Microeconomics Assignment #6
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 probably want to use two diagrams) for this production function.
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A6 Microeconomics Assignment 6 Part I: Short Answer Questions [(100 points) Q1 [30 points) Show in a diagram using isoquants that a production function can have diminishing marginal return to a f...
A6 Microeconomics Assignment 6 Part I: Short Answer Questions [(100 points) Q1 [30 points) Show in a diagram using isoquants that a production function can have diminishing marginal return to a factor and constant returns to scale? With the help of a diagram explain the concepts of "isoquant", "diminishing marginal return to a factor", and "constant returns to scale". What are the similarities and differences between indifference curves and isoquants. Q2 [30 points Assume that a firm has a fixed-proportions...
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
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...
Q1 [30 points] Show in a diagram using isoquants that a production function can have diminishing...
Q1 [30 points] Show in a diagram using isoquants that a production function can have diminishing marginal return to a factor and constant returns to scale? With the help of a diagram explain the concepts of "isoquant", "diminishing marginal return to a factor", and "constant returns to scale". What are the similarities and differences between indifference curves and isoquants. Q2 [30 points Assume that a firm has a fixed-proportions production function, in which one unit of output is produced using...
SHOW ALL WORK !!! a) What is an isoquant? Where do we use isoquants? b) What...
SHOW ALL WORK !!!
a) What is an isoquant? Where do we use isoquants? b) What are the properties of isoquants? c) Draw a representative family of isoquants for a standard Cobb-Douglas production function. 3. d) Suppose that a firm has 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 and no more capital, it can produce only one unit of output. Similarly,...
1. Imagine a firm has the following short-run production function: q=f(L,K) = K L – L?...
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Answer the following questions based on the following production function: Does this production function represent the...
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Need help answering Questions 2-3 please Q2. For each of the following, draw a representative isoquant...
Need help answering Questions 2-3 please
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Managerial Econ and Strategy (3rd Edition) Perloff Ch. 5 q. 2.2 Please explain in Excel? Figure...
Managerial Econ and Strategy (3rd Edition) Perloff
Ch. 5 q. 2.2
Please explain in Excel?
Figure 5.1 for reference.
2.2 Each extra worker produces an additional unit of out- put up to six workers. As more workers are added, no additional output is produced. Draw the total product of labor, average product of labor, and marginal prod- uct of labor curves in a graph similar to Figure 5.1. pollo product Curve su u at such production is inefficient and is...
Question: A firm currently employs 40 production workers and 5 supervisors. The marginal product of the...
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Each additional worker produces two extra units of output until the first three units are produced...
Each additional worker produces two extra units of output until the first three units are produced for some production function. After the third unit is produced each additional worker produces one extra unit of output. What are the total product of labor, average product of labor and marginal product of labor for the first five units of production associated with this production function?
A6 Microeconomics Assignment 6 Part I: Short Answer Questions [(100 points) Q1 [30 points) Show in a diagram using isoquants that a production function can have diminishing marginal return to a factor and constant returns to scale? With the help of a diagram explain the concepts of "isoquant", "diminishing marginal return to a factor", and "constant returns to scale". What are the similarities and differences between indifference curves and isoquants. Q2 [30 points Assume that a firm has a fixed-proportions...
Q1 [30 points] Show in a diagram using isoquants that a production function can have diminishing marginal return to a factor and constant returns to scale? With the help of a diagram explain the concepts of "isoquant", "diminishing marginal return to a factor", and "constant returns to scale". What are the similarities and differences between indifference curves and isoquants. Q2 [30 points Assume that a firm has a fixed-proportions production function, in which one unit of output is produced using...
SHOW ALL WORK !!!
a) What is an isoquant? Where do we use isoquants? b) What are the properties of isoquants? c) Draw a representative family of isoquants for a standard Cobb-Douglas production function. 3. d) Suppose that a firm has 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 and no more capital, it can produce only one unit of output. Similarly,...
1. Imagine a firm has the following short-run production function: q=f(L,K) = K L – L? Assume K = 25. a. Fill in the following table. (First, find the total output from the production function, then find the marginal product by dividing the change in total output by change in labor.) Capital MPL Labor 7 Total Output 126 APL 18 25 12 25 25 25 25 25 10 11 12 13 14 15 25 25 25 b. How many units...
Answer the following questions based on the following production function: Does this production function represent the long run or the short run? Explain. Suppose capital (K) is held fixed at 3 units and the firm hires 5 workers. What is the average product? What is the marginal product of adding the 6^th worker? Does the production function eventually exhibit diminishing returns? If so, where and why does this occur? Depict the isoquants for the production function for output levels 27...
Need help answering Questions 2-3 please
Q2. For each of the following, draw a representative isoquant (2 points each). For each of the following, what can you say about the marginal rate of technical substitution in each case? (3 points each) A firm can hire only full-time employees to produce its output, or it can hire some combination of full-time and part-time employees. For each full-time worker let go, the firm must hire an increasing number of temporary employees to...
Managerial Econ and Strategy (3rd Edition) Perloff
Ch. 5 q. 2.2
Please explain in Excel?
Figure 5.1 for reference.
2.2 Each extra worker produces an additional unit of out- put up to six workers. As more workers are added, no additional output is produced. Draw the total product of labor, average product of labor, and marginal prod- uct of labor curves in a graph similar to Figure 5.1. pollo product Curve su u at such production is inefficient and is...
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