principle economic
Does this production function exhibit diminishing returns? Explain. If so, at which worker is
this taking place? Show your solution for each answer
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Microeconomics
Does thisthis taking place? Show your solution for each answer.production function exhibit diminishing returns? Explain. If so, at which worker is
Answer the following questions based on the following production function: Does this production function represent the...
Answer the following questions based on the following production function: Does this production function represent the long run or the short run? Explain. Suppose capital (K) is held fixed at 3 units and the firm hires 5 workers. What is the average product? What is the marginal product of adding the 6^th worker? Does the production function eventually exhibit diminishing returns? If so, where and why does this occur? Depict the isoquants for the production function for output levels 27...
For each of the following production functions, solve for the marginal products of each input and marginal rate of substitution.
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) \(Q=L^{1 / 2} K^{1 / 2}\)
Consider a firm that has the following CES production function: Q = f(L,K) = [aL^ρ + bK^ρ]^1/ρ where ρ ≤ 1. Please...
Consider a firm that has the following CES production function: Q = f(L,K) = [aL^ρ + bK^ρ]^1/ρ where ρ ≤ 1. Please clearly show each STEP and make sure your handwriting is LEGABLE. Thank you Derive the MRTS for this production function. Does this production function exhibit a diminishing MRTS? Justify using derivatives and in words. What does this imply about the shape of the corresponding isoquants? (10 points) What are the returns to scale for this production function? Show...
1. Consider a firm that has the following CES production function: Q = f(L,K) = [aLP...
1. Consider a firm that has the following CES production function: Q = f(L,K) = [aLP + bK°]!/p where p a. Derive the MRTS for this production function. Does this production function exhibit a diminishing MRTS? Justify using derivatives and in words. What does this imply about the shape of the corresponding isoquants? (10 points) b. What are the returns to scale for this production function? Show and explain. Explain what will happen to cost if the firm doubles its...
1.(20 pts) Consider the following production function: Y 4K NI-a and assume that a= ½ a....
1.(20 pts) Consider the following production function: Y 4K NI-a and assume that a= ½ a. Is this production function characterized by diminishing returns, constant returns, or increasing returns to scale? Justify your answer. Is the function characterized by diminishing or increasing returns to capital? Justify your answer. b. Transform the production function into a relation between output per worker (Y/N) and capital per worker (K/N), and then calculate the steady state levels of capital stock per worker, output per...
A6 Microeconomics Assignment 6 Part I: Short Answer Questions [(100 points) Q1 [30 points) Show in a diagram using isoquants that a production function can have diminishing marginal return to a f...
A6 Microeconomics Assignment 6 Part I: Short Answer Questions [(100 points) Q1 [30 points) Show in a diagram using isoquants that a production function can have diminishing marginal return to a factor and constant returns to scale? With the help of a diagram explain the concepts of "isoquant", "diminishing marginal return to a factor", and "constant returns to scale". What are the similarities and differences between indifference curves and isoquants. Q2 [30 points Assume that a firm has a fixed-proportions...
Please show clear work. , ifĀ = 2,Ī = 4 3. (24 pts) Solow Model: Given...
Please show clear work.
, ifĀ = 2,Ī = 4 3. (24 pts) Solow Model: Given a production function Y; = AKSZ ,s= 0.2, and d = 0.05, a. (6 pts) set up the steady-state condition, then plug in the above values for parameters, and finally show your work to calculate the steady-state level of capital b. (6 pts) calculate the steady-state level of production C. (6 pts) Does the above production function exhibit constant returns to scale? Explain, including...
4. Given a production function Y4 = ĀK;'2/3, if Ā= 2, I = 4, 5 =...
4. Given a production function Y4 = ĀK;'2/3, if Ā= 2, I = 4, 5 = 0.2, and d = 0.05. (a) Calculate the steady-state level of capital. (b) Does the above production function exhibit constant returns to scale? Or does it exhibit diminishing marginal returns? Explain, including defining the difference between these two concepts.
2. A different firm has this daily production function. Assume that capital is fixed at 8...
2. A different firm has this daily production function. Assume that capital is fixed at 8 units. q K1312/3 a. Give the marginal product function. (Write and circle your answer.) b. Give the derivative of the marginal product function. (Write and circle your answer.) c. Is the production function concave or convex? (Write and circle your answer.) Does this production function exhibit diminishing marginal product for labor? (Write "yes" or "no" and circle your answer.) d. Which best describes this...
Answer the following questions based on the following production function: Does this production function represent the long run or the short run? Explain. Suppose capital (K) is held fixed at 3 units and the firm hires 5 workers. What is the average product? What is the marginal product of adding the 6^th worker? Does the production function eventually exhibit diminishing returns? If so, where and why does this occur? Depict the isoquants for the production function for output levels 27...
1. Consider a firm that has the following CES production function: Q = f(L,K) = [aLP + bK°]!/p where p a. Derive the MRTS for this production function. Does this production function exhibit a diminishing MRTS? Justify using derivatives and in words. What does this imply about the shape of the corresponding isoquants? (10 points) b. What are the returns to scale for this production function? Show and explain. Explain what will happen to cost if the firm doubles its...
1.(20 pts) Consider the following production function: Y 4K NI-a and assume that a= ½ a. Is this production function characterized by diminishing returns, constant returns, or increasing returns to scale? Justify your answer. Is the function characterized by diminishing or increasing returns to capital? Justify your answer. b. Transform the production function into a relation between output per worker (Y/N) and capital per worker (K/N), and then calculate the steady state levels of capital stock per worker, output per...
A6 Microeconomics Assignment 6 Part I: Short Answer Questions [(100 points) Q1 [30 points) Show in a diagram using isoquants that a production function can have diminishing marginal return to a factor and constant returns to scale? With the help of a diagram explain the concepts of "isoquant", "diminishing marginal return to a factor", and "constant returns to scale". What are the similarities and differences between indifference curves and isoquants. Q2 [30 points Assume that a firm has a fixed-proportions...
Please show clear work.
, ifĀ = 2,Ī = 4 3. (24 pts) Solow Model: Given a production function Y; = AKSZ ,s= 0.2, and d = 0.05, a. (6 pts) set up the steady-state condition, then plug in the above values for parameters, and finally show your work to calculate the steady-state level of capital b. (6 pts) calculate the steady-state level of production C. (6 pts) Does the above production function exhibit constant returns to scale? Explain, including...
4. Given a production function Y4 = ĀK;'2/3, if Ā= 2, I = 4, 5 = 0.2, and d = 0.05. (a) Calculate the steady-state level of capital. (b) Does the above production function exhibit constant returns to scale? Or does it exhibit diminishing marginal returns? Explain, including defining the difference between these two concepts.
2. A different firm has this daily production function. Assume that capital is fixed at 8 units. q K1312/3 a. Give the marginal product function. (Write and circle your answer.) b. Give the derivative of the marginal product function. (Write and circle your answer.) c. Is the production function concave or convex? (Write and circle your answer.) Does this production function exhibit diminishing marginal product for labor? (Write "yes" or "no" and circle your answer.) d. Which best describes this...
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