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2. Consider the following production function with two inputs X1 and X2. y = x1/2x2/4 a....
3. Consider the following production function with two inputs X1 and x2. y = alnx +...
3. Consider the following production function with two inputs X1 and x2. y = alnx + Blny a. Derive the equation for an isoquant (assuming x is on the y-axis). b. Derive the marginal product of input x. c. Derive the marginal product of input x. d. Derive the marginal rate pf technical substitution (MRTS).
Can you please show your work for the derivative part? It has been a while. Thank...
Can you please show your work
for the derivative part? It has been a while. Thank you :)
1. Consider the following production function with two inputs X1 and X2. y= xix a. Derive the equation for an isoquant (assuming x2 is on the y-axis). b. Derive the marginal product of input X1. c. Derive the marginal product of input x2. d. Derive the marginal rate pf technical substitution (MRTS).
I'm begging you. Please please please please show your work. Whenever I ask I never get...
I'm begging you. Please please
please please show your work. Whenever I ask I never get work shown
and I never understand what to do. Please show your work.
1. Consider the following production function with two inputs X1 and X2. y = xqx4 a. Derive the equation for an isoquant (assuming x2 is on the y-axis). b. Derive the marginal product of input X1. c. Derive the marginal product of input x2. d. Derive the marginal rate of technical...
A firm uses two inputs x1 and x2 to produce output y. The production function is...
A firm uses two inputs x1 and x2 to produce
output y. The production function is given by f(x1, x2) = p
min{2x1, x2}. The price of input 1 is 1 and the price of input 2 is
2. The price of output is 10.
4. A firm uses two inputs 21 and 22 to produce output y. The production function is given by f(x1, x2) = V min{2x1, x2}. The price of input 1 is 1 and the price...
Problem 4: A firm has the following production function: Xi , X2)=X1 , X2 A) Does this firm's tec...
Problem 4: A firm has the following production function: Xi , X2)=X1 , X2 A) Does this firm's technology exhibit constant, increasing, or decreasing returns to scale? B) What is the firm's Technical Rate of Substitution? What is the optimality condition that determines the firm's optimal level of inputs? C) Is the marginal product of input 1 increasing, constant, or decreasing in x1. Is the marginal product of input 2 increasing, constant, or decreasing in x2? D) Suppose the firm...
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)...
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)...
A firm has the production function y= f(x1,x2)= 0.25x11/2 x21/2 . Input prices are w1=$4 and w2=...
A firm has the production function y= f(x1,x2)= 0.25x11/2 x21/2 . Input prices are w1=$4 and w2= $16 a) Use the technical rate of substitution, the input price rate, and the production function to compute the conditionial input demand fucntion x1(y) and x2(y). b) Compute the firm's long run cost function c(y).
Question 1 (32 marks) Consider a firm which produces a good, y, using two inputs or factors of production, x1 and...
Question 1 (32 marks) Consider a firm which produces a good, y, using two inputs or factors of production, x1 and x2. The firm's production function describes the mathematical relationship between inputs and output, and is given by (a) Derive the degree of homogeneity of the firm's production function. 4 marks) (b) The set is the set of combinations of (xi,x2) which produce output level yo.S is a level curve of f and is referred to by economists as the...
Consider the following Cobb-Douglas production function, where α Find the equation for the isoquant when Q...
Consider the following Cobb-Douglas production function, where α Find the equation for the isoquant when Q 4,000. K-(Properly format your expression using the fools in the paiette. Hover over tools to see keyboard shortcuts Eg, a fraction can be created with the /character) The marginal rate of technical substitution (MRTS) when Q 4,000 and L-50 (with capital measured on the vertical axis and labor measured on the horizontal axis) is MRTS (Enter a numenic response using an integer)
3. Consider the following production function with two inputs X1 and x2. y = alnx + Blny a. Derive the equation for an isoquant (assuming x is on the y-axis). b. Derive the marginal product of input x. c. Derive the marginal product of input x. d. Derive the marginal rate pf technical substitution (MRTS).
Can you please show your work
for the derivative part? It has been a while. Thank you :)
1. Consider the following production function with two inputs X1 and X2. y= xix a. Derive the equation for an isoquant (assuming x2 is on the y-axis). b. Derive the marginal product of input X1. c. Derive the marginal product of input x2. d. Derive the marginal rate pf technical substitution (MRTS).
I'm begging you. Please please
please please show your work. Whenever I ask I never get work shown
and I never understand what to do. Please show your work.
1. Consider the following production function with two inputs X1 and X2. y = xqx4 a. Derive the equation for an isoquant (assuming x2 is on the y-axis). b. Derive the marginal product of input X1. c. Derive the marginal product of input x2. d. Derive the marginal rate of technical...
A firm uses two inputs x1 and x2 to produce
output y. The production function is given by f(x1, x2) = p
min{2x1, x2}. The price of input 1 is 1 and the price of input 2 is
2. The price of output is 10.
4. A firm uses two inputs 21 and 22 to produce output y. The production function is given by f(x1, x2) = V min{2x1, x2}. The price of input 1 is 1 and the price...
Problem 4: A firm has the following production function: Xi , X2)=X1 , X2 A) Does this firm's technology exhibit constant, increasing, or decreasing returns to scale? B) What is the firm's Technical Rate of Substitution? What is the optimality condition that determines the firm's optimal level of inputs? C) Is the marginal product of input 1 increasing, constant, or decreasing in x1. Is the marginal product of input 2 increasing, constant, or decreasing in x2? D) Suppose 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)...
Question 1 (32 marks) Consider a firm which produces a good, y, using two inputs or factors of production, x1 and x2. The firm's production function describes the mathematical relationship between inputs and output, and is given by (a) Derive the degree of homogeneity of the firm's production function. 4 marks) (b) The set is the set of combinations of (xi,x2) which produce output level yo.S is a level curve of f and is referred to by economists as the...
Consider the following Cobb-Douglas production function, where α Find the equation for the isoquant when Q 4,000. K-(Properly format your expression using the fools in the paiette. Hover over tools to see keyboard shortcuts Eg, a fraction can be created with the /character) The marginal rate of technical substitution (MRTS) when Q 4,000 and L-50 (with capital measured on the vertical axis and labor measured on the horizontal axis) is MRTS (Enter a numenic response using an integer)
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