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a) What is an isoquant? Where do we use isoquants? b) What...
A6 Microeconomics Assignment 6 Part I: Short Answer Questions [(100 points) Q1 [30 points) Show in a diagram using isoquants that a production function can have diminishing marginal return to a f...
A6 Microeconomics Assignment 6 Part I: Short Answer Questions [(100 points) Q1 [30 points) Show in a diagram using isoquants that a production function can have diminishing marginal return to a factor and constant returns to scale? With the help of a diagram explain the concepts of "isoquant", "diminishing marginal return to a factor", and "constant returns to scale". What are the similarities and differences between indifference curves and isoquants. Q2 [30 points Assume that a firm has a fixed-proportions...
Assume that a firm has a fixed-proportions production function, in which one unit of output is produced using one worker and two units of capital. If the firm has an extra worker, say two workers, and no more capital, it still can produce only one unit of
Assume that a firm has a fixed-proportions production function, in which one unit of output is produced using one worker and two units of capital. If the firm has an extra worker, say two workers, and no more capital, it still can produce only one unit of output. Similarly, an extra unit of capital does the firm no good.a) Draw the isoquants for this production function.b) Draw the total product, average product, and marginal product of labor curves (you will...
Microeconomics Assignment #6
Assume that a firm has a fixed-proportions production function, in which one unit of output is produced using one worker and two units of capital. If the firm has an extra worker, say two workers, and no more capital, it still can produce only one unit of output. Similarly, an extra unit of capital does the firm no good.a) Draw the isoquants for this production function.b) Draw the total product, average product, and marginal product of labor curves (you will...
Q1 [30 points] Show in a diagram using isoquants that a production function can have diminishing...
Q1 [30 points] Show in a diagram using isoquants that a production function can have diminishing marginal return to a factor and constant returns to scale? With the help of a diagram explain the concepts of "isoquant", "diminishing marginal return to a factor", and "constant returns to scale". What are the similarities and differences between indifference curves and isoquants. Q2 [30 points Assume that a firm has a fixed-proportions production function, in which one unit of output is produced using...
B) What happens to the MRTS as we move along an isoquant? How would you produce each level of out...
b) What happens to the MRTS as we move along an isoquant? How would you produce each level of output with a fixed-proportions production function, and what is the shape of these functions (you can also use a graph for your answer)? If capital is measured on the vertical axis and labor is measured on the horizontal axis, then what is the slope of an isoquant?
b) What happens to the MRTS as we move along an isoquant? How would...
Please show all work. Problem #3: Long-Run Labor Demand and Factor Substitutability Suppose there are two...
Please show all work.
Problem #3: Long-Run Labor Demand and Factor Substitutability Suppose there are two inputs in the production function, labor (L) and capital (K), which carn be combined to produce Y units of output according to the following production function: Y = 30K + 10L The firm wants to produce 600 units of output. 1. Draw the isoquant that corresponds to that level of production (600 units) in a graph that has L on the horizontal axis and...
Please show all work. Problem #3: Long-Run Labor Demand and Factor Substitutability Suppose there are two...
Please show all work.
Problem #3: Long-Run Labor Demand and Factor Substitutability Suppose there are two inputs in the production function, labor (L) and capital (K), which carn be combined to produce Y units of output according to the following production function: Y = 30K + 10L The firm wants to produce 600 units of output. 1. Draw the isoquant that corresponds to that level of production (600 units) in a graph that has L on the horizontal axis and...
For each of the following examples, draw a representative isoquant. Make sure to label the axes....
For each of the following examples, draw a representative isoquant. Make sure to label the axes. Explain briefly why you drew each isoquant the way you drew it. a) A firm finds that it can always trade two units of labor for one unit of capital and still keep output constant, regardless of how many units of labor or capital have already been used. b) A firm needs either cats or dogs to produce its output. Cats and dogs don’t...
Consider the following diagram, which shows the production isoquants for a cost-minimizing firm with labor and...
Consider the following diagram, which shows the production isoquants for a cost-minimizing firm with labor and capital inputs. Capital Labor Based on the diagram, which of the following statements are true? Choose one or more: O A. The firm is unable to substitute inputs for each other and maintain constant levels of production. OB. The firm is unable to switch from one output level to another. OC. The firm can switch from one output level to another output level costlessly....
1. Consider a steel firm that faces a convex isoquant production function where the inputs are...
1. Consider a steel firm that faces a convex isoquant production function where the inputs are labor and capital. The production function yields constant returns to scale. The firm is currently at a cost-minimizing combination of labor and capital for the desired level of output. Suppose the capital used in the production process emits low amounts of polluted wastewater into a nearby river. In order to promote the use of the environmentally friendly capital the government provides a unit subsidy...
A6 Microeconomics Assignment 6 Part I: Short Answer Questions [(100 points) Q1 [30 points) Show in a diagram using isoquants that a production function can have diminishing marginal return to a factor and constant returns to scale? With the help of a diagram explain the concepts of "isoquant", "diminishing marginal return to a factor", and "constant returns to scale". What are the similarities and differences between indifference curves and isoquants. Q2 [30 points Assume that a firm has a fixed-proportions...
Q1 [30 points] Show in a diagram using isoquants that a production function can have diminishing marginal return to a factor and constant returns to scale? With the help of a diagram explain the concepts of "isoquant", "diminishing marginal return to a factor", and "constant returns to scale". What are the similarities and differences between indifference curves and isoquants. Q2 [30 points Assume that a firm has a fixed-proportions production function, in which one unit of output is produced using...
b) What happens to the MRTS as we move along an isoquant? How would you produce each level of output with a fixed-proportions production function, and what is the shape of these functions (you can also use a graph for your answer)? If capital is measured on the vertical axis and labor is measured on the horizontal axis, then what is the slope of an isoquant?
b) What happens to the MRTS as we move along an isoquant? How would...
Please show all work.
Problem #3: Long-Run Labor Demand and Factor Substitutability Suppose there are two inputs in the production function, labor (L) and capital (K), which carn be combined to produce Y units of output according to the following production function: Y = 30K + 10L The firm wants to produce 600 units of output. 1. Draw the isoquant that corresponds to that level of production (600 units) in a graph that has L on the horizontal axis and...
Please show all work.
Problem #3: Long-Run Labor Demand and Factor Substitutability Suppose there are two inputs in the production function, labor (L) and capital (K), which carn be combined to produce Y units of output according to the following production function: Y = 30K + 10L The firm wants to produce 600 units of output. 1. Draw the isoquant that corresponds to that level of production (600 units) in a graph that has L on the horizontal axis and...
Consider the following diagram, which shows the production isoquants for a cost-minimizing firm with labor and capital inputs. Capital Labor Based on the diagram, which of the following statements are true? Choose one or more: O A. The firm is unable to substitute inputs for each other and maintain constant levels of production. OB. The firm is unable to switch from one output level to another. OC. The firm can switch from one output level to another output level costlessly....
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