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1. Below are production functions that turn capital (K) and labor (L) into output. For cach of th...
1. Below are production functions that turn capital (K) and labor (L) into output. For each...
1. 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: (3 points each) (a) F(KL)=KL (b) F(K,L) = min (4K, 22] + 20 (c) F(K,L) = 5K+10L
1. Below are production functions that turn capital (K) and labor (L) into output. For each...
1. 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 (KL) by a factor of a, where a > 1: (3 points each) (a) F(K.L) = (b) F(KL)= min (4K, 2L + 20 (c) F(K,L) = 5K+ 10L
Below are production functions that turn capital (K) and labor (L) into output. For each of...
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,(M)) by a factor of α, where α > 1: (4 points each) a) F(K,L) = K^1/3*L^1/3+2K+3 b) F(K,L) = sqr(K^3+L^3) c) F(K,L) = (K^2/4+L^2/4)^2 d) F(K,L,M) = min(K,L)*M
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...
1. Graph the short-run total product curves for each of the following production functions if K...
1. Graph the short-run total product curves for each of the following production functions if K is fixed at Ko 4 (a) Q = F(K, L) = 2K + 3L. (b) Q = F(K, L) = K2L2. (c) In the long run, are the above two production functions characterized by constant returns to scale, increasing returns to scale, or decreasing returns to scale?
Determine whether the following production functions exhibit constant, increasing, or decreasing returns to scale. L, K,...
Determine whether the following production functions exhibit constant, increasing, or decreasing returns to scale. L, K, and H are inputs and Q is the output in each production function. Initially, set each input = 100 and determine the output. Then increase each input by 2% and determine the corresponding output to see if constant, increasing, or decreasing returns to scale occur. (a) Q = 0.5L + 2K + 40H (b) Q = 3L + 10K +...
For each of the following production functions, determine whether returns to scale are decreasing , constant,...
For each of the following production functions, determine whether returns to scale are decreasing , constant, or increasing when capital and labor inputs are increased from K = L = 1 to K = L = 2 Q = 25K0.5 L0.5 Q = 2K + 3L + 4KL Q = 100 + 3K + 2L
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...
1. For the following production functions, find the marginal rate of technical substitu- tion (MRTSLK). Does the produc...
1. For the following production functions, find the marginal rate of technical substitu- tion (MRTSLK). Does the production function has increasing/decreasing/constant returns to scale? Verify your answer (a) (15) F(K, L) = min{2K, L}. (b) (15) F(К, L) — 2K + L. (c) (15) F(K, L) = K0.2L0,6. (d) (15) F(K, L) — К +L+2VKL.
5. Determine whether each of the following production functions displays constant, increasing, or decreasing returns to...
5. Determine whether each of the following production functions displays constant, increasing, or decreasing returns to scale. Show workings. a) Q= 10K 0.75, 0.25 b) Q = 2K+ + 3L c) Q = (Kº75 0.25 2 d) Q=K+L+KL
1. 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: (3 points each) (a) F(KL)=KL (b) F(K,L) = min (4K, 22] + 20 (c) F(K,L) = 5K+10L
1. 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 (KL) by a factor of a, where a > 1: (3 points each) (a) F(K.L) = (b) F(KL)= min (4K, 2L + 20 (c) F(K,L) = 5K+ 10L
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...
1. Graph the short-run total product curves for each of the following production functions if K is fixed at Ko 4 (a) Q = F(K, L) = 2K + 3L. (b) Q = F(K, L) = K2L2. (c) In the long run, are the above two production functions characterized by constant returns to scale, increasing returns to scale, or decreasing returns to scale?
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...
1. For the following production functions, find the marginal rate of technical substitu- tion (MRTSLK). Does the production function has increasing/decreasing/constant returns to scale? Verify your answer (a) (15) F(K, L) = min{2K, L}. (b) (15) F(К, L) — 2K + L. (c) (15) F(K, L) = K0.2L0,6. (d) (15) F(K, L) — К +L+2VKL.
5. Determine whether each of the following production functions displays constant, increasing, or decreasing returns to scale. Show workings. a) Q= 10K 0.75, 0.25 b) Q = 2K+ + 3L c) Q = (Kº75 0.25 2 d) Q=K+L+KL
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