 1 4? 1 2; ??? = 10? 1 4? − 1 2; ??? = 5? − 3 4? 1 2 c. ? = 4? 0.25? 0.75; ??? = 3? 0.25 4? 0.25 ; ??? = ? 0.75 4?0.75
For each production function below, find the marginal product of capital and labor, and the marginal rate of technical substitution. Show whether the production function exhibits CRS DRS, or IRS. For parts a and b, draw what the isoquant looks like for 10 units of output (a) f(K, L) 2K + 2L (b) f(K, L) 2K1/4L/4 (c) f(K, L) K1/2 L/2
1. For the following production functions, find the marginal rate of technical substitu- tion (MRTSLK). Does the production function has increasing/decreasing/constant returns to scale? Verify your answer (a) (15) F(K, L) = min{2K, L}. (b) (15) F(К, L) — 2K + L. (c) (15) F(K, L) = K0.2L0,6. (d) (15) F(K, L) — К +L+2VKL.
1. Below are production functions that turn capital (K) and labor (L) into output. For cach 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, (M)) by a factor of a, where a > 1: (3 points each) (a) F(K,L)-KİLİ+2K +3L (b) F(K, L)=min/4K, 2L1+20 (d) F(K,L,M) KL3M
1. Below are production functions that turn capital (K) and...
3. For each of the following production functions, graph a typical isoquant and determine whether the marginal rate of technical substitution of labor for capital (MRTS ) is diminishing, constant, increasing, or none of these. a. Q=LK b. Q=LVK c. Q=L*K13 d. Q = 3L +K e. Q = min{3L, K}
Show transcribed image text 3. For each of the following production functions, graph a typical isoquant and determine whether the marginal rate of technical substitution of labor for capital...
1. Graph the short-run total product curves for each of the following production functions if K is fixed at Ko 4 (a) Q = F(K, L) = 2K + 3L. (b) Q = F(K, L) = K2L2. (c) In the long run, are the above two production functions characterized by constant returns to scale, increasing returns to scale, or decreasing returns to scale?
Most questions answered within 3 hours.
-
find the critical value associated with a right sided hypothesis of
the mean using a sample...
asked 1 hour ago -
Which of the following statements is true with respect to a
simple linear regression model?
a....
asked 2 hours ago -
The energy required to remove an electron from a surface of a
solid element is called...
asked 4 hours ago -
How would you train your employees to avoid risks of using
mobile devices?
asked 4 hours ago -
Assume Kw = 1.01 ✕ 10−14
For pure water, we can calculate [H3O+ ] = [OH...
asked 5 hours ago -
Suppose that on a temperature scale X, water boils at 203.0°X
and freezes at -105.7°X. What...
asked 6 hours ago -
BaS crystallizes in a cubic unit cell with S2- ions on each
corner and each face....
asked 6 hours ago -
A. 0≤P(Oi)≤10≤P(Oi)≤1 for each i
B. P(Oi)≤0P(Oi)≤0
C. P(Oi)=1+P(OCi)P(Oi)=1+P(OiC)
D. P(Oi)≥1P(Oi)≥1
If an experiment consists of...
asked 8 hours ago -
A battery has an emf of 9.20V and an internal resistance of 1.20
ohm. a)What resistance...
asked 8 hours ago -
The area of an elastic circular loop decreases at a constant
rate, dA/dt = −6.60×10−3 m2/s...
asked 9 hours ago -
The denaturation of proteins can be described by the
equilibrium
F⇌U
where F and U represent...
asked 10 hours ago -
Please answer what the maximum and minimum force is, and the
angle on the ion is...
asked 10 hours ago