A firm’s demand function is p=60-0.5Q If fixed cost are 10 and variable cost are Q+3...
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firm’s demand function is p=60-0.5Q
If fixed cost are 10 and variable cost are Q+3...
The Implicit Function Theorem and the Marginal Rate of Substitution (4 Points) 3 An important result...
The Implicit Function Theorem and the Marginal Rate of Substitution (4 Points) 3 An important result from multivariable calculus is the implicit function theorem which states that given a function f (x,y), the derivative of y with respect to a is given by where of/bx denotes the partial derivative of f with respect to a and af/ay denotes the partial derivative of f with respect to y. Simply stated, a partial derivative of a multivariable function is the derivative of...
The inverse demand function a monopoly faces is P = 100 − Q. The firm’s cost curve isTC(Q) = 10 +...
The inverse demand function a monopoly faces is P = 100 − Q. The firm’s cost curve isTC(Q) = 10 + 5Q (f) (4 points) For what value of fixed costs, does the monopolist break even? (g) (4 points) For what value of fixed costs, would be monopolist find it optimal to shut down in the short-run? (h) (4 points) For what value of fixed costs, would be monopolist find it optimal to shut down in the long-run? (i) (4...
Consider a production function Q = 3K + 4L, when L is graphed on the x-axis...
Consider a production function Q = 3K + 4L, when L is graphed on the x-axis and K is graphed on the y-axis, the marginal rate of technical substitution is equal to A) 4/3 and the isoquant is convex to the origin. B) 4/3 and the isoquant is a straight line. C) and the isoquant is a straight line. D) 12 and the isoquant is convex to the origin.
4. Consider the production functions given below: a. Suppose that the production function faced by a...
4. Consider the production functions given below: a. Suppose that the production function faced by a milk producer is given by Q = 40.5 20.5 = 4VK VL, where MPx = 2K-0.5 20.5 = 2 and MP, = 2 K0.5L-05 = 2 * i. Do both labor and capital display diminishing marginal products in the short run? ii. Find the marginal rate of technical substitution for this production function. (Hint: The MRTS = 1) iii. Does this production function display...
3. Suppose the production function takes on the following form: Q = aK2L 2 a) What...
3. Suppose the production function takes on the following form: Q = aK2L 2 a) What is the marginal productivity of labor? Evaluate it at L = 2 and K = 4. b) What is the marginal productivity of capital? Evaluate it at L = 2 and K = 4. c) What is the Marginal Rate of Technical Substitution, and what does it mean? (Provide two interpretations of the MRTS) Evaluate the value of the MRTS at L = 2...
1. Which of the following could represent a function, f (x,y), with first-order partial derivatives ∂ƒ/...
1. Which of the following could represent a function, f (x,y), with first-order partial derivatives ∂ƒ/ ∂x = 3xy (xy + 2) ∂ƒ/ ∂y = x2 (2xy + 3) A. xy (x2y + 3) B. x3y2 + 3x2 – y – 6 C. x2 (xy2 + 3) D. none of these E. x3y2 + 2x2y3 + 1 2. It the consumption function is C = 0.02Y2 + 0.1Y +25. Find the value of Y when MPS = 0.38. 3. State...
A firm’s short run cost function is C(q)=150q-4q^2+0.4q^3+275 . Determine the fixed cost, F; the average...
A firm’s short run cost function is C(q)=150q-4q^2+0.4q^3+275 . Determine the fixed cost, F; the average variable cost, AVC; Average Fixed Cost, AFC; Average Cost, AC; and the Marginal Cost, MC.
calculo 1- Given the function y = (4-x^2 ) + 4 * arcsen (x/2) Get dy/dx...
calculo
1- Given the function y = (4-x^2 ) + 4 * arcsen (x/2) Get dy/dx and its value for x 0 (this year is requested to find the value of the pending for the function given in Point X :0). 2- Is yarcta n ((x +3)/(1-3x) Find his derivative 3- Determine dy,/ dx and the value at the point (using implied derivation) 2x 2 y 2-3xy 1 0 3x2Уз + 3xy2 +1-6+,5 2xy + sen(y) # 2 6 Determine...
dont ans this question Euler's method is based on the fact that the tangent line gives...
dont ans this question
Euler's method is based on the fact that the tangent line gives a good local approximation for the function. But why restrict ourselves to linear approximants when higher degree polynomial approximants are available? For example, we can use the Taylor polynomial of degree about = No, which is defined by P.(x) = y(x) + y (xo)(x – Xa) + 21 (x- This polynomial is the nth partial sum of the Taylor series representation (te) (x –...
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)...
The Implicit Function Theorem and the Marginal Rate of Substitution (4 Points) 3 An important result from multivariable calculus is the implicit function theorem which states that given a function f (x,y), the derivative of y with respect to a is given by where of/bx denotes the partial derivative of f with respect to a and af/ay denotes the partial derivative of f with respect to y. Simply stated, a partial derivative of a multivariable function is the derivative of...
Consider a production function Q = 3K + 4L, when L is graphed on the x-axis and K is graphed on the y-axis, the marginal rate of technical substitution is equal to A) 4/3 and the isoquant is convex to the origin. B) 4/3 and the isoquant is a straight line. C) and the isoquant is a straight line. D) 12 and the isoquant is convex to the origin.
4. Consider the production functions given below: a. Suppose that the production function faced by a milk producer is given by Q = 40.5 20.5 = 4VK VL, where MPx = 2K-0.5 20.5 = 2 and MP, = 2 K0.5L-05 = 2 * i. Do both labor and capital display diminishing marginal products in the short run? ii. Find the marginal rate of technical substitution for this production function. (Hint: The MRTS = 1) iii. Does this production function display...
calculo
1- Given the function y = (4-x^2 ) + 4 * arcsen (x/2) Get dy/dx and its value for x 0 (this year is requested to find the value of the pending for the function given in Point X :0). 2- Is yarcta n ((x +3)/(1-3x) Find his derivative 3- Determine dy,/ dx and the value at the point (using implied derivation) 2x 2 y 2-3xy 1 0 3x2Уз + 3xy2 +1-6+,5 2xy + sen(y) # 2 6 Determine...
dont ans this question
Euler's method is based on the fact that the tangent line gives a good local approximation for the function. But why restrict ourselves to linear approximants when higher degree polynomial approximants are available? For example, we can use the Taylor polynomial of degree about = No, which is defined by P.(x) = y(x) + y (xo)(x – Xa) + 21 (x- This polynomial is the nth partial sum of the Taylor series representation (te) (x –...
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