a firm produces output according to the production function Q=4K+8L where K is capital and L...
Homework Answers
The given production function Q=4K+8L is one in which K and L are perfect substitutes.
The production function in which the function is Z=ax+by, then x and y are substitutes.
Add Answer to:
a firm produces output according to the production function
Q=4K+8L where K is capital and L...
Consider the following CES production function: Q= AlaL +1-a)K-]%, capital, respectively where Q is output and L and...
Consider the following CES production function: Q= AlaL +1-a)K-]%, capital, respectively where Q is output and L and K are inputs labour and i) Interpret the parameters A,a,t and V ii) Show that if f-0, the two input Labour and capital are imperfect substitutes in production
Consider the following CES production function: Q= AlaL +1-a)K-]%, capital, respectively where Q is output and L and K are inputs labour and i) Interpret the parameters A,a,t and V ii) Show that if...
A hamburger company produces hamburgers according to the production function Q = F(K,L) = 4K +...
A hamburger company produces hamburgers according to the production function Q = F(K,L) = 4K + 8L. 2 a. How many hamburgers are produced when K = 2 and L = 3? b. If the wage rate is $60 per hour and the rental rate on capital is $20 per hour, what is the cost-minimizing input mix for producing 32 units of hamburgers? c. How does your answer to part b change if the wage rate decreases to $20 per...
A firm produces output according to the production function: Q = F(K,L) = 2K + 2L....
A firm produces output according to the production function: Q = F(K,L) = 2K + 2L. a. How much output is produced when K = 2 and L = 3? b. If the wage rate is $65 per hour and the rental rate on capital is $35 per hour, what is the cost-minimizing input mix for producing 4 units of output? Capital: Labor:
Suppose a firm has the production function: Q=2KL, where K is capital, L is labor and...
Suppose a firm has the production function: Q=2KL, where K is capital, L is labor and Q is quantity. If capital is fixed at 4 in the short run. What is the short run production function? A. Q=2L B. Q=8L C. Q=2K D. Q=8K
Specific Output Functions, Q = f(L,K): Below are some specific output functions. For each production function...
Specific Output Functions, Q = f(L,K): Below are some specific output functions. For each production function (1) Explain how the firm uses the inputs capital (K), and labor (L): (2) Provide an illustration of the corresponding isoquants the preference yield - include three isoquants with unique levels of output; (3) Provide a general form of the production function and create two specific production functions; and (4) Calculate the MRTS Lx for each of your proposed production functions (if possible). (1)...
Suppose the linear production function is given by Q= 4K + 8L What is the marginal...
Suppose the linear production function is given by Q= 4K + 8L What is the marginal product of capital when the firm uses 10 units of capital and 10 units of labor? What is the AP of labor if 3 units of capital and 5 units of labor are used?
A firm produces gizmos according to the production function Q =10KL , where Q is the...
A firm produces gizmos according to the production function Q =10KL , where Q is the quantity of gismos produced, K is the quantity of capital rented and L is the quantity of labour hired. The manager has been given a production target: Produce 9,000 gizmos per day. He is informed that the daily rental price of capital is $400 per unit and the wage rate is $200 per day. a) Currently, the firm has 10 units of capital. How...
A firm has the following production function, where Q is output, K is capital and L...
A firm has the following production function, where Q is output, K is capital and L is labor: Q = 400K0.5L0.3 Does this firm operate under increasing, decreasing or constant returns to scale, and why?
9. A firm produces output according to a production function Q = F(K,L) min [2K,4L]. a....
9. A firm produces output according to a production function Q = F(K,L) min [2K,4L]. a. How much output is produced when K-2 and L = 3? b. If the wage rate is $30 per hour and the rental rate on capital is $10 per hour, what is the cost-minimizing input mix for producing 4 units of output? How does your answer to part b change if the wage rate decreases to $10 per hour but the rental rate on...
A firm produces output Q by using capital K and labor L in fixed proportions, i.e....
A firm produces output Q by using capital K and labor L in fixed proportions, i.e. Q = F (K ,L ) = min {K, L/3}. The price of a unit of labor is w = 6, the price of a unit of capital is r = 2 and the price of output is p = 20. a) Draw the isoquant for Q = 8. b) Find the marginal product of labor. Suppose that (in part c and d) the...
Consider the following CES production function: Q= AlaL +1-a)K-]%, capital, respectively where Q is output and L and K are inputs labour and i) Interpret the parameters A,a,t and V ii) Show that if f-0, the two input Labour and capital are imperfect substitutes in production
Consider the following CES production function: Q= AlaL +1-a)K-]%, capital, respectively where Q is output and L and K are inputs labour and i) Interpret the parameters A,a,t and V ii) Show that if...
Specific Output Functions, Q = f(L,K): Below are some specific output functions. For each production function (1) Explain how the firm uses the inputs capital (K), and labor (L): (2) Provide an illustration of the corresponding isoquants the preference yield - include three isoquants with unique levels of output; (3) Provide a general form of the production function and create two specific production functions; and (4) Calculate the MRTS Lx for each of your proposed production functions (if possible). (1)...
9. A firm produces output according to a production function Q = F(K,L) min [2K,4L]. a. How much output is produced when K-2 and L = 3? b. If the wage rate is $30 per hour and the rental rate on capital is $10 per hour, what is the cost-minimizing input mix for producing 4 units of output? How does your answer to part b change if the wage rate decreases to $10 per hour but the rental rate on...
Most questions answered within 3 hours.
-
A farmer wants to compare the tastiness and juiciness of
tomatoes grown with three amounts of...
asked 6 minutes ago -
What is facilitated diffusion and how does it differ from
symport and antiport transportation? How do...
asked 41 minutes ago -
if a firm producing 100 units at $5.00 each experience
an 80% experience curve, what will...
asked 1 hour ago -
A solid, uniform disk of radius 0.250 m and mass 53.7 kg rolls
down a ramp...
asked 3 hours ago -
Given the following table of high speed internet access vs.
annual home income:
Home Income
%...
asked 4 hours ago -
A baseball batter hits a 0.145kg baseball straight up into the
air. The baseball leaves the...
asked 4 hours ago -
An FM modulator is tested using
single-tone baseband signal with frequency of 50kHz and a sprectrum...
asked 4 hours ago -
Write the ionic equations for the first stage of salts
hydrolysis.
Anion, Cation?
Na2S
NiSO4
K2SO4...
asked 6 hours ago -
suppose there is a normally distributed population with a mean of
250 and a standard deviation...
asked 7 hours ago -
Question Three
Suppose you as project manager are using the Waterfall
development methodology on a large...
asked 8 hours ago -
Which statement is not true about welfare in Canada?
A.Benefits typically vary based on one's ability...
asked 8 hours ago -
Please help me with FLOWCHART and UML diagram for class,
thank you!
#include <iostream>
#include <fstream>...
asked 9 hours ago