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Answer the following questions as suecinctly as possible, while showing all of your work. 1. The...
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...
Question 3 (1 point) Saved 3. Which of the following statements is CORRECT? Question 3 options:...
Question 3 (1 point) Saved 3. Which of the following statements is CORRECT? Question 3 options: AFC = ATC + AVC AVC = AFC - ATC ATC = AVC - AFC ATC = AFC + AVC Question 4 (1 point) Saved 4. The above table shows the total product of producing baseball hats. The marginal product of the 4th worker is equal to Question 4 options: 25 baseball hats 6.25 baseball hats 21 baseball hats 7 baseball hats Question 5...
Number 2 please thank you (09-10) Firm theory1_2.p df tutorial4.pdf my.monash C Get Homework Help With Che Cobb-Douglas...
Number 2 please thank you
(09-10) Firm theory1_2.p df tutorial4.pdf my.monash C Get Homework Help With Che Cobb-Douglas Production Func x X https://Ims.monash.edu/pluginfile.php/8728452/mod_resource/content/1/tutorial4.pdf tutorial4.pdf 1/1 e. Constant returns to scale 2. Consider a firm whose production function is f(K,L) = 1000 min{3K,L} . a. Sketch isoquants for q = 3000 and q 6000 b. If capital is fixed in the short run at K = 5, sketch the total product curve as L rises. c. Refer to (b) and sketch...
George, the owner of a car wash is trying to decide on the number of people to employ based on the following short–run production function: Q = 6L – 0.5L2 Where Q = number of car washes per hour and L = n
George, the owner of a car wash is trying to decide on the number of people to employ based on the following short–run production function: Q = 6L – 0.5L2 Where Q = number of car washes per hour and L = number of workers.a) Generate a schedule showing total product, average product and marginal product. (5 marks) b) The price of a basic car wash is $50. How many workers should he hire if each worker is paid $60/hour?...
1. A production function is given by f(K, L) = L/2+ v K. Given this form,...
1. A production function is given by f(K, L) = L/2+ v K. Given this form, MPL = 1/2 and MPK-2 K (a) Are there constant returns to scale, decreasing returns to scale, or increasing returns to scale? (b) In the short run, capital is fixed at -4 while labor is variable. On the same graph, draw the 2. A production function is f(LK)-(L" + Ka)", where a > 0 and b > 0, For what values of a and...
Please show as much work and offer as much explanation as possible, thank you so much!...
Please show as much work and
offer as much explanation as possible, thank you so much!
2. You are a Storm Trooper recently promoted to replace the commander of the manufacturing division on the Death Star, who was executed by Darth Vader for underperformance. Your division is responsible for the manufacturing of the TIE fighters, whose production function is given by Q=64L1/2K1/2 where L (labor) is in the number of Storm Troopers, and K (capital) is in the number of...
PLEASE READ CAREFULLY AND ANSWER ALL THE QUESTIONS! SHOW ALL YOUR CALCULATIONS CLEARLY! ANSWERS MUST BE...
PLEASE READ CAREFULLY AND ANSWER ALL THE QUESTIONS! SHOW ALL
YOUR CALCULATIONS CLEARLY! ANSWERS MUST BE CLEAR TO READ!
THANKS!
We were unable to transcribe this imageFill in the blanks to complete the Marginal Product of Labor column for each worker. Output Marginal Product of Labor Number of Workers (Pizzas) (Pizzas) 50 り() 120 140 50 40 30 20 10 2 4 5 150 On the following graph, plot Hubert's production function using the green points (triangle symbol). Note: Plot...
please answer all of the following questions since theyre all related (1)A firm in a perfectly...
please answer all of the following questions since theyre all
related
(1)A firm in a perfectly competitive market sells all its product (Q) at a constant price (P) of $60. Suppose the total cost function (TC) for this firm is described by the following equation: 2 3 TC(Q) = 128 +69Q - 140 + Q (a)Form the profit function and determine the output that maximizes the firm's profit. Evaluate the second order condition to assure that profit is maximized at...
please answer all of the following questions since theyre all related (1)A firm in a perfectly...
please answer all of the following questions since theyre all
related
(1)A firm in a perfectly competitive market sells all its product (Q) at a constant price (P) of $60. Suppose the total cost function (TC) for this firm is described by the following equation: 2 3 TC(Q) = 128 +69Q - 140 + Q (a)Form the profit function and determine the output that maximizes the firm's profit. Evaluate the second order condition to assure that profit is maximized at...
please answer all the questions. Thank you! Tutorial IU Chapter 21 - Cost Minimization Chapter 22...
please answer all the questions.
Thank you!
Tutorial IU Chapter 21 - Cost Minimization Chapter 22 - Cost Curves 1. A firm has the production function f (*1, 12) = . Let the price it pays per unit of input 1 bew, and the price it pays per unit of input 2 bet. (a) Find the firm's conditional input demand functions. (b) Find the firm's total (long-run) cost function. (c) How your solution would change if this firm is working...
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...
Number 2 please thank you
(09-10) Firm theory1_2.p df tutorial4.pdf my.monash C Get Homework Help With Che Cobb-Douglas Production Func x X https://Ims.monash.edu/pluginfile.php/8728452/mod_resource/content/1/tutorial4.pdf tutorial4.pdf 1/1 e. Constant returns to scale 2. Consider a firm whose production function is f(K,L) = 1000 min{3K,L} . a. Sketch isoquants for q = 3000 and q 6000 b. If capital is fixed in the short run at K = 5, sketch the total product curve as L rises. c. Refer to (b) and sketch...
1. A production function is given by f(K, L) = L/2+ v K. Given this form, MPL = 1/2 and MPK-2 K (a) Are there constant returns to scale, decreasing returns to scale, or increasing returns to scale? (b) In the short run, capital is fixed at -4 while labor is variable. On the same graph, draw the 2. A production function is f(LK)-(L" + Ka)", where a > 0 and b > 0, For what values of a and...
Please show as much work and
offer as much explanation as possible, thank you so much!
2. You are a Storm Trooper recently promoted to replace the commander of the manufacturing division on the Death Star, who was executed by Darth Vader for underperformance. Your division is responsible for the manufacturing of the TIE fighters, whose production function is given by Q=64L1/2K1/2 where L (labor) is in the number of Storm Troopers, and K (capital) is in the number of...
PLEASE READ CAREFULLY AND ANSWER ALL THE QUESTIONS! SHOW ALL
YOUR CALCULATIONS CLEARLY! ANSWERS MUST BE CLEAR TO READ!
THANKS!
We were unable to transcribe this imageFill in the blanks to complete the Marginal Product of Labor column for each worker. Output Marginal Product of Labor Number of Workers (Pizzas) (Pizzas) 50 り() 120 140 50 40 30 20 10 2 4 5 150 On the following graph, plot Hubert's production function using the green points (triangle symbol). Note: Plot...
please answer all of the following questions since theyre all
related
(1)A firm in a perfectly competitive market sells all its product (Q) at a constant price (P) of $60. Suppose the total cost function (TC) for this firm is described by the following equation: 2 3 TC(Q) = 128 +69Q - 140 + Q (a)Form the profit function and determine the output that maximizes the firm's profit. Evaluate the second order condition to assure that profit is maximized at...
please answer all of the following questions since theyre all
related
(1)A firm in a perfectly competitive market sells all its product (Q) at a constant price (P) of $60. Suppose the total cost function (TC) for this firm is described by the following equation: 2 3 TC(Q) = 128 +69Q - 140 + Q (a)Form the profit function and determine the output that maximizes the firm's profit. Evaluate the second order condition to assure that profit is maximized at...
please answer all the questions.
Thank you!
Tutorial IU Chapter 21 - Cost Minimization Chapter 22 - Cost Curves 1. A firm has the production function f (*1, 12) = . Let the price it pays per unit of input 1 bew, and the price it pays per unit of input 2 bet. (a) Find the firm's conditional input demand functions. (b) Find the firm's total (long-run) cost function. (c) How your solution would change if this firm is working...
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