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Question 6 For the production function Q = 3L2 + K2, returns to scale: Is constant....
For the production function Q = 3L + K, returns to scale: is constant is increasing is decreasing Can be increasing, decreasing, or constant depending on the values of Land K.
For the production function Q = 8L2K2, returns to scale: is increasing. is constant. is decreasing. n be increasing, decreasing, or constant depending on the values of L and
Question 6 1 pts For the production function Q = 0.2L? returns to scale is: Zero Return to Scale Decreasing Returns to Scale Increasing Returns to Scale Constant Returns to Scale Previous Next >
2. Consider a firm with the following production function: Q = 3K2/3L2/3 2a. Calculate the marginal product of labor. Show all work. 2b. Is the marginal product of labor increasing, decreasing or constant? Explain how you know. 2c. Calculate the output elasticity of labor. Show all work. 2d. Does the production process for this firm exhibit increasing returns to scale, decreasing returns to scale or constant returns to scale? Explain how you know.
Returns to scale. A production function has constant returns to scale with respect to inputs with inputs K and L if for any z > 0: F(z · K, z ·L) = zF(K, L), For example, for a production function with constant returns to scale, doubling the amount of each input (i.e., setting z = 2) will lead to a doubling of the output from the production function. A production function has increasing returns to scale if for any z >1: F(z ·...
2. For each of the following production functions: Q = 3L2 +6K4 Q= V25KL Q = 5V1 + 101K a. Find the marginal product of each input, i.e. MP, and MPx: b. Determine whether the production function exhibits diminishing marginal returns to each input. c. Find the marginal rate of technical substitution, MRTSLK and discuss how it changes as the firm uses more L and less K, holding output constant. d. Determine whether the production function exhibits constant, increasing or...
12. A firm has the production function q = f(L, K) = L + K2 This firm has: a. decreasing returns to scale b. increasing returns to scale c. constant returns to scale d. increasing marginal product e. None of the above.
Determine whether each of the production functions below displays constant, increasing, or decreasing returns to scale: Q = K + L + KL Q = 2K2 + 3L2 Q = KL Q = min(3K, 2L)
QUESTION 7 The function q= 2K + L exhibits: a. constant returns to scale b. increasing returns to scale c. decreasing returns to scale d. any of the above depending on the values for K and L 10 points QUESTION 8 The short run is defined to be the period of time during which: a. at least one input is fixed b. all inputs are variable c. at least one input is variable d. all inputs are fixed 10...
Determine whether each of the production functions below displays constant, increasing, or decreasing returns to scale: Q = 10K0.75L0.25 Q = (K0.75L0.25)2 Q = K 0.75L0.75 Q = K 0.25L0.25 Q = K + L + KL Q = 2K2 + 3L2 Q = KL Q = min(3K, 2L)