Please write answer in fraction, and show all work.
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Please write answer in fraction, and show all work. 1. Let P(L, K MRTS at the point (3, 5) 12L1/4K3/4 be a Cobb-Douglas...
1. Let P(L, K) 214K3/4 be a Cobb-Douglas production function. Find the MRTS at the point (3, 5) Find the total differen...
1. Let P(L, K) 214K3/4 be a Cobb-Douglas production function. Find the MRTS at the point (3, 5) Find the total differential, dP at (81, 16) if dL .2 and dK--.1.
1. Let P(L, K) 214K3/4 be a Cobb-Douglas production function. Find the MRTS at the point (3, 5) Find the total differential, dP at (81, 16) if dL .2 and dK--.1.
12L1/4 K3/4 be a Cobb-Douglas production function. Find the 1. Let P(L, K) MRTS at the point (3,5) Find the total diffe...
12L1/4 K3/4 be a Cobb-Douglas production function. Find the 1. Let P(L, K) MRTS at the point (3,5) Find the total differential, dP at (81, 16) if dL - .2 and dK = -.1.
12L1/4 K3/4 be a Cobb-Douglas production function. Find the 1. Let P(L, K) MRTS at the point (3,5) Find the total differential, dP at (81, 16) if dL - .2 and dK = -.1.
SHOW ALL WORK!!! 2. For the following Cobb-Douglas production function, q=f(L,K) = _0.45 0.7 a. Derive expressions for m...
SHOW ALL WORK!!!
2. For the following Cobb-Douglas production function, q=f(L,K) = _0.45 0.7 a. Derive expressions for marginal product of labor and marginal product of capital, MP, and MPK. b. Derive the expression for marginal rate of technical substitution, MRTS. C. Does this production function display constant, increasing, or decreasing returns to scale? Why? d. By how much would output increase if the firm increased each input by 50%?
Assume a Cobb-Douglas function such that ? where A=1, K=20, L=16, , and ?. Calculate Q....
Assume a Cobb-Douglas function such that
? where A=1, K=20, L=16,
, and
?. Calculate Q. Does the function show increasing, decreasing, or
constant returns to scale? Why? Calculate the marginal produce of K
and L. Let K increase to 21 ceteris paribus and calculate the
marginal product of K and L. Explain the results.
Q = ᎪK L°
Assume the following Cobb-Douglas production function: Assume the following Cobb-Douglas production function: Y = AK 0.4...
Assume the following Cobb-Douglas production function:
Assume the following Cobb-Douglas production function: Y = AK 0.4 20.6 If Y=12; K=8; and L=95, answer the following questions (SHOW ALL YOUR WORK): - 1. What is total factor productivity? 2. With your answer in (1), assume L=95 and estimate the production function with respect to K 3. Estimate the marginal product of capital and demonstrate diminishing marginal product of capital 4. Estimate real capital income 5. Estimate the share of capital income...
A “Cobb–Douglas” production function relates production (Q) to factors of production, capital (K), labor (L), and...
A “Cobb–Douglas” production function relates production (Q) to factors of production, capital (K), labor (L), and raw materials (M), and an error term u using the equation: ? = ???1??2M?3? ?, where ?, ?1, ?2, and ?3 are production parameters. a) Suppose that you have data on production and the factors of production from a random sample of firms with the same Cobb–Douglas production function. How would you propose to use OLS regression analysis to estimate the above production parameters,...
Question 17 1 pts Which of the following characteristics below does the Cobb-Douglas production function Y...
Question 17 1 pts Which of the following characteristics below does the Cobb-Douglas production function Y = K L l-a-8X8 satisfy? (There may be more than one correct answer. Select all of them.) Increasing returns to scale. Decreasing returns to scale. Constant returns to scale. Constant labor share of income. It is an exact replication of a firm's production function. Question 18 1 pts The production function is given by Y K1/ 43/4. Moreover, K-81 and L-2.5. Calculate total output....
The Cobb-Douglas production function is given as: Q = AK1-aLa Where 0<a<1, a = .8, K...
The Cobb-Douglas production function is given as: Q = AK1-aLa Where 0<a<1, a = .8, K =4 is the amount of capital, and L=16 is the number of unit of labor, and A = 12 is the measure of TECHNOLOGY INDEX a) Find the real wage of labor (marginal product of labor), W/P, (b) Find rate of return of capital (marginal product of capital), and (c) Discuss the insights of your findings. (d) Why is there not a large amount...
suppose a firm has a cobb-douglas weekly production function q=f(l,k)=25l^.5k^.5, where l is the number of...
suppose a firm has a cobb-douglas weekly production function q=f(l,k)=25l^.5k^.5, where l is the number of workers and k is units of capital.mrtslk is k/l. the wage rate is $900 per week, and a unit of capital costs $400 per week. assuming no fixed cost, what is the firm's total cost of production if it uses least-cost input combination to produce 675 units of output?
3. Suppose a company's production is given by the Cobb-Douglas function: Q = 60L3K3 Where L...
3. Suppose a company's production is given by the Cobb-Douglas function: Q = 60L3K3 Where L & K represent quantities of labor and capital. Suppose each unit of labor costs $25, each unit of capital costs $100, and the company wants to produce exactly Q=1920. a. Use the method of Lagrangian Multipliers to find the quantity of Land K that meet production requirements at the lowest cost. (5 pts) b. Show that the values found in part (a) satisfy the...
1. Let P(L, K) 214K3/4 be a Cobb-Douglas production function. Find the MRTS at the point (3, 5) Find the total differential, dP at (81, 16) if dL .2 and dK--.1.
1. Let P(L, K) 214K3/4 be a Cobb-Douglas production function. Find the MRTS at the point (3, 5) Find the total differential, dP at (81, 16) if dL .2 and dK--.1.
12L1/4 K3/4 be a Cobb-Douglas production function. Find the 1. Let P(L, K) MRTS at the point (3,5) Find the total differential, dP at (81, 16) if dL - .2 and dK = -.1.
12L1/4 K3/4 be a Cobb-Douglas production function. Find the 1. Let P(L, K) MRTS at the point (3,5) Find the total differential, dP at (81, 16) if dL - .2 and dK = -.1.
SHOW ALL WORK!!!
2. For the following Cobb-Douglas production function, q=f(L,K) = _0.45 0.7 a. Derive expressions for marginal product of labor and marginal product of capital, MP, and MPK. b. Derive the expression for marginal rate of technical substitution, MRTS. C. Does this production function display constant, increasing, or decreasing returns to scale? Why? d. By how much would output increase if the firm increased each input by 50%?
Assume a Cobb-Douglas function such that
? where A=1, K=20, L=16,
, and
?. Calculate Q. Does the function show increasing, decreasing, or
constant returns to scale? Why? Calculate the marginal produce of K
and L. Let K increase to 21 ceteris paribus and calculate the
marginal product of K and L. Explain the results.
Q = ᎪK L°
Assume the following Cobb-Douglas production function:
Assume the following Cobb-Douglas production function: Y = AK 0.4 20.6 If Y=12; K=8; and L=95, answer the following questions (SHOW ALL YOUR WORK): - 1. What is total factor productivity? 2. With your answer in (1), assume L=95 and estimate the production function with respect to K 3. Estimate the marginal product of capital and demonstrate diminishing marginal product of capital 4. Estimate real capital income 5. Estimate the share of capital income...
Question 17 1 pts Which of the following characteristics below does the Cobb-Douglas production function Y = K L l-a-8X8 satisfy? (There may be more than one correct answer. Select all of them.) Increasing returns to scale. Decreasing returns to scale. Constant returns to scale. Constant labor share of income. It is an exact replication of a firm's production function. Question 18 1 pts The production function is given by Y K1/ 43/4. Moreover, K-81 and L-2.5. Calculate total output....
3. Suppose a company's production is given by the Cobb-Douglas function: Q = 60L3K3 Where L & K represent quantities of labor and capital. Suppose each unit of labor costs $25, each unit of capital costs $100, and the company wants to produce exactly Q=1920. a. Use the method of Lagrangian Multipliers to find the quantity of Land K that meet production requirements at the lowest cost. (5 pts) b. Show that the values found in part (a) satisfy the...
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