Need help answering Questions 2-3 please
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Need help answering Questions 2-3 please
Q2. For each of the following, draw a representative isoquant...
For each of the following examples, draw a representative isoquant. Make sure to label the axes....
For each of the following examples, draw a representative isoquant. Make sure to label the axes. Explain briefly why you drew each isoquant the way you drew it. a) A firm finds that it can always trade two units of labor for one unit of capital and still keep output constant, regardless of how many units of labor or capital have already been used. b) A firm needs either cats or dogs to produce its output. Cats and dogs don’t...
Q1 [30 points] Show in a diagram using isoquants that a production function can have diminishing...
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 production function, in which one unit of output is produced using...
2 Long-run production (6 points) Another firm in the same industry, Cake, considers setting up a...
2 Long-run production (6 points) Another firm in the same industry, Cake, considers setting up a plant in Canada and is thus evaluating its long-run production possibilities there. Besides using machinery K, it can hire labor L. The production function is q = f(K, L) = K0.5 L0.5 (a) What is the equation of the isoquant, i.e. K as a function of labor (and output)? (2) (b) What is the marginal rate of technical substitution? (2) (c) The manufacturer produces...
The following graph shows the isoquant representing the combinations of capital and labor needed to produce...
The following graph shows the isoquant representing the combinations of capital and labor needed to produce 10 left-handed can openers. Assume that diminishing marginal returns characterize the production function. (Hint: click a point on the graph to see its coordinates.) 500 450 400 360 300 LABOR (Workers) 260 + 200 160 + * 100 50 o 12 3 18 15 o 21 Using the information provided on the graph, complete the following table with the changes in capital and labor...
Diminishing marginal productivity a. means that adding one more unit of the variable input will reduce...
Diminishing marginal productivity a. means that adding one more unit of the variable input will reduce total product. b. occurs when the marginal product curve begins to slope downward c. occurs eventually because each additional unit of the variable unit has, on average, fewer units of the fixed input with which to work. d. both a and c e. both b and c 7. The marginal rate of technical substitution is a. the rate at which the firm can substitute...
Information: Suppose the firm has 500 employees each working a standard workweek of 40 hours. The...
Information: Suppose the firm has 500 employees each working a standard workweek of 40 hours. The typical worker earns a real wage of 10 per hour and receives another 200 in weekly benefits and training, 150 of which are quasi-fixed costs to the firm. The marginal expense an employer faces when increasing its average workweek by an hour (MEH) is approximately the sum of wage and variable benefit costs (on a per-hour basis) multiplied by he number of employees. Assuming...
Problem Set 6A: Production and Costs In the following questions, round to two decimal places (-2)...
I need help answering questions to the second page.
Problem Set 6A: Production and Costs In the following questions, round to two decimal places (-2). Do not use fractions (4), Rounding Technique: If the third value after the decimal point: Name SOLUTION exceeds "5", round the second value up. Example: 1.456-> 1.46 is less than "5", don't change the second value. Example: 1.454->1.45 5y round the second value to the even value. Eaample. 1455 -146 146-5146 1/2. Given the production...
Only need 1-3, 7a, 7b, 7d, 9c, 9d, 9e, 9f Module 6 Assignment Worksheet Worksheet Instructions:...
Only need 1-3, 7a, 7b, 7d, 9c, 9d, 9e, 9f
Module 6 Assignment Worksheet Worksheet Instructions: 1. Complete this worksheet. 2. Once completed, navigate to Assignment 6 on Blackboard. This can be found under the Module 6 Assignments folder. 3. Refer to this worksheet when answering the questions online for Assignment 6. Worksheet Questions: Business is booming at the local McDonald's restaurant. It is contemplating adding a new grill and french-fry machine, but the day supervisor suggests simply hiring more...
please answer all questions!!! Table 13-2 Adrianne's Premium Packaging Service subcontracts with a chocolate manufacturer to...
please answer all questions!!!
Table 13-2 Adrianne's Premium Packaging Service subcontracts with a chocolate manufacturer to box premium chocolates for their mail-order catalogue business. She rents a small room for $250 a week in the downtown business district that serves as her factory. She can hire workers for $275 a week Chocolates Marginal Number of Produced per Product of Workers Week Labour Cost of Factory Cost of Workers Total Cost 300 $250 $275 $525 630 $825 S1075 890 I s...
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 production function, in which one unit of output is produced using...
2 Long-run production (6 points) Another firm in the same industry, Cake, considers setting up a plant in Canada and is thus evaluating its long-run production possibilities there. Besides using machinery K, it can hire labor L. The production function is q = f(K, L) = K0.5 L0.5 (a) What is the equation of the isoquant, i.e. K as a function of labor (and output)? (2) (b) What is the marginal rate of technical substitution? (2) (c) The manufacturer produces...
The following graph shows the isoquant representing the combinations of capital and labor needed to produce 10 left-handed can openers. Assume that diminishing marginal returns characterize the production function. (Hint: click a point on the graph to see its coordinates.) 500 450 400 360 300 LABOR (Workers) 260 + 200 160 + * 100 50 o 12 3 18 15 o 21 Using the information provided on the graph, complete the following table with the changes in capital and labor...
I need help answering questions to the second page.
Problem Set 6A: Production and Costs In the following questions, round to two decimal places (-2). Do not use fractions (4), Rounding Technique: If the third value after the decimal point: Name SOLUTION exceeds "5", round the second value up. Example: 1.456-> 1.46 is less than "5", don't change the second value. Example: 1.454->1.45 5y round the second value to the even value. Eaample. 1455 -146 146-5146 1/2. Given the production...
Only need 1-3, 7a, 7b, 7d, 9c, 9d, 9e, 9f
Module 6 Assignment Worksheet Worksheet Instructions: 1. Complete this worksheet. 2. Once completed, navigate to Assignment 6 on Blackboard. This can be found under the Module 6 Assignments folder. 3. Refer to this worksheet when answering the questions online for Assignment 6. Worksheet Questions: Business is booming at the local McDonald's restaurant. It is contemplating adding a new grill and french-fry machine, but the day supervisor suggests simply hiring more...
please answer all questions!!!
Table 13-2 Adrianne's Premium Packaging Service subcontracts with a chocolate manufacturer to box premium chocolates for their mail-order catalogue business. She rents a small room for $250 a week in the downtown business district that serves as her factory. She can hire workers for $275 a week Chocolates Marginal Number of Produced per Product of Workers Week Labour Cost of Factory Cost of Workers Total Cost 300 $250 $275 $525 630 $825 S1075 890 I s...
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