Compute the MRTS of labor for capital for the following production functions and marginal product functions:...
Compute the MRTS of labor for capital for the following production functions and marginal product functions:
a. ? = 30? 0.5? 0.5 ; ??? = 15? 0.5 ? 0.5 ; ??? = 15? 0.5 ?0.5
b. ? = 20? 1 4? 1 2; ??? = 10? 1 4? − 1 2; ??? = 5? − 3 4? 1 2
c. ? = 4? 0.25? 0.75; ??? = 3? 0.25 4? 0.25 ; ??? = ? 0.75 4?0.75
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Compute the MRTS of labor for capital for the following
production functions and marginal product functions:...
1). Consider the production function Q= 10*L0.4 * K0.5 a.) Find the marginal product of labor....
1). Consider the production function Q= 10*L0.4 * K0.5 a.) Find the marginal product of labor. b.) Find the marginal product of capital. c.) Is there diminishing marginal product of capital? d.) Find MRTS. e.) If w = 10 and r = 20, find the relationship between optimal level of capital and labor to be used.
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3. For each of the following production functions, graph a typical isoquant and determine whether the marginal rate of...
3. For each of the following production functions, graph a typical isoquant and determine whether the marginal rate of technical substitution of labor for capital (MRTS ) is diminishing, constant, increasing, or none of these. a. Q=LK b. Q=LVK c. Q=L*K13 d. Q = 3L +K e. Q = min{3L, K}
Show transcribed image text 3. For each of the following production functions, graph a typical isoquant and determine whether the marginal rate of technical substitution of labor for capital...
A firm hires labor and capital to produce tomatoes. Currently the marginal product of the last...
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For each production function below, find the marginal product of capital and labor, and the marginal...
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4. Below are production functions that turn capital (K) and labor (L) into output. For each...
4. Below are production functions that turn capital (K) and labor (L) into output. For each of the production functions below, state and PROVE whether it is Constant/Increasing/or Decreasing Returns to scale. That is, you want to see how production changes when you increase all inputs (K.L) by a factor of a, where a > 1: (4 points each) (a) F(K,L) =KİL (b) F(K,L) = min 4K, 2L] + 20 (c) F(K,L) = 4K +3L 5. For this problem you...
Given production function Q=f(K, L) = 8KL + √L where K is capital and L is labor.
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4. Consider the production functions given below: a. Suppose that the production function faced by a milk producer is given by Q = 40.5 20.5 = 4VK VL, where MPx = 2K-0.5 20.5 = 2 and MP, = 2 K0.5L-05 = 2 * i. Do both labor and capital display diminishing marginal products in the short run? ii. Find the marginal rate of technical substitution for this production function. (Hint: The MRTS = 1) iii. Does this production function display...
3. For each of the following production functions, graph a typical isoquant and determine whether the marginal rate of technical substitution of labor for capital (MRTS ) is diminishing, constant, increasing, or none of these. a. Q=LK b. Q=LVK c. Q=L*K13 d. Q = 3L +K e. Q = min{3L, K}
Show transcribed image text 3. For each of the following production functions, graph a typical isoquant and determine whether the marginal rate of technical substitution of labor for capital...
For each production function below, find the marginal product of capital and labor, and the marginal rate of technical substitution. Show whether the production function exhibits CRS DRS, or IRS. For parts a and b, draw what the isoquant looks like for 10 units of output (a) f(K, L) 2K + 2L (b) f(K, L) 2K1/4L/4 (c) f(K, L) K1/2 L/2
4. Below are production functions that turn capital (K) and labor (L) into output. For each of the production functions below, state and PROVE whether it is Constant/Increasing/or Decreasing Returns to scale. That is, you want to see how production changes when you increase all inputs (K.L) by a factor of a, where a > 1: (4 points each) (a) F(K,L) =KİL (b) F(K,L) = min 4K, 2L] + 20 (c) F(K,L) = 4K +3L 5. For this problem you...
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