Homework Answers
A production function shows the technological relationship between the quantity of inputs and the quantity of output. It shows the efficiency in production.
Let the output be Q and the inputs be labour L and capital K. The production function is given by:
Q = f (L,K)
A production function can take various forms like Cobb-Douglas production function, Leontief production function, etc.
Thus, the answer is: an equation that tells a firm how much output it can produce from the amount of inputs provided.
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Hi, I am requesting your help. Some of those that I am not sure if I...
Hi,
I am requesting your help. Some of those that I am not sure if I
am right?
Thank you,
Michelle
________________________________
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b. What is the average variable cost of producing 2 units of output What is the marginal cost of producing 2 units of output? c. The following table summarizes the short-run production function for your firm. Your product sells for $5 per unit, labor costs $5 per unit, and the rental price of capital is $25 per unit. Complete the following table, and answer the questions below; 2. 1 5 10 5 30 3 5 60...
2) Consider the following production function for shirts: q=13/4K1/4, where L is worker-hours, and K is sewing machine-hours. The cost of one hour of labor L is w The cost of renting a sewing machine for one hour is r. What type of returns to scale does this production function have? a) b) Compute the marginal product of labor L and marginal product of capital K. What is the marginal rate of technical substitution of labor for capital .e. how...
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need help answering these 5 questions.
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Hi,
I am requesting your help. Some of those that I am not sure if I
am right?
Thank you,
Michelle
________________________________
You work at Ford Motor Company and are responsible for determining weekly production capacity for the Juarez, Mexico assembly plant. There are 21 days left in the production month. Your sales manager just informed you that 4,725 vehicles need to be produced in the upcoming days to meet projected sales demand in the United States 21. Your production...
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