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The production function -k0 4710.5. Oa exhibits constant returns to scale and diminishing marginal productivities for...
The production function 9 = k1.270.5 exhibits: a. increasing returns to scale but no diminishing marginal productivities. b. decreasing returns to scale. C. increasing returns to scale and diminishing marginal product for / only. d. increasing returns to scale and diminishing marginal products for both k and I.
The production function q = k0.620.5 exhibits: a. increasing returns to scale and diminishing marginal products for both k and 1. b. increasing returns to scale and diminishing marginal product for 1 only. c. increasing returns to scale but no diminishing marginal productivities. d. decreasing returns to scale.
1. For a constant returns to scale production function: a. marginal costs are constant but the average cost curve as a U-shape b. both average and marginal costs are constant c. marginal cost has a U-shape, average costs are constant d. both average and marginal cost curves are U-shaped 2. The production function q = 10K +50L exhibits: a. increasing returns to scale b. decreasing returns to scale c. constant returns to scale d. none of the above
Returns to scale. A production function has constant returns to scale with respect to inputs with inputs K and L if for any z > 0: F(z · K, z ·L) = zF(K, L), For example, for a production function with constant returns to scale, doubling the amount of each input (i.e., setting z = 2) will lead to a doubling of the output from the production function. A production function has increasing returns to scale if for any z >1: F(z ·...
10. Verify that If the production function exhibits constant returns to scale, the cost function may be written as c(w, y)-ye(w, 1). (Hint: If the production function exhibits constant returns to scale, then it is intuitively clear that the cost function should exhibit costs that are linear in the level of output: if you want to produce twice as much output it will cost you twice as much.)
Q#02 Check whether the following production function exhibits (10 Marks) Constant Returns to Scale Increasing Returns to scale Decreasing Returns to scale . i. Y = Kal1-a ii. Y = (KL-ay iii. Y = KOLB iv. Y = (K 1/4L 1/8), v. Y = KL
Question 13 1 pts Which of the following production functions exhibits constant returns to scale? OY = KL-a OY=K1/32/3 OY = K0. 10.9 O Y = K1/43/4 O All of these answers are correct.
1 Can an enterprise have production function, which exhibits increasing returns to scale, constant returns to scale and decreasing returns to scale with the increase of output? Discuss
A student wrote on the last year Econ exam the following: ” Every production function exhibits diminishing returns to scale because professor said that all inputs have diminishing marginal productivities. So when all inputs are doubled, output must be less than double.” How would you grade this answer? Answer the previous question using two specific production functions as examples: (a) A fixed-proportions production function. (b) A Cobb-Douglas production function q = √ KL
The following production function F(K,L) = K + (1/3)L exhibits a. increasing returns to scale. b. constant returns to scale c. decreasing returns to scale. d. unstable (undefined) returns to scale.