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Prob 2. Marginal Analysis 4.10. Economies of Scale? Given: Z = X0.3 γ0.8 (a) What are...
Given the following long run production and cost functions: q=LPK1/4 C = 12L +4K (A) What...
Given the following long run production and cost functions: q=LPK1/4 C = 12L +4K (A) What input has diminishing marginal returns? (B) Does this production function display increasing, decreasing or constant returns to scale? (C) What is this firm's expansion path assuming input prices do not change? Clearly type out your answer to parts (A), (B) and (C) in the space provided. Retain all of your handwritten work for this question to be uploaded separately after you have completed the...
Given the following long run production and cost functions: q=L3K1/4 C = 12L +4K (A) What...
Given the following long run production and cost functions: q=L3K1/4 C = 12L +4K (A) What input has diminishing marginal returns? (B) Does this production function display increasing, decreasing or constant returns to scale? (C) What is this firm's expansion path assuming input prices do not change?
Given the following long run production and cost functions: 4 = 1/3K2 C = 15L +...
Given the following long run production and cost functions: 4 = 1/3K2 C = 15L + 3K (A) What input has diminishing marginal returns? (B) Does this production function display increasing, decreasing or constant returns to scale? (C) What is this firm's expansion path assuming input prices do not change? HTML Editora
(Click to select) economies of scale a. Long-run average total cost falls as the firm realize: rises when the firm...
(Click to select) economies of scale a. Long-run average total cost falls as the firm realize: rises when the firm experiences [ (Click to select) diseconomies of scale diminishing marginal returns increasing marginal returns b. The minimum efficient scale is the level of output produced by the smallest firm in the industry. smallest level of output at which a firm can produce. only level of output where long-run average total costs are minimized. smallest level of output needed to attain...
Question-3 (Marginal Products and Returns to Scale) (30 points) Suppose the production function is Cobb-Douglas and...
Question-3 (Marginal Products and Returns to Scale) (30 points)
Suppose the production function is Cobb-Douglas and f(x1; x2) =
x1^1/2 x2^3/2
1. Write an expression for the marginal product of x1.
2. Does marginal product of x1 increase for small increases in
x1, holding x2 fixed? Explain
3. Does an increase in the amount of x2 lead to decrease in the
marginal product of x1? Explain
4. What is the technical rate of substitution between x2 and
x1?
5. What...
22. Which of the following is true for a firm that enjoys economies of scale? a. Marginal cost is increasing as output i...
22. Which of the following is true for a firm that enjoys economies of scale? a. Marginal cost is increasing as output increases. b. Average total cost is falling as output increases. c. Marginal cost is constant as output increases. d. Marginal revenue is falling as output increases. 23. The figure below shows short-run average total cost curves for a firm under four different production technologies. Assume that there are only four different technologies that the firm could use. Refer...
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) \(Q=L^{1 / 2} K^{1 / 2}\)
Question 24 6 pts Clearly type out your answer to parts (A), (B) and (C) in...
Question 24 6 pts Clearly type out your answer to parts (A), (B) and (C) in the space provided. Retain all of your handwritten work for this question to be uploaded separately after you have completed the exam. Given the following long run production and cost functions: 9 = 1362 C = 15L +3K (A) What input has diminishing marginal returns? (B) Does this production function display increasing, decreasing or constant returns to scale? (C) What is this firm's expansion...
A firm has the production function Q= 4LK. The marginal products are given by MPL =...
A firm has the production function Q= 4LK. The marginal products are given by MPL = 4K and MPK= 4L. Suppose that the prices of labour and capital are given by w and r. Solve for the quantities of L and K that minimize the cost of producing Q units of output. Provide an expression for the long run total cost function. What returns to scale are exhibited by this production function? What economies of scale are exhibited? Show the...
please answer all 3 Question Completion Status: If the firm's marginal cost is $10 and in...
please answer all 3
Question Completion Status: If the firm's marginal cost is $10 and in the short run capital is fixed, with wages for workers at $40 per hour what must the worker's marginal product per hour bel 510 540 400 If the Marginal Product of capital is 6 and the Marginal Product of laboris 3; the prices of capital and labor are 510 and 12 respectively. What should the manager do Increase output Substitute in more labor for...
Given the following long run production and cost functions: q=LPK1/4 C = 12L +4K (A) What input has diminishing marginal returns? (B) Does this production function display increasing, decreasing or constant returns to scale? (C) What is this firm's expansion path assuming input prices do not change? Clearly type out your answer to parts (A), (B) and (C) in the space provided. Retain all of your handwritten work for this question to be uploaded separately after you have completed the...
Given the following long run production and cost functions: q=L3K1/4 C = 12L +4K (A) What input has diminishing marginal returns? (B) Does this production function display increasing, decreasing or constant returns to scale? (C) What is this firm's expansion path assuming input prices do not change?
Given the following long run production and cost functions: 4 = 1/3K2 C = 15L + 3K (A) What input has diminishing marginal returns? (B) Does this production function display increasing, decreasing or constant returns to scale? (C) What is this firm's expansion path assuming input prices do not change? HTML Editora
(Click to select) economies of scale a. Long-run average total cost falls as the firm realize: rises when the firm experiences [ (Click to select) diseconomies of scale diminishing marginal returns increasing marginal returns b. The minimum efficient scale is the level of output produced by the smallest firm in the industry. smallest level of output at which a firm can produce. only level of output where long-run average total costs are minimized. smallest level of output needed to attain...
Question-3 (Marginal Products and Returns to Scale) (30 points)
Suppose the production function is Cobb-Douglas and f(x1; x2) =
x1^1/2 x2^3/2
1. Write an expression for the marginal product of x1.
2. Does marginal product of x1 increase for small increases in
x1, holding x2 fixed? Explain
3. Does an increase in the amount of x2 lead to decrease in the
marginal product of x1? Explain
4. What is the technical rate of substitution between x2 and
x1?
5. What...
Question 24 6 pts Clearly type out your answer to parts (A), (B) and (C) in the space provided. Retain all of your handwritten work for this question to be uploaded separately after you have completed the exam. Given the following long run production and cost functions: 9 = 1362 C = 15L +3K (A) What input has diminishing marginal returns? (B) Does this production function display increasing, decreasing or constant returns to scale? (C) What is this firm's expansion...
please answer all 3
Question Completion Status: If the firm's marginal cost is $10 and in the short run capital is fixed, with wages for workers at $40 per hour what must the worker's marginal product per hour bel 510 540 400 If the Marginal Product of capital is 6 and the Marginal Product of laboris 3; the prices of capital and labor are 510 and 12 respectively. What should the manager do Increase output Substitute in more labor for...
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