Assume that the production function is given by Q = 3K + 4L. What is the...
Assume that the production function is given by Q = 3K + 4L. What is the average product (“Average product”) of capital (K) when 10 units of capital and 10 units of work are used? Ear: Select the correct average product formula. As always: Present the formula that Let you solve the problem, all your calculations and write a final sentence explaining the result. (5 points)
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Assume that the production function is given by Q = 3K + 4L. What is the...
For the production function Q = min{4L,3K}, what bundle of inputs is on the same isoquant...
For the production function Q = min{4L,3K}, what bundle of inputs is on the same isoquant as (L=4,K=4)? (a.) (L=2,K=3) (b.) (L=4, K=1) (c.) (L=2, K=1) (d.) (L=6,K=2)
7. For the production function q= min(K, 4L) (a) Assume that capital K is fixed at...
7. For the production function q= min(K, 4L) (a) Assume that capital K is fixed at 100 units. Derive and plot Page 2 of . The total product function q(L) ii. The marginal product function MPL(L) ii. The average product function AP(L) (b) Suppose the price of labour w is $1 and the rental rate r is also $1. Derive and plot all cost functions; that is: i. Short run total cost. ii. Variable cost. iii. Fixed cost. iv. Short...
7. For the production function q min(K,4L ): (a) Assume that capital K is fixed at...
7. For the production function q min(K,4L ): (a) Assume that capital K is fixed at 100 units. Derive and plot: i, The total product function q(L) ii. The marginal product function MPL(L). iii. The average product function APL(L). (b) Suppose the price of labour w is $1 and the rental rate r is also $1. Derive and plot all cost functions; that is: i. Short run total cost. ii. Variable cost. iii. Fixed cost. iv. Short run average cost....
Consider a production function Q = 3K + 4L, when L is graphed on the x-axis...
Consider a production function Q = 3K + 4L, when L is graphed on the x-axis and K is graphed on the y-axis, the marginal rate of technical substitution is equal to A) 4/3 and the isoquant is convex to the origin. B) 4/3 and the isoquant is a straight line. C) and the isoquant is a straight line. D) 12 and the isoquant is convex to the origin.
Suppose the production function for a firm is given by: q=4L^0.75*K^0.25. If the firm currently has...
Suppose the production function for a firm is given by: q=4L^0.75*K^0.25. If the firm currently has 20 units of capital (K) and 10 units of labor (L), then calculate the Marginal Rate of Technical Substitution (MRTSLK).
0.5,,0.25 Suppose the production function for a firm is given by: q-4L If the firm currently...
0.5,,0.25 Suppose the production function for a firm is given by: q-4L If the firm currently has 20 units of capital (K) and 10 units of labor (L), then calculate the Marginal Rate of Technical Substitution (MRTS). (Round to the nearest two decimal places if necessary.) Answer
Assume a firm' production function is Q = 3K +L • In this case, inputs (K...
Assume a firm' production function is Q = 3K +L • In this case, inputs (K and L) are perfect substitutes. Can you give a real example where this production function works? Assume price of capital is r = 5, and price of labor is w = 1 How many units of capital and labor is need to produce Q=60 in cheapest way? O Show your logic using cost minimization condition, and Analyze it graphically
Suppose a firm’s production function is given by q = min{3K,6L}, where K is capital and...
Suppose a firm’s production function is given by q = min{3K,6L}, where K is capital and L is labor. If the wage increases, what happens to the firm’s use of labor in production (relative to capital)? Explain.
Imagine that the production function for tuna cans is given by q=6K+4L where q = Output...
Imagine that the production function for tuna cans is given by q=6K+4L where q = Output of tuna cans per hour. K = Capital input per hour L = Labor input per hour a) Assuming capital is fixed a K = 6, how much L is required to produce 60 tuna cans per hour? To produce 100 per hour? b) Now assume that capital input is fixed at K = 8 what L is required to produce 60 tuna cans...
Suppose the production function for a firm is given by: q-2L *4K. If the firm currently...
Suppose the production function for a firm is given by: q-2L *4K. If the firm currently has 20 units of capital (K) and 10 units of labor (L), then calculate the Marginal Rate of Technical Substitution (MRTSx) (Round to the nearest fwo decimal places if necessary) Answer Suppose the production function for a firm is given by: q-4L K 25 If the firm currently has 20 units of capital (K) and 10 units of labor (L), then calculate the Marginal...
7. For the production function q= min(K, 4L) (a) Assume that capital K is fixed at 100 units. Derive and plot Page 2 of . The total product function q(L) ii. The marginal product function MPL(L) ii. The average product function AP(L) (b) Suppose the price of labour w is $1 and the rental rate r is also $1. Derive and plot all cost functions; that is: i. Short run total cost. ii. Variable cost. iii. Fixed cost. iv. Short...
7. For the production function q min(K,4L ): (a) Assume that capital K is fixed at 100 units. Derive and plot: i, The total product function q(L) ii. The marginal product function MPL(L). iii. The average product function APL(L). (b) Suppose the price of labour w is $1 and the rental rate r is also $1. Derive and plot all cost functions; that is: i. Short run total cost. ii. Variable cost. iii. Fixed cost. iv. Short run average cost....
Consider a production function Q = 3K + 4L, when L is graphed on the x-axis and K is graphed on the y-axis, the marginal rate of technical substitution is equal to A) 4/3 and the isoquant is convex to the origin. B) 4/3 and the isoquant is a straight line. C) and the isoquant is a straight line. D) 12 and the isoquant is convex to the origin.
0.5,,0.25 Suppose the production function for a firm is given by: q-4L If the firm currently has 20 units of capital (K) and 10 units of labor (L), then calculate the Marginal Rate of Technical Substitution (MRTS). (Round to the nearest two decimal places if necessary.) Answer
Assume a firm' production function is Q = 3K +L • In this case, inputs (K and L) are perfect substitutes. Can you give a real example where this production function works? Assume price of capital is r = 5, and price of labor is w = 1 How many units of capital and labor is need to produce Q=60 in cheapest way? O Show your logic using cost minimization condition, and Analyze it graphically
Suppose the production function for a firm is given by: q-2L *4K. If the firm currently has 20 units of capital (K) and 10 units of labor (L), then calculate the Marginal Rate of Technical Substitution (MRTSx) (Round to the nearest fwo decimal places if necessary) Answer Suppose the production function for a firm is given by: q-4L K 25 If the firm currently has 20 units of capital (K) and 10 units of labor (L), then calculate the Marginal...
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