The production function q = k0.620.5 exhibits: a. increasing returns to scale and diminishing marginal products...
The production function 9 = k1.270.5 exhibits: a. increasing returns to scale but no diminishing marginal productivities. b. decreasing returns to scale. C. increasing returns to scale and diminishing marginal product for / only. d. increasing returns to scale and diminishing marginal products for both k and I.
The production function -k0 4710.5. Oa exhibits constant returns to scale and diminishing marginal productivities for k and 1. Ob. exhibits constant returns to scale and constant marginal productivities for k and 1. c.exhibits diminishing returns to scale and diminishing marginal productivities for k and 1. o d. exhibits diminishing returns to scale and constant marginal productivities for k and I.
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
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
Q#02 Check whether the following production function exhibits (10 Marks) Constant Returns to Scale Increasing Returns to scale Decreasing Returns to scale . i. Y = Kal1-a ii. Y = (KL-ay iii. Y = KOLB iv. Y = (K 1/4L 1/8), v. Y = KL
The following production function F(K,L) = K + (1/3)L exhibits a. increasing returns to scale. b. constant returns to scale c. decreasing returns to scale. d. unstable (undefined) returns to scale.
The production function exhibits Q=4L1/3K3/4. Which of the following statements is (are) FALSE? ОО A. diminishing returns to labor. B. diminishing returns to capital. C. decreasing returns to scale. D. none of the above
For each of the following production functions, solve for the marginal products of each input and marginal rate of substitution. Then answer the following for each: does this production function exhibit diminishing marginal product of labour? Does this production function exhibit diminishing marginal product of capital? Does this production function exhibit constant, decreasing, or increasing returns to scale? Show all your work.(a) \(Q=L+K\)(b) \(Q=2 L^{2}+K^{2}\)(c) \(Q=L^{1 / 2} K^{1 / 2}\)
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...
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...