Winston's Widgets has the production function Q = 200LK. For this production function the marginal rate...
Winston's Widgets has the production function Q = 200LK. For this production function the marginal rate of technical substitutionare,a)diminishing.b)constant.c)increasing.d)not possible to assess with the information provided.
Homework Answers
Answer is d
not possible to assess with the information provided
because formula of calculating of marginal rate of technical substitution = –ΔK/ΔL
this information in not provided, change of rate of labor or capital is not specified
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Winston's Widgets has the production function Q = 200LK. For this production function the marginal rate...
Winston's Widgets has the production function Q = 200LK. For this production function the marginal returns...
Winston's Widgets has the production function Q = 200LK. For this production function the marginal returns to labourare,)diminishing.b)constant.c)increasing.d)not possible to assess with the information provided.
You might think that when a production function has a diminishing marginal rate of technical substitution...
You might think that when a production function has a diminishing marginal rate of technical substitution of labor for capital, it cannot have increasing marginal products of capital and labor. Show that this is not true, using the production function Q = L2K2.
A small monopoly manufacturer of widgets has a constant marginal cost of $15. The demand for this firm's widgets is Q =...
A small monopoly manufacturer of widgets has a constant marginal cost of $15. The demand for this firm's widgets is Q = 105 - 2P Given the above information, compute the social cost of this firm's monopoly power. The social cost is $ . (Round your response to the nearest penny.)
Question three An enterprising entrepreneur produces widgets and has a production function given by q=sq root...
Question three An enterprising entrepreneur produces widgets and has a production function given by q=sq root lk In particular, factory has k =25, where. Rental rates for k and l are given by w =v = $1. a. If the entrepreneur wishes to minimize short-run total costs of widget production, how much output be produced? b. Given that output is optimally allocated, calculate the short-run total, average, and marginal cost curves. What is the marginal cost of the 100th widget?...
The production function for widgets takes the following form: q = 4L + 6K a. What...
The production function for widgets takes the following form: q = 4L + 6K a. What is the least cost combination of L and K that the firm should employ to produce 48 widgets when w = 2 and r = 4. b. Suppose the price of labor increases to w = 4 but the rental rate of capital is unchanged. If the firm still wants to produce 48 widgets at the lowest cost possible, should it alter its input...
5. A firm produces widgets with production function: q-2vKL. In the short run, the firm's amount...
5. A firm produces widgets with production function: q-2vKL. In the short run, the firm's amount of capital is fixed at K = 100. The rental rate is v = 1 and the wage for L is w= 4. (a) Find the firm's short-run total cost curve (SRTC), short-run average cost curve (SRAC), and the short-run marginal cost (SMC) function. (b) Graph the firm's SAC and SMC using the following levels of production: q 25 and q= 100. (c) Find...
6. Suppose the production function takes on the following form: Q=K’L? a) What is the marginal...
6. Suppose the production function takes on the following form: Q=K’L? a) What is the marginal productivity of labor? Evaluate it at L = 5 and K = 7. (5 points) b) What is the Marginal Rate of Technical Substitution? Evaluate it at L = 5 and K = 7. (5 points)
Suppose the production function for a firm is given by: q-2L *4K. If the firm currently...
Suppose the production function for a firm is given by: q-2L *4K. If the firm currently has 20 units of capital (K) and 10 units of labor (L), then calculate the Marginal Rate of Technical Substitution (MRTSx) (Round to the nearest fwo decimal places if necessary) Answer Suppose the production function for a firm is given by: q-4L K 25 If the firm currently has 20 units of capital (K) and 10 units of labor (L), then calculate the Marginal...
Suppose the production function for a firm is given by: q=4L0.5K0.25. If the firm currently has...
Suppose the production function for a firm is given by: q=4L0.5K0.25. If the firm currently has 10 units of capital (K) and 10 units of labor (L), then calculate the Marginal Rate of Technical Substitution (MRTSLK). (Round to the nearest two decimal places if necessary.)
Suppose the production function for automobiles is ? = ?? where Q is the quantity of...
Suppose the production function for automobiles is ? = ?? where Q is the quantity of automobiles produced per year, L is the quantity of labor (man-hours) and K is the quantity of capital (machine hours). a) What is the total product (number of automobiles) if the firm uses 25 man hours and 2 machine hours? b) Sketch the isoquant corresponding to a quantity of Q=50. c) What is the general equation for the isoquant corresponding to any level of...
A small monopoly manufacturer of widgets has a constant marginal cost of $15. The demand for this firm's widgets is Q = 105 - 2P Given the above information, compute the social cost of this firm's monopoly power. The social cost is $ . (Round your response to the nearest penny.)
5. A firm produces widgets with production function: q-2vKL. In the short run, the firm's amount of capital is fixed at K = 100. The rental rate is v = 1 and the wage for L is w= 4. (a) Find the firm's short-run total cost curve (SRTC), short-run average cost curve (SRAC), and the short-run marginal cost (SMC) function. (b) Graph the firm's SAC and SMC using the following levels of production: q 25 and q= 100. (c) Find...
6. Suppose the production function takes on the following form: Q=K’L? a) What is the marginal productivity of labor? Evaluate it at L = 5 and K = 7. (5 points) b) What is the Marginal Rate of Technical Substitution? Evaluate it at L = 5 and K = 7. (5 points)
Suppose the production function for a firm is given by: q-2L *4K. If the firm currently has 20 units of capital (K) and 10 units of labor (L), then calculate the Marginal Rate of Technical Substitution (MRTSx) (Round to the nearest fwo decimal places if necessary) Answer Suppose the production function for a firm is given by: q-4L K 25 If the firm currently has 20 units of capital (K) and 10 units of labor (L), then calculate the Marginal...
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