Homework Answers
Add Answer to:
4. Determine if the following production technologies exhibit IRS, DRS, or CRS, and explain why. (1...
3. For each of the following productions determine whether there are IRS, CRS or DRS. a)...
3. For each of the following productions determine whether there are IRS, CRS or DRS. a) y- ziz212
For following two production functions: (1) Q = L1/4 K (2) Q = 2L + 4K...
For following two production functions: (1) Q = L1/4 K (2) Q = 2L + 4K a) Determine whether factor L is subject to diminishing marginal returns? What about K? b) Calculate the MRTS. c) Determine returns to scale: CRS, IRS or DRS. Show how you arrive at your answers. For function (2) also draw a few representative isoquants; fully label your graph.
For each production function below, find the marginal product of capital and labor, and the marginal...
For each production function below, find the marginal product of capital and labor, and the marginal rate of technical substitution. Show whether the production function exhibits CRS DRS, or IRS. For parts a and b, draw what the isoquant looks like for 10 units of output (a) f(K, L) 2K + 2L (b) f(K, L) 2K1/4L/4 (c) f(K, L) K1/2 L/2
Returns to scale in production: Do the following production function exhibit increasing, constant, or decreasing returns...
Returns to scale in production: Do the following production function exhibit increasing, constant, or decreasing returns to scale in K and L? (Assume A is some fixed positive number.) (a) Y= K1/3L1/2 (b) Y=AK2/12/3 (c) Y= K1/2L1/2 (d) Y=K+ L (e) Y = K1/2L1/2 + L 2/3TI/3 2/3TI/3
3. Show whether the cost function C (q,+q14-(qiq) exhibits both economies of scope and economies of...
3. Show whether the cost function C (q,+q14-(qiq) exhibits both economies of scope and economies of scale b Derive the bDerive the conditions under which the cost function C(qi.q) 1+(q + g2) exhibits economies of scope. 4 Consider a market in which all firms have the following total cost function C(g)-150+q+0.5q What level of output corresponds to the minimum average total b) cost (minimum efficient scale)? If firms are perfectly competitive, what is the equation of an individual firm's supply...
Determine whether the following production functions exhibit constant, increasing, or decreasing returns to scale. L, K,...
Determine whether the following production functions exhibit constant, increasing, or decreasing returns to scale. L, K, and H are inputs and Q is the output in each production function. Initially, set each input = 100 and determine the output. Then increase each input by 2% and determine the corresponding output to see if constant, increasing, or decreasing returns to scale occur. (a) Q = 0.5L + 2K + 40H (b) Q = 3L + 10K +...
Determine the long-run total, average and marginal cost functions of the firms having the production functions...
Determine the long-run total, average and marginal cost functions of the firms having the production functions and facing the input prices given below: a. ?=f(K,L)=√K+2√L,PK=1,PL=2 b. Q=f(K,L)=K+L,PK=2,PL=1 c. Q=f(K,L)=K1/2L1/2,PK=2,PL=2
Do the following production functions exhibit increasing, constant, or decreasing returns to scale? (show your work...
Do the following production functions exhibit increasing, constant, or decreasing returns to scale? (show your work to illustrate the answer), where Q is quantity of output, K is the amount of capital used, and L is the amount of labor used. a) Q=K^1/3 L^2/3 b) Q=7K^1/5 L^3/5 c) Q=4K+8L d) Q=3k^5 L^4
1) Foreach of the production functions below, draw the isoquant passing througb the point z^(4,1). Label...
1) Foreach of the production functions below, draw the isoquant passing througb the point z^(4,1). Label at least two points on the isoquant. Also determine whether the technology exhibits CRS,IRS or DRS. a. f(x)- 2x2 b. f(x)-x1/2+X2 c. f(x)- max(xiX2) d. f(x)-xiX22 2) Eoreach of the production functions below, find the cost function and conditional factor demands if w1-2 and w2-4. What is the amount of x1 and x2 that minimizes the cost of producing 4 units of output? a....
2) Determine whether the following production functions exhibit constant, increasing, or decreasing returns to scale (or...
2) Determine whether the following production functions exhibit constant, increasing, or decreasing returns to scale (or none of these) a) Y=K+L^1/3 b) Y= aln(L) + bIn(k)
3. For each of the following productions determine whether there are IRS, CRS or DRS. a) y- ziz212
For each production function below, find the marginal product of capital and labor, and the marginal rate of technical substitution. Show whether the production function exhibits CRS DRS, or IRS. For parts a and b, draw what the isoquant looks like for 10 units of output (a) f(K, L) 2K + 2L (b) f(K, L) 2K1/4L/4 (c) f(K, L) K1/2 L/2
Returns to scale in production: Do the following production function exhibit increasing, constant, or decreasing returns to scale in K and L? (Assume A is some fixed positive number.) (a) Y= K1/3L1/2 (b) Y=AK2/12/3 (c) Y= K1/2L1/2 (d) Y=K+ L (e) Y = K1/2L1/2 + L 2/3TI/3 2/3TI/3
3. Show whether the cost function C (q,+q14-(qiq) exhibits both economies of scope and economies of scale b Derive the bDerive the conditions under which the cost function C(qi.q) 1+(q + g2) exhibits economies of scope. 4 Consider a market in which all firms have the following total cost function C(g)-150+q+0.5q What level of output corresponds to the minimum average total b) cost (minimum efficient scale)? If firms are perfectly competitive, what is the equation of an individual firm's supply...
1) Foreach of the production functions below, draw the isoquant passing througb the point z^(4,1). Label at least two points on the isoquant. Also determine whether the technology exhibits CRS,IRS or DRS. a. f(x)- 2x2 b. f(x)-x1/2+X2 c. f(x)- max(xiX2) d. f(x)-xiX22 2) Eoreach of the production functions below, find the cost function and conditional factor demands if w1-2 and w2-4. What is the amount of x1 and x2 that minimizes the cost of producing 4 units of output? a....
Most questions answered within 3 hours.
-
why it is important and how it integrates within ERP? And what
the core challenges of...
asked 1 hour ago -
A strawberry farmer determines that the average weight of
individual strawberries produced by plants in his...
asked 1 hour ago -
Chargaff's results yielded a molar ratio of 0.400 for A to G in
avian tubercle bacillus...
asked 4 hours ago -
Which of the following binds ATP/ADP?
a. microfilaments
b. microtubules
c. intermediate filaments
d. microfilaments and...
asked 4 hours ago -
Assume that the situation can be expressed as a linear cost
function. Find the cost function....
asked 5 hours ago -
(Sort ArrayList) Write the following method that sorts an
ArrayList: public static > void sort(ArrayList list)...
asked 6 hours ago -
2) A 9 volt battery is connected to a parallel plate capacitor
with an initial capacitance...
asked 5 hours ago -
Prince Equipment has to decide whether to obtain $1,000,000 of
financing by: (1) selling common stock...
asked 7 hours ago -
The terms electrical and electronic have similar but
different meanings which of the following statement is...
asked 7 hours ago -
You wish to test the claim that the mean GPA of night students
is than 2.5...
asked 7 hours ago -
A soft drink machine outputs a mean of 25 ounces per cup. The
machine's output is...
asked 8 hours ago -
Ross Co., Westerfield, Inc., and Jordan Company announced a new
agreement to market their respective products...
asked 8 hours ago