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Is the following production function homogeneous? If so, find the degree of homogeneity and comment on...
Is the following production function homogeneous? If so, find the degree of homogeneity and comment on...
Is the following production function homogeneous? If so, find the degree of homogeneity and comment on the returns to scale! Q = 4K L This production function homogeneous What is the degree of homogeneity of the production function? This function displays returns to scale.
Find all the first and second-partial derivatives for the utility function, U -50x 5y 0.2 (a)...
Find all the first and second-partial derivatives for the utility function, U -50x 5y 0.2 (a) Give a verbal description of each derivative. (b) Are the marginal functions increasing or decreasing. Use the derivatives to justify your answer b. Given the function Q- Al'KB, explain the terms: constant returns to scale; increasing returns to scale; decreasing returns to scale. Show that the production function, Q -100L0.3K0.5, exhibits decreasing returns to scale and diminishing returns to labour Show that the production...
Assume a Cobb-Douglas production function of the form: 10L023 K043 What type of returns to scale...
Assume a Cobb-Douglas production function of the form: 10L023 K043 What type of returns to scale does this production function exhibit? In this instance, r This production function exhibits returns to scale equal(Enter a numearic response using a real number rounded to two decimal places) a numenic O A. increasing returns to scale. O B. constant returns to scale. ⓔ C. initially decreasing but then constant returns to scale O D. decreasing retums to scale O E. iniially constant but...
For the following function, a) give the coordinates of any critical points and classify each point...
For the following function, a) give the coordinates of any critical points and classify each point as a relative maximum, a relative minimum, or neither, b) identity intervals where the function is increasing or decreasing: c) give the coordinates of any points of infection, d) identity intervals where the function is concave up or concave down, and e) sketch the graph. 9x) x²64 a) What are the coordinates of the relative extrema? Select the correct choice below and, if necessary,...
a. Suppose that a firm has the Cobb-Douglas production function = 12K0.75 0.25. Because this function...
a. Suppose that a firm has the Cobb-Douglas production function = 12K0.75 0.25. Because this function exhibits returns to scale, the long-run average cost curve is , whereas the long-run total cost curve is upward-sloping, with slope. b. Now suppose that the firm's production function is = KL. Because this function exhibits returns to scale, the long-run average cost curve is upward-sloping , whereas the long-run total cost curve is upward-sloping, with slope. a. Suppose that a firm has the...
No Questions Part 2 of 11 - Returns to scale Question 1 of 10 6 Points...
No Questions Part 2 of 11 - Returns to scale Question 1 of 10 6 Points Suppose a firm's production function is Q(L,K) = (LK)2/3 + L + K. Production exhibits O A. Constant returns to scale. OB. Decreasing returns to scale. OC. Increasing returns to scale. Reset Selection Part 3 of 11 - MP and MRTS Question 2 of 10 6 Points
1. For a constant returns to scale production function: a. marginal costs are constant but the...
1. For a constant returns to scale production function: a. marginal costs are constant but the average cost curve as a U-shape b. both average and marginal costs are constant c. marginal cost has a U-shape, average costs are constant d. both average and marginal cost curves are U-shaped 2. The production function q = 10K +50L exhibits: a. increasing returns to scale b. decreasing returns to scale c. constant returns to scale d. none of the above
Find the intervals on which f(x) is increasing and the intervals on which f(x) is decreasing....
Find the intervals on which f(x) is increasing and the intervals on which f(x) is decreasing. Then sketch the graph. Add horizontal tangent lines. f(x)=4x4 -32x2 Compute the derivative of f(x). f'(x)= Select the correct choice below and, if necessary, fill in the answer box to complete your choice. O A. The function is increasing on (Type your answer using interval notation. Use a comma to separate answers as needed.) OB. The function is never increasing Select the correct choice...
Let the production function be q=ALK. The function exhibits increasing returns to scale if O A....
Let the production function be q=ALK. The function exhibits increasing returns to scale if O A. a + b < 1 O B. a + b > 1 OC. a + b = 1 O D. Cannot be determined with the information given
If output is described by the production function , then the production function has: (a) degree...
If output is described by the production function , then the production function has: (a) degree of returns to scale that cannot be determined from the information given. (b) diminishing returns to scale (c) increasing returns to scale (d) constant returns to scale (e) None of the above
Is the following production function homogeneous? If so, find the degree of homogeneity and comment on the returns to scale! Q = 4K L This production function homogeneous What is the degree of homogeneity of the production function? This function displays returns to scale.
Find all the first and second-partial derivatives for the utility function, U -50x 5y 0.2 (a) Give a verbal description of each derivative. (b) Are the marginal functions increasing or decreasing. Use the derivatives to justify your answer b. Given the function Q- Al'KB, explain the terms: constant returns to scale; increasing returns to scale; decreasing returns to scale. Show that the production function, Q -100L0.3K0.5, exhibits decreasing returns to scale and diminishing returns to labour Show that the production...
Assume a Cobb-Douglas production function of the form: 10L023 K043 What type of returns to scale does this production function exhibit? In this instance, r This production function exhibits returns to scale equal(Enter a numearic response using a real number rounded to two decimal places) a numenic O A. increasing returns to scale. O B. constant returns to scale. ⓔ C. initially decreasing but then constant returns to scale O D. decreasing retums to scale O E. iniially constant but...
For the following function, a) give the coordinates of any critical points and classify each point as a relative maximum, a relative minimum, or neither, b) identity intervals where the function is increasing or decreasing: c) give the coordinates of any points of infection, d) identity intervals where the function is concave up or concave down, and e) sketch the graph. 9x) x²64 a) What are the coordinates of the relative extrema? Select the correct choice below and, if necessary,...
a. Suppose that a firm has the Cobb-Douglas production function = 12K0.75 0.25. Because this function exhibits returns to scale, the long-run average cost curve is , whereas the long-run total cost curve is upward-sloping, with slope. b. Now suppose that the firm's production function is = KL. Because this function exhibits returns to scale, the long-run average cost curve is upward-sloping , whereas the long-run total cost curve is upward-sloping, with slope. a. Suppose that a firm has the...
No Questions Part 2 of 11 - Returns to scale Question 1 of 10 6 Points Suppose a firm's production function is Q(L,K) = (LK)2/3 + L + K. Production exhibits O A. Constant returns to scale. OB. Decreasing returns to scale. OC. Increasing returns to scale. Reset Selection Part 3 of 11 - MP and MRTS Question 2 of 10 6 Points
Find the intervals on which f(x) is increasing and the intervals on which f(x) is decreasing. Then sketch the graph. Add horizontal tangent lines. f(x)=4x4 -32x2 Compute the derivative of f(x). f'(x)= Select the correct choice below and, if necessary, fill in the answer box to complete your choice. O A. The function is increasing on (Type your answer using interval notation. Use a comma to separate answers as needed.) OB. The function is never increasing Select the correct choice...
Let the production function be q=ALK. The function exhibits increasing returns to scale if O A. a + b < 1 O B. a + b > 1 OC. a + b = 1 O D. Cannot be determined with the information given
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