Does the following production function have diminishing marginal returns to labor in the SR? Q =...
Does the following production function have diminishing marginal returns to labor in the SR?
Q = 5LK1/2
yes
no
Cannot be determined from the information
Homework Answers
Marginal Product of Labour(MPL)= ∆Q/∆L
Marginal Product of Labour(MPL)= 5K1/2
∆MPL/∆L= 0.
Since Change in MPL with respect to L is not less than 0, then the production function does not have diminishing marginal returns to labour in the short run.
Moreover, Since ∆MPL/∆L= 0, then we can't tell whether MPL is Diminishing or Increasing.
Hence, it cannot be determined from the information.
Therefore, third option is correct.
Add Answer to:
Does the following production function have diminishing marginal
returns to labor in the SR?
Q =...
1. at what quantity will the marginal cost curve cross the average cost curve C=10q-12q^2+2q^3 ,...
1. at what quantity will the marginal cost curve cross the
average cost curve C=10q-12q^2+2q^3 ,
3.
Does the following production function have diminishing marginal returns to labor in the SR? Q = 2L 1/2K1/2 yes no Cannot be determined from the information B Next Previous MacBook Air 8 # 3 $ 4. IR E W TH
The production function q = k0.620.5 exhibits: a. increasing returns to scale and diminishing marginal products...
The production function q = k0.620.5 exhibits: a. increasing returns to scale and diminishing marginal products for both k and 1. b. increasing returns to scale and diminishing marginal product for 1 only. c. increasing returns to scale but no diminishing marginal productivities. d. decreasing returns to scale.
1. 2) The deadweight loss associated with an import tariff is smaller than a quota of...
1.
2) The deadweight loss associated with an import tariff is
smaller than a quota of the same impact because
________________.
a. The government receives revenue from the quota and not the
tariff.
b. Price increases more with a tariff.
c. Quantity decreases more with a quota.
d. The government receives revenue from the tariff and not the
quota.
e. Cannot be determined from the information
3) Will this firm shutdown?
Q = 5
Price: $30
MC = $10
AVC...
You might think that when a production function has a diminishing marginal rate of technical substitution...
You might think that when a production function has a diminishing marginal rate of technical substitution of labor for capital, it cannot have increasing marginal products of capital and labor. Show that this is not true, using the production function Q = L2K2.
a. Complete the following table. b. Explain whether the production function satisfies the diminishing marginal returns...
a. Complete the following table.
b. Explain whether the production function satisfies the
diminishing marginal returns property.
c. Draw the firm’s short-run production function and verify
graphically that average product is falling when it is higher than
the marginal product and that total product is falling when
marginal product is negative.
Number of Workers | Average product of labor Total product Marginal product of labor 20
The production function 9 = k1.270.5 exhibits: a. increasing returns to scale but no diminishing marginal...
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.
If labor and capital both exhibit increasing marginal products, then a production function cannot exhibit diminishing...
If labor and capital both exhibit increasing marginal products, then a production function cannot exhibit diminishing marginal rate of technical substitution of labor for capital. a. True b. False
b. Does this production function have an uneconomic region? If yes, find the region. c. Based...
b. Does this production function have an uneconomic region? If
yes, find the region.
c. Based on your answer to (b), sketch a graph of two isoquants
Q1 and Q2 withQ1 < Q2.
1. (12 points) Consider the production function Q = KL2-L", and answer the following questions. a. (4 pts) Does this production function exhibit diminishing marginal product of capital? Diminishing marginal product of labor? Explain.
If a particular production process is subject to diminishing marginal returns to labor at every level...
If a particular production process is subject to diminishing marginal returns to labor at every level of output, then at every level of output
The production function -k0 4710.5. Oa exhibits constant returns to scale and diminishing marginal productivities for...
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. at what quantity will the marginal cost curve cross the
average cost curve C=10q-12q^2+2q^3 ,
3.
Does the following production function have diminishing marginal returns to labor in the SR? Q = 2L 1/2K1/2 yes no Cannot be determined from the information B Next Previous MacBook Air 8 # 3 $ 4. IR E W TH
The production function q = k0.620.5 exhibits: a. increasing returns to scale and diminishing marginal products for both k and 1. b. increasing returns to scale and diminishing marginal product for 1 only. c. increasing returns to scale but no diminishing marginal productivities. d. decreasing returns to scale.
1.
2) The deadweight loss associated with an import tariff is
smaller than a quota of the same impact because
________________.
a. The government receives revenue from the quota and not the
tariff.
b. Price increases more with a tariff.
c. Quantity decreases more with a quota.
d. The government receives revenue from the tariff and not the
quota.
e. Cannot be determined from the information
3) Will this firm shutdown?
Q = 5
Price: $30
MC = $10
AVC...
a. Complete the following table.
b. Explain whether the production function satisfies the
diminishing marginal returns property.
c. Draw the firm’s short-run production function and verify
graphically that average product is falling when it is higher than
the marginal product and that total product is falling when
marginal product is negative.
Number of Workers | Average product of labor Total product Marginal product of labor 20
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.
b. Does this production function have an uneconomic region? If
yes, find the region.
c. Based on your answer to (b), sketch a graph of two isoquants
Q1 and Q2 withQ1 < Q2.
1. (12 points) Consider the production function Q = KL2-L", and answer the following questions. a. (4 pts) Does this production function exhibit diminishing marginal product of capital? Diminishing marginal product of labor? Explain.
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.
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