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1. Graph the short-run total product curves for each of the following production functions if K...
1. A production function is given by f(K, L) = L/2+ v K. Given this form, MPL = 1/2 and MPK-2 K (a) Are there constant returns to scale, decreasing returns to scale, or increasing returns to scale? (b) In the short run, capital is fixed at -4 while labor is variable. On the same graph, draw the 2. A production function is f(LK)-(L" + Ka)", where a > 0 and b > 0, For what values of a and...
For each of the following production functions, determine whether returns to scale are decreasing , constant, or increasing when capital and labor inputs are increased from K = L = 1 to K = L = 2 Q = 25K0.5 L0.5 Q = 2K + 3L + 4KL Q = 100 + 3K + 2L
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 +...
1. Below are production functions that turn capital (K) and labor (L) into output. For cach of the production functions below, state and PROVE whether it is Constant/Increasing/or Decreasing Returns to scale. That is, you want to see how production changes when you increase all inputs (K,L, (M)) by a factor of a, where a > 1: (3 points each) (a) F(K,L)-KİLİ+2K +3L (b) F(K, L)=min/4K, 2L1+20 (d) F(K,L,M) KL3M 1. Below are production functions that turn capital (K) and...
5. Determine whether each of the following production functions displays constant, increasing, or decreasing returns to scale. Show workings. a) Q= 10K 0.75, 0.25 b) Q = 2K+ + 3L c) Q = (Kº75 0.25 2 d) Q=K+L+KL
[Short-Run Production] Suppose that a firm is producing in the short run with output given by: Q = 200.5L – 2.5L2, The firm hires labor at a wage of $25 per hour and sells the good in a competitive market at P = $50 per unit. Find the firm’s optimal use of labor and associated level of output. (For extra practice, what is the firm’s associated profit?) I have already finished and went to check my work on Chegg and...
13. Which of the following production functions exhibit decreasing returns to scale? In each case, q is output and K and L are inputs. (1)q=K1/3 L2/3.(2)q=K1/2 L1/2.(3)q=2K+3L. a. 1,2,and3 b. 2and3 c. 1and3 d. 1and2 e. None of the functions
Short Run Cost Curves: Consider two firms, producing different products, with the following production functions: q=5KL (1) q=5(KL).5 (2) a. For a short-run situation in which K=100, and given wage = 3 and cost of capital = 1, derive expressions short run total cost for each production function. (Start by using the production function to develop an expression for L in terms of q, and then substitute that, and the given parameters, into the generic expression for Total Cost =...
3. For each of the following production functions, graph a typical isoquant and determine whether the marginal rate of technical substitution of labor for capital (MRTS ) is diminishing, constant, increasing, or none of these. a. Q=LK b. Q=LVK c. Q=L*K13 d. Q = 3L +K e. Q = min{3L, K} Show transcribed image text 3. For each of the following production functions, graph a typical isoquant and determine whether the marginal rate of technical substitution of labor for capital...
1. For the following production functions, find the marginal rate of technical substitu- tion (MRTSLK). Does the production function has increasing/decreasing/constant returns to scale? Verify your answer (a) (15) F(K, L) = min{2K, L}. (b) (15) F(К, L) — 2K + L. (c) (15) F(K, L) = K0.2L0,6. (d) (15) F(K, L) — К +L+2VKL.