Homework Answers
Q1. Option 3
It is the optimal combination of inputs where in the output can be produced at least cost.
Q2. Option 1
It represents an optimal 1 variable relationship as optimal input and output combination.
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e viowser. Import favorites The realtionship between two factors (inputs) used in production are: O production...
The relationship between the factors of production used by a firm and the maximum output possible...
The relationship between the factors of production used by a firm and the maximum output possible is called the O average product. O average total cost. O profit function. O production function. The table shows how Widgets R Us can use different combinations of labor and capital to produce its widgets. Workers 1 2 3 | 1 10 22 I 30 T 38 46 50 / 48 Units 2 15 I 29 41 49 57 64 70 of capital 3...
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...
Please show all steps. The correct answer is E 20. A firm has two variable factors...
Please show all steps. The correct answer is E
20. A firm has two variable factors and a production function, f(x,x)= x,13 x,173. The price of output is 1, the price of factor 1 is wų, and the price of factor 2 is wą. What is the profit-maximizing level of input x;? A) 1/(9w/?w,?) B) 1/(9w,w,?) C) 1/(27w;w,?) D) 1/(15w, wn) E) 1/(27w, wn)
Question Completion Status: QUESTION 38 Marginal cost equals total cost divided by the quantity of output produced...
Question Completion Status: QUESTION 38 Marginal cost equals total cost divided by the quantity of output produced total output divided by the change in total cost the slope of the total cost curve the slope of the line drawn from the origin to the total cost curve QUESTION 39 wa firm produces nothing which of the following costs will be zero? - total cost faxed cost opportunity cost variable cost QUESTION 40 A production function is a relationship between Inputs...
1. Consider the production function y = f(L,K) for a firm in a competitive market setting. The price of the outpu...
1. Consider the production function y = f(L,K) for a firm in a competitive market setting. The price of the output good is p > 0. The prices of the inputs Labour and Capital are w> 0 and r>0 respectively. The firm chooses L and K in order to maximize profits, (L.K). (a) How does the short-run production function differ from the long-run production function? (b) Write out the profit function for the firm, (L,K). (c) Derive the first order...
Consider a firm which produces a good, y, using two factors of production, xi and x2. The firm's production functio...
Consider a firm which produces a good, y, using two factors of production, xi and x2. The firm's production function is 1/2 1/4 = xi X2. (4) Note that (4) is a special case of the production function in Question 1, in which 1/4 1/2 and B a = Consequently, any properties that the production function in Q1 has been shown to possess, must also be possessed by the production function defined in (4). The firm faces exogenously given factor...
Fixed costs if sales and production output rises substantially. fall O do not change Question 8...
Fixed costs if sales and production output rises substantially. fall O do not change Question 8 The production costs of raw material and labor are properly called variable costs O total costs Omarginal costs Question 9 Computing the change in total costs between two levels of output and dividing that number by the corresponding change in output quantity gives us a numbe called: 0 T tal Average Cost OTotal Variable Cost Marginal Fixed Cost Manginal co e畚白 8% 3 4...
Problem #3: Long-Run Labor Demand and Factor Substitutability Suppose there are two inputs in the production...
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 out put according to the following production function: Y-30K+10L The firm wants to produce 600 units of out put 1. Draw the isoquant that corresponds to that level of production (600 units) in a graph that has L on the horizontal axis and K on the vertical axis 2....
8. Links between factor markets Consider the markets for factors of production, such as labor and...
8. Links between factor markets Consider the markets for factors of production, such as labor and capital, to produce furniture in the United States before the invention of electric motors. In the late 19th century, commercially successful electric motors became available and enabled furniture and many other goods to be produced more efficiently Assuming the cost of producing capital goods is unchanged, show how the availability of electric motors affected the market for capital in the United States on the...
8. Links between factor markets Consider the markets for factors of production, such as labor and...
8. Links between factor markets Consider the markets for factors of production, such as labor and capital, to produce furniture in the United States before the invention of electric motors. In the late 19th century, commercially successful electric motors became available and enabled furniture and many other goods to be produced more efficiently Assuming the cost of producing capital goods is unchanged, show how the availability of electric motors affected the market for capital in the United States on the...
The relationship between the factors of production used by a firm and the maximum output possible is called the O average product. O average total cost. O profit function. O production function. The table shows how Widgets R Us can use different combinations of labor and capital to produce its widgets. Workers 1 2 3 | 1 10 22 I 30 T 38 46 50 / 48 Units 2 15 I 29 41 49 57 64 70 of capital 3...
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...
Please show all steps. The correct answer is E
20. A firm has two variable factors and a production function, f(x,x)= x,13 x,173. The price of output is 1, the price of factor 1 is wų, and the price of factor 2 is wą. What is the profit-maximizing level of input x;? A) 1/(9w/?w,?) B) 1/(9w,w,?) C) 1/(27w;w,?) D) 1/(15w, wn) E) 1/(27w, wn)
Question Completion Status: QUESTION 38 Marginal cost equals total cost divided by the quantity of output produced total output divided by the change in total cost the slope of the total cost curve the slope of the line drawn from the origin to the total cost curve QUESTION 39 wa firm produces nothing which of the following costs will be zero? - total cost faxed cost opportunity cost variable cost QUESTION 40 A production function is a relationship between Inputs...
1. Consider the production function y = f(L,K) for a firm in a competitive market setting. The price of the output good is p > 0. The prices of the inputs Labour and Capital are w> 0 and r>0 respectively. The firm chooses L and K in order to maximize profits, (L.K). (a) How does the short-run production function differ from the long-run production function? (b) Write out the profit function for the firm, (L,K). (c) Derive the first order...
Consider a firm which produces a good, y, using two factors of production, xi and x2. The firm's production function is 1/2 1/4 = xi X2. (4) Note that (4) is a special case of the production function in Question 1, in which 1/4 1/2 and B a = Consequently, any properties that the production function in Q1 has been shown to possess, must also be possessed by the production function defined in (4). The firm faces exogenously given factor...
Fixed costs if sales and production output rises substantially. fall O do not change Question 8 The production costs of raw material and labor are properly called variable costs O total costs Omarginal costs Question 9 Computing the change in total costs between two levels of output and dividing that number by the corresponding change in output quantity gives us a numbe called: 0 T tal Average Cost OTotal Variable Cost Marginal Fixed Cost Manginal co e畚白 8% 3 4...
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 out put according to the following production function: Y-30K+10L The firm wants to produce 600 units of out put 1. Draw the isoquant that corresponds to that level of production (600 units) in a graph that has L on the horizontal axis and K on the vertical axis 2....
8. Links between factor markets Consider the markets for factors of production, such as labor and capital, to produce furniture in the United States before the invention of electric motors. In the late 19th century, commercially successful electric motors became available and enabled furniture and many other goods to be produced more efficiently Assuming the cost of producing capital goods is unchanged, show how the availability of electric motors affected the market for capital in the United States on the...
8. Links between factor markets Consider the markets for factors of production, such as labor and capital, to produce furniture in the United States before the invention of electric motors. In the late 19th century, commercially successful electric motors became available and enabled furniture and many other goods to be produced more efficiently Assuming the cost of producing capital goods is unchanged, show how the availability of electric motors affected the market for capital in the United States on the...
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