(15.P) The following table gives the quantities of output that can be produced with different amo...
1. The following production table shows the amount of output (a) that can be produced with various combinations of labor (L) and capital K 10 158 223 274 316 354 387 418 447 474 500 9 150 212 260 300 335 367 397 424 450 474 8 141 200 245 283 316 346 374 400 424 447 7 132 187 229 264 296 324 350 374 397 418 6 122 173 212 245 274 300 324 346 367 387 5...
IV. (15 Points) Given: • A schedule of output amounts that can be produced per various units of labor. • A dollar rate for each unit used of labor of $15.00/unit. • The market price (marginal revenue) of $3.00 for each unit sold. a. Using the chart below determine: The Marginal Product of Labor (MPL) at each level of Total Output shown. • The Marginal Revenue Product of Labor (MRPL) at each level of Total Output shown. b. How many...
2. (15 points) The table below gives the amount of output (Q) that can be produced with various combinations of capital (K) and labor (L K L Q TFC TVC TC ATC MC 10 0 0 10 1 14 10 2 35 10 3 62 10 4 91 10 5 121 The price of labor is w=$100/unit and the price of capital is v=$50/unit. Complete the above cost schedule by determining total fixed cost (TFC), total variable cost (TVC), total...
The following table shows how much output a firm can produce as it relates to the use of both capital K and labor L: KIL 2 40 60 75 85 90 3 4 65 85 100 110 115 20 70 90 105 115 120 40 2 3 4 75 90 100 105 65 70 Which of the following statements is true? O A. The marginal product of labor is decreasing, regardless of the level of capital B. The marginal product...
1. According to production engineers, the firm's production function gives the following outputs that can be produced from various combinations of labor and capital. Units of Capital 40 87 137 197 250 Units 45 69 87 100 58 S7 110 130 42 of Labor4 87 a. Suppose that the firm wants to produce 87 units of output. Construct the firm's this isoquant. Clearly label all input combinations making up this isoquant. b. What is odd about this isoquant? Why is...
The following table shows how much output a firm can produce as it relates to the use of both capital K and labor L: KIL 2 40 60 75 85 90 3 4 65 85 100 110 115 70 90 105 115 120 20 40 2 3 4 75 90 100 105 65 70 Starting from K-2 and L-2, if both inputs are scaled by factor t, then O A. Ift1.5, production exhibits constant returns to scale OB. Ift 2,...
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...
142 143 144 The Cobb Douglas production function for a product is 145 N(X) - 101X0.8)(y^0.2) 147 148 149 150 where is the number of units of labor and y is the number of units of capital required to produce N units of the product, 151 What is the marginal productivity of labor and the marginal productivity of capital? What are they when there are 40 units of labor and 50 units of capital? NxIx,y) - Bly/X)^0.2 Nx(40, SO) 8.4...
please also find approximate increase! The Cobb Douglas production function for a product is N(XY)-10[0.8)(y^0.2) where is the number of units of labor and y is the number of units of capital required to produce N units of the product, 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 What is the marginal productivity of labor and the marginal productivity of capital? What are they when there...
Assume that a firm has a fixed-proportions production function, in which one unit of output is produced using one worker and two units of capital. If the firm has an extra worker, say two workers, and no more capital, it still can produce only one unit of output. Similarly, an extra unit of capital does the firm no good.a) Draw the isoquants for this production function.b) Draw the total product, average product, and marginal product of labor curves (you will...